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GREAT COLLECTIBLES at GREAT PRICES The following is collection of short articles on the history of money"Monetary Episodes From History"Author : Paul TustainArticle Table of Contents:
Back to previous pageChinese paper money under Kublai Khan - About 1200 ADThe Chinese were not strangers to paper money. The first apparent use of paper as money was Chinese - in about 140 BC, although how it ended is not known. In the early part of the 11th century iron coin was in circulation, but it was overissued and fell in value so that true 'felted' paper was used to represent inconveniently large monetary multiples. This occurred in Szechuan province as an innovation of a private bank. Ostensibly the issued notes were redeemable in three years. 15 similar banks copied the idea and the notes in issue rapidly grew in number, rather faster than did the reserves of the banks. By 1032 all the banks which had issued them had failed. Chinese government paper money was then issued in 1131 AD to finance military spending and soon afterwards official paper issue started in earnest. New notes were issued in rapidly increasing numbers and redemption rights into metal were soon suspended. Notes went into circulation on the back of public confidence in the institutions of state, and the provincial governments started issuing in their own name towards the end of the 12th century. In 1215 the awesome Genghis Khan overran most of China. Complete power was not immediate, largely because Genghis set off to overrun Asia and terrorize even Eastern Europe, but later between 1260 and 1263, when his grandson Kublai was Chinese emperor, there was an extensive issue of paper money known as the 'First Mongol Issue', which fairly rapidly depreciated. It was followed by the Second Mongol Issue, equally irredeemable, and unlimited in issue, which happened between 1264 and 1290. It was described by Marco Polo in one history's great books :-
Life under this system was actually extremely good.
Inflation took hold in 1287. The second Mongol issue continued falling in value until about 1310. At about this time a third issue replaced the second, duplicating the 5 - 1 ratio with which the second had replaced the first. Then things changed markedly for the worse.
In the final phase of the Mongol dynasty in about 1350 huge efforts were made to correct the management of the currency but the situation was beyond repair, monetary paper having been issued in one form or another by all manner of private, provincial and central government agencies in what amounted to an explosion of credit. Upon the demise of the Mongol system of government which had presided over so many benefits only to see them destroyed through financial crisis, the usurping Ming dynasty issued yet more paper currency with the solemn legend "This paper money shall have currency, and be used in all respects as if it were copper money". There was no public confidence in the firmness of this declaration and at the outset the paper traded at 17 : 13 against copper coinage. Before long the ratio fell to 300 : 1. It was reported that gold and silver crept quietly back into circulation. If they did it was deeply unofficial, because neither was being minted in China at that time. John Law's Royal Bank of France - 1716 ...................................... (Click here to continue to next page) Pages: 1 - 2 - 3 - 4 - 5 - 6 - 7 Copyright © 2004 Paul Tustain Reprinted with permission and thanks to source- www.galmarley.com to see our GOLD Chinese Panda coins
Disclaimer: This and other articles found on this website contain opinions and analyses that are not entirely our own and are subject to typographical errors, errors of omission, or content. This does not constitute a recommendation to buy or sell. Use your good judgment, get professional advice, and research the actual publications before buying, selling, holding, or making any type of transaction based on information found here.
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