![]() ![]() To be made and he makes them to pass current universally over all With these pieces of paper, made as I haveĭescribed, he causes all payments on his own account The use of paper currency throughout Khubilai Khan’s Yuan dynasty: Marco Polo astonished the Western world when he described More about this note at the British Museum website. Great Ming circulating treasure note, above, from 1375 CE. The world’s first government-issued paper money.Įarliest example of paper currency that survives today is the The 1020s the government took over the system, producing The early Song authorities awarded a small set of shopsĪ monopoly on the issuing of these certificates of deposit, and in 900ĬE) started trading receipts from deposit shops where they had left Strings of coins long distances, merchants in late Tang times (c. By 1085 the output of coins had increased tenfold since Tang times to more than 6 billion coins a year. Large transactions were calculated in terms of strings of coins, but given their weight these were cumbersome to carry long distances.Īs trade increased, demand for money grew enormously, so the government minted more and more coins. During the Song was the world’s first paper money.įor centuries, the basic unit of currency in China was the bronze or copper coin with a hole in the center for stringing. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |