Why do we say "It's not worth the paper it's written on"?

Well-Known Expressions

It's not worth the paper it's written on

Meaning:

The agreement/promise is worthless.

Background:

Apparently, back in 1861, Count Johann Bernhard of Rechberg and Rothenlöwen dismissed a document concerning the recognition of Italy as a nation state, writing words to the effect that the guarantees "are not worth the paper they are written on".

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