![]() ![]() And no one dares refuse it on pain of losing his life.I assure you, that all the peoples and populations who are subject to his rule are perfectly willing to accept these papers in payment, since wherever they go they pay in the same currency, whether for goods or for pearls or precious stones or gold or silver. With this currency he orders all payments to be made throughout every province and kingdom and region of his empire. "Of this money,” Marco Polo wrote, “the Khan has such a quantity made that with it he could buy all the treasure in the world. It were made from the inner bark of mulberry trees and according to Marco Polo was "sealed with the seal of the Great Lord." ![]() Ī piece of paper money used under Kublai Khan in the 13th century was about the size of a sheet of typing paper and had a furry felt-like feel. ![]() Notes produced in 1209 that promised a pay holders with gold and silver were printed on perfumed paper made of silk. By the 12th century paper money was used to finance a defense against the Mongols. It wasn’t long before the Chinese government was producing paper currency at a rate of four million sheets a year. Paper money was first produced in China in 11th century when there was a metal shortage and the government didn’t have enough gold, silver and copper to meet the demand for money. These coins were tiny, minted pieces of bronze shaped like knives and spades. coins were minted in China with the names of towns printed on them. Other scholars believe the world's oldest coins are spade money from Zhou dynasty China dated to 770 B.C. struck from lumps of electrum, a pale yellow alloy of gold and silver. They made thumb-nail-size coins under King Gyges in 670 B.C. culture that lived on the west coast of Asia Minor near present-day Izmir, Turkey, were the first to make it. Some scholars say the Lydians, a 7th century B.C. There is some debate as to where the world's first money came from. See Separate Article ANCIENT ECONOMIC PRACTICES IN CHINA RELATED ARTICLES IN THIS WEBSITE: FIRSTS, ACHIEVEMENTS AND THEMES IN CHINESE HISTORY World's First Coins and Paper Money - from China Spade-shaped and knife-shaped coins were also widely used in northern China. In north China, silver and gold-plated bronze shells were a common form of currency. Some of them, it is said, looked like climbing ant or the the face of ghosts. Gold plates were used in the Chu state during the Warring States period (475-221 B.C.).Īfter the Spring and Autumn Period (771–476 B.C.), Chu State in present-day Hubei and Hunan provinces minted coins with Chinese characters. Weight metals refers to smelted metal pieces without any denomination used as money in commodity exchanges. During this period Chinese currencies emerged and developed as the commodity economy evolved in China. The Pre-Qin period (before 221 B.C.) was a very important phase in Chinese monetary history. They circulated until the Qing Dynasty, which ended in 1911, although their styles varied over time. under Emperor Qin, round coins with central square hole became the predominate type of coin. After the unification of China in 221 B.C. Later standardized caste coins were introduced. This kind of proto-money was gradually replaced by unwrought weight metals and caste coins in the Shang and Zhou Dynasties (16th century to 770 B.C.). ![]() In ancient China cowrie shells and livestock were used as a medium of exchange in the 21st century B.C. Money emerged in different parts of the world around 3000 to 2000 B.C. 220) the most common types of money were round coins with a central square hole. During the Pre-Qin period (before 221 B.C.), various prototype currencies, unwrought weight metals and cast coins were successively brought into use. The first prototype currencies were unwrought weight metals followed later by cast coins and paper notes. Money has been in circulation in China for a very long time. ![]()
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