The first coins appeared in 600 B.C., and were created by King Alyattes in Lydia, whereas the first paper money was introduced by the Chinese Tang Dynasty, which ruled from 618 – 907 A.D. China had already gone through a financial crisis due to inflation, and so it outlawed paper money entirely in 1455 A.D., long before the western world had a taste of the financial instrument. Even though coins and paper money have significant utility within the economy, they are limited to the jurisdiction of the issuing body. Therefore, other forms of remittance were formed to aid traders of foreign goods.