Yuan Dynasty Jiaochao Paper Money System

Timeline

1. 1271–1275Territory under the Central Secretariat · ChinaAfter the founding of the Yuan dynasty, Zhongtong Yuanbao notes were designated legal tender, private minting was banned, and Jiaochao Superintendencies were established in each circuit to issue and exchange notes, making paper money an important tool of imperial finance and tax collection.
2. 1287Dadu · North ChinaDue to fiscal expenditure and wartime needs, the Yuan issued Zhiyuan Tongxing Bao notes, setting an exchange ratio with Zhongtong notes, and the paper currency system entered a phase of multiple note types coexisting.
3. 1276–1280Jiangnan circuits · East ChinaAfter the fall of the Southern Song, the paper currency system was extended to the wealthy Jiangnan region; the note laws were linked with salt certificates and maritime trade revenues, supporting post-unification tax collection and long-distance commercial settlement.
4. 1350–1353Dadu · North ChinaIn the late Yuan, facing fiscal distress, new notes were repeatedly issued; Zhizheng jiaochao and others could not maintain convertibility credibility, prices soared, the paper currency system's reputation collapsed, and the populace turned to silver taels and barter.
5. 1368Central Plains · ChinaAfter the founding of the Ming dynasty, Yuan paper notes were abolished; initially, bao notes were used in an attempt to rebuild a paper currency system, and the Yuan jiaochao as a legal tender system ended with the fall of the Yuan.