Spread of the Yuan Paper Note System

Timeline

1. 1270–1273Yuan-ruled territories · Mongolian PlateauAfter their issue in 1260, Zhongtong yuanbao jiaochao gradually replaced local old notes and silver bullion in the 1270s, becoming a unified legal tender across regions and time. The notes were backed by gold and silver, with nine denominations from ten wen to two guan; two guan exchanged for one liang of silver, and note holders could exchange them for silver at official treasuries.
2. 1271–1275Yuan Dadu · North ChinaThe Yuan established the Jiaochao Tiju Si and note treasuries in each circuit to manage printing, issuance, recall, and exchange. Paper notes were widely used for paying taxes, disbursing salaries and military pay, and settling Silk Road trade, greatly facilitating economic circulation across the Eurasian empire. The 'Khan's paper money' described in Marco Polo's travels astonished Europe.
3. 1276–1279Yuan-ruled territories · ChinaThe war to destroy the Song and enormous military and administrative expenditures drove continuous growth in Zhongtong note issuance; by the late 1270s the notes began to depreciate and market circulation was impeded. The court began planning a monetary reform, laying the groundwork for the issue of Zhiyuan baochao and the promulgation of the Regulations for the Circulation of Zhiyuan Baochao in 1287 (Zhiyuan 24).