Yuan Banknote Depreciation Crisis

Timeline

1. 1340–1343Dadu · North ChinaFacing enormous relief, river-work, and military expenditures, the Yuan court's revenue fell short of spending and massively increased the printing of Zhizheng notes, sharply raising the volume in circulation.
2. 1344–1347Yuan-ruled territories · ChinaCredit in the notes collapsed and their value kept falling; grain and commodity prices multiplied. The public refused paper notes, and transactions shifted to silver, copper, or goods.
3. 1348–1349Dadu · North ChinaThe court repeatedly issued decrees to reform the notes, halting old issues and issuing new ones to stabilize values. But overissuance had become habitual and government credit was exhausted; reforms achieved little and the banknote system existed in name only.