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Paper money was introduced in Song dynasty China during the 11th century. [81] The development of the banknote began in the 7th century, with local issues of paper currency. Its roots were in merchant receipts of deposit during the Tang dynasty (618–907), as merchants and wholesalers desired to avoid the heavy bulk of copper coinage in large ...
For years it was common for Europeans to assume that the Black Death originated in China. Charles Creighton, in his History of Epidemics in Britain (1891), summarizes the tendency to retrospectively describe the origins of the Black Death in China despite lack of evidence for it: "In that nebulous and unsatisfactory state the old tradition of the Black Death originating in China has remained ...
Paper was used in Central Asia by the 8th century but its origin is not clear. According to the 11th century Persian historian, Al-Thaʽālibī, Chinese prisoners captured at the Battle of Talas in 751 introduced paper manufacturing to Samarkand. [34] [35] However, there are no contemporary Arab sources for this battle. A Chinese prisoner, Du ...
There are no surviving printed playing cards from the Middle East while pre-1450 printed cards from medieval Europe contained no text. Although some elite Europeans were aware of printed paper money by the late 13th century, the earliest evidence that Europeans were aware of Chinese book printing only appeared in the early 16th century.
Code of Hammurabi Law 100 (c. 1755–1750 BC) stipulated repayment of a loan by a debtor to a creditor on a schedule with a maturity date specified in written contractual terms. [3] [4] [5] Law 122 stipulated that a depositor of gold, silver, or other chattel/movable property for safekeeping must present all articles and a signed contract of bailment to a notary before depositing the articles ...
During the reign of Emperor Xiaozong the usage of paper money came into question but as there was a shortage of copper cash coins they were assessed to be needed for the economy to be maintained as the amount of coins in circulation didn't sufficiently meet the markers demands, at this time there were Huizi banknotes with denominations as high ...
As bankruptcy plagued several merchant companies the government nationalised and managed the production of paper money and founded the Jiaozi wu (交子務) in 1023. The first series of standard government notes was issued in 1024 with denominations such as 1 guàn (貫, or 700 wén), 1 mín (緡, or 1000 wén), up to 10 guàn .
[4]: 79 By 1535, 1 guàn of paper money was valued at only 0.28th of a coin. [15] A proposal was made in 1643 to reintroduce paper money in order to finance the expenditures caused by the difficult situation that the Ming dynasty faced at the time confronted by the rebel Li Zicheng. [16]