Rise of the Ming Silver Economy

Timeline

1. 1490–1495Nanjing · East ChinaSince the Chenghua era, the credit of Ming paper notes had steadily declined; in the 1490s, the Ministry of Revenue and local tax administrations increasingly calculated or accepted payments in silver. In folk markets and handicraft workshops, silver became the actual medium of exchange due to its ease of division and storage; paper notes nominally still existed but could no longer dominate large transactions.
2. 1496–1499Suzhou · JiangsuHandicraft and commercial towns such as Suzhou and Songjiang in Jiangnan prospered; goods like silk and cotton cloth were traded over long distances, with settlement increasingly relying on silver. Early forms of silver shops and money houses appeared in some cities, reflecting that by the late 1490s the commodity economy and silverization of currency had achieved regional scale, creating conditions for later reforms converting corvée and taxes into silver.