For Europe.
As it would necessit public treasures in order to have goods that paper money would be guaraunted on...Not before the late XIV century in Europe and it would necessit as well print on parchemin (more solid and resisting than medieval paper...and today's for what that count).
Printing would be needed for avoid too much easy falsification and standart priting that would guarauntee the authenticity.
The first effect would be an economic crisis as, for the first introduction would be followed sooner or later of an economic crisis where people would want return on their bills. Sort of "assignat" crisis.
Of course, it would be even more problematic if the bill money is as "tricked" than the coin one, aka changing the valor in itself (for coin, changing the metal propotion; for bill changing the valor it have in gold or lands).