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Great Ming Treasure Note

Type Object Region China Time 1375–1500

National paper currency issued in 1375 on mulberry paper with fixed denominations, continuing Yuan notes while banning private gold, silver and coppe…

Timeline

  1. 1375–1398Treasure Note Bureau, Nanjing · JiangnanThe court established the Treasure Note Bureau to print Great Ming Treasure Notes, setting denominations of one guan and five hundred wen, providing that notes circulated alongside copper coins with private minting banned, and were used for official salaries and tax payments.
  2. 1403–1435Beijing · North ChinaThe Yongle era continued issuing Treasure Notes to pay for northern campaigns and construction; notes remained the state's legal currency, though the people had begun using silver to assist in pricing.
  3. 1450–1487Jiangnan market towns · JiangnanDue to excessive issuance, the purchasing power of Treasure Notes fell sharply—one guan was worth only a few fen of silver—and taxes and large transactions were gradually reckoned in silver, with paper credit on the verge of collapse.
  4. 1506–1522Beijing · North ChinaAlthough the court occasionally issued new notes after Zhengde, the people refused them; markets relied mainly on silver and copper coins, and the Great Ming Treasure Note system as legal paper currency effectively ended.

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