Video: Chinese Jiaozi: The History of the World's First Paper Money
2024 Author: Richard Flannagan | [email protected]. Last modified: 2023-12-15 23:55
It is widely known that the Chinese gave mankind many useful things - gunpowder, porcelain, a compass, and it was in the Middle Kingdom that the first paper money appeared. And what contributed to the appearance of the first paper money, how they were made and thanks to whom the first bills got to Europe, will be discussed in this review.
The Shang Dynasty copper coin that was found in the tomb is the earliest known currency to be in wide circulation. Its appearance is attributed to the XI century BC. Similar metal coins with a square hole in the center have been recognized as the standard trading currency. The coins were both silver and gold, and since they existed for a long time, we can talk about their effective protection from counterfeiters. True, there was one very significant problem - it was quite problematic for a rich man to take the desired amount of money with him. They had to be transported in donkey carts.
That is why jiaozi appeared. Due to security concerns and the need to keep a close eye on the economy, the Chinese government during the Song Dynasty licensed special establishments to store people's coins (the forerunner of banks). People kept their coins in these establishments, and as confirmation of how many coins were in storage, they were given special paper notes. Seeing that this method was very effective, the government began issuing banknotes as the official currency for trade. Thus, the world's first official paper money was born.
During the Song dynasty, gunpowder, a compass and a navy appeared in China. And even under this dynasty, the first paper money appeared. An alternative form of currency, which has become a more convenient replacement for square perforated coins, first appeared in the Sichuan capital, Chengdu, in the 10th century. It is these bills that are considered the first paper money in history. That is why it is believed that during the Song Dynasty, China made a huge economic leap forward.
Many money printing factories were equipped with special inks in six different colors. These factories were located in four different regions of China - Chengdu, Angi, Hangzhou and Huizhou.
Drawings and symbols were applied to the banknotes in honor of the emperor, other important statesmen, and painted landscapes of the Song Empire.
In order to discourage counterfeiting, the government used special dyes from various plants and fibers. The document notes that in the beginning, banknotes were very fragile and could serve for only three years, so they could only be used in some regions of the empire.
Although metal coins were more difficult to counterfeit than paper, the jiaozi were stamped with multiple seals to make them harder to counterfeit.
The banknotes reportedly bore inscriptions that warned and threatened potential counterfeiters. Anyone who tried to counterfeit money faced the death penalty by beheading, and the person who betrayed the fraudster was handed a decent amount of money.
Jiaozi money was printed in a uniform standard and was legal tender in every part of the empire in 1265. Jiaozi were economically backed by silver and gold, and the denominations of banknotes were "1" and "100".
After the powerful Mongols conquered the Song Empire in 1279, paper money disappeared after 9 years. Later, the Yuan Dynasty, founded by Kublai Khan, took up the experience of printing paper money and began to issue their own bills - "chao".
Impressed by the innovative idea of a government-backed currency, renowned traveler Marco Polo brought new money to Europe when he returned from his trip to Kublai Khan.
The reign of the Yuan Dynasty was short and came to an end in 1368. Due to the uncontrolled increase in the printing of the national currency, as well as the fact that paper money was not backed by gold or silver, inflation and economic problems began during this dynasty.
During the Ming Dynasty (1368-1644), which again recognized silver as the standard currency, paper money was sometimes printed as well, but this process was finally stopped in 1450. And since then there were no banknotes in the Celestial Empire, almost until the end of the 19th century, when China began to print the yuan during the Qing dynasty.
Plunging into the topic, the story about what do the names of money mean.
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