Table of Contents
How did the invention of paper money impact China?
Lighter and easier to handle than coins, paper money helped the Chinese manage their growing wealth. been around a long time. Paper money was printed for the first time in China in the AD 900s and was in use for about 700 years, through the Ming Dynasty. However, so much money was printed that it lost value.
What was the punishment for counterfeiting paper money in the Yuan Dynasty?
The smaller Chinese characters in the bottom half of the note say “(this note) can be circulated in various provinces without expiration dates. Counterfeiters would be put to death.”
How did paper affect China?
The invention of paper greatly helped the spread of literature and literacy, making books more convenient to use and cheaper. Paper was so highly valued in ancient China that it was used to pay tribute and taxes to the state during the Tang dynasty (618-907 CE).
What was one drawback of Chinese using paper money?
Paper money is an invention of the Song Dynasty in China in the 11th century CE, nearly 20 centuries after the earliest known use of metal coins. While paper money was certainly easier to carry in large amounts, using paper money had its risks: counterfeiting and inflation.
How did paper impact China?
What were the effects of paper money?
It had two main advantages over money made out of silver, gold, copper or iron: It was easier to carry around and the copper and iron could be saved for use in everyday objects. Names and seals were printed and written on paper money by the government officials who issued it.
Why did the Ming stop using paper money?
Copyright Trustees of the British Museum. A message on this banknote reads ‘to counterfeit is death’This Chinese Ming dynasty banknote is inscribed with the title Great Ming circulating treasure note and a warning that counterfeiting is punishable by death. Paper currency was first used in China as early as AD 1000.
When was the first paper money used in China?
Ancient Chinese Paper Currency The very first paper money emerged in the Tang Dynasty (618-907), but it was not used throughout the entire nation until the Song Dynasty (960-1279). The Song Dynasty was the first government to print government backed paper money known as the Jiaozi, or Huizi.
How hard is it to counterfeit a jiaozi?
Even though the metal coins were harder to counterfeit than paper, jiaozi notes were stamped with multiple banknote seals, which was more tricky to counterfeit. Reportedly, there were labels on the paper money which warned and threatened would-be counterfeiters.
What kind of money did the Song dynasty use?
Song Dynasty Paper Currency. An authentic Song Dynasty printed Jiaozi bill. In the Song Dynasty the government printed paper bills. They were government backed and insured by a government store of copper coins, and were as good as any hard cash source available.
What was the first government to print government backed paper money?
The Song Dynasty was the first government to print government backed paper money known as the Jiaozi, or Huizi. This is a recreation of a Tang Dynasty “flying cash”.