Yuan Jiaochao Paper Money

Timeline

1. 1260Shangdu/Dadu · Mongolian PlateauIn the first year of Zhongtong, Kublai Khan established a Jiaochao Superintendency and printed Zhongtong jiaochao on mulberry paper, fixing a silver-based exchange ratio and banning private printing, marking one of the first state-enforced paper currency systems in world history.
2. 1287–1320Yuan territory · ChinaZhiyuan notes replaced older notes and expanded the denomination series; jiaochao became the main means of payment for taxes, salaries, and long-distance trade, covering the country and Western Regions trade routes via the relay system and maritime grain transport.
3. 1341–1350Tax regions of Jiangnan and the Central Plains · JiangnanDuring the Zhizheng reign, to cover military and river works expenses, the court repeatedly revised the currency system and overissued Zhizheng jiaochao; the populace refused it, barter and underground silver circulation spread, and in the 1340s jiaochao purchasing power shrank sharply, becoming a core symptom of the late Yuan fiscal-social crisis.
4. c. 1351–1368Various parts of China · ChinaBy the late Yuan, jiaochao existed in name only; regions minted their own currency or reverted to silver and copper coins; after the Ming dynasty was established in 1368, it issued the Great Ming Treasure Note, and the jiaochao system formally exited history, though its lessons deeply influenced later paper money policy.