Search results
Results from the WOW.Com Content Network
Kublai Khan [b] [c] (23 September 1215 ... It was required to pay only in the form of paper money. To ensure its use, Kublai's government confiscated gold and silver ...
Kublai Khan asked his advisor Liu Bingzhong about the usage of coinage and with a Yin and Yang metaphor Bingzhong claimed that no peace could exist within the Yuan empire if coins continued to be used and advised for the exclusive circulation of mulberry bark paper money. [7] A "Zhida Tongbao" (至大通寶) coin issued under Külüg Khan.
In 1260, the first year of Kublai Khan's rule, he issued two different Jiaochao notes. The first in July was backed by silk but was unsuccessful. The second was in October which used the silver standard. [1]: 37 It was the first paper currency to be used as the predominant circulating medium in the history of China. [2]
This is an accepted version of this page This is the latest accepted revision, reviewed on 12 December 2024. Mongol-led dynasty of China (1271–1368) Great Yuan 大元 Dà Yuán (Chinese) ᠳᠠᠢ ᠦᠨ ᠤᠯᠤᠰ Dai Ön ulus (Mongolian) 1271–1368 Yuan dynasty (c. 1290) Status Khagan -ruled division of the Mongol Empire Conquest dynasty of Imperial China Capital Khanbaliq (now Beijing ...
Kublai Khan: Khanbaliq; ... Imperial Mint (诸路交钞提举司) established in 1260 and responsible for the printing of jiaochao, the Yuan fiat paper money, ...
Kublai Khan appoints Drogön Chögyal Phagpa as Imperial Preceptor [15] Ajall Shams al-Din Omar, from Bukhara, is appointed a commissioner of a district in north China [29] Kublai Khan issues three currencies but the paper Jiaochao, backed by silver, prevails; total value of paper money amounts to 73,352 silver ingots [30] 1261
The Yuan dynasty under Kublai Khan issued paper money backed by silver, and again banknotes supplemented by cash and copper cash. Marco Polo wrote that the money was made of mulberry bark. The standardization of paper currency allowed the Yuan court to monetize taxes and reduce the carrying costs of taxes on goods as did the policy of Möngke Khan.
The founder of the Yuan dynasty, Kublai Khan, issued paper money known as Jiaochao. The original notes were restricted by area and duration, as in the Song dynasty, but in the later years, facing massive shortages of specie to fund their rule, the paper money began to be issued without restrictions on duration.