The text is about the development of paper
money. The Chinese used paper money, and bankers in Spain and Italy used bills
of exchange. The Swedes are thought to be the first to use paper money in
Europe. So, the missing word is: notes.
SCRIPTS
The Chinese were, as far as we know, the
inventors of paper money and because it was so easy to move around compared
with coins, it was named "flying money". They were also the first to
experience an economic problem which has become all too familiar: by the 12th century, there was enough money in circulation to cause serious inflation.
In Europe, it wasn't until about 1400 that
bankers in Spain and Italy began to honor "bills of exchange", which
were a kind of private paper money not in general use. They were documents used
by those involved in a business transaction in which payment was made through a
third party to avoid the cost of foreign exchange. However, it is the Swedes
who are generally credited with producing the first proper European bank [BEEP].