Great Ming Treasure Note

Timeline

1. 1375–1380Nanjing · ChinaIn the eighth year of Hongwu, Great Ming Treasure Notes were made, with one guan fixed at 1,000 copper cash or one tael of silver; the Treasure Note Bureau was established to print them, and taxes and large transactions were required to use them, circulating alongside copper coins.
2. 1381–1390China · ChinaFrom the fourteenth year of Hongwu, trading in gold and silver was repeatedly banned and treasure note circulation forced, while exchanges of old notes for new were restricted; however, over-issuance and insufficient reserves caused the note's exchange rate against copper cash and silver to keep falling, and the people began secretly settling in silver and cash.
3. 1403–1450China · ChinaAfter Yongle, treasure note issuance became ever more excessive and its credit was entirely lost; though it still nominally circulated for taxes and salaries, in practice the people and foreign trade used silver, and the treasure note system existed in name only.