Da Ming Baochao (Great Ming Treasure Note)

Timeline

1. 1375–1398Nanjing · Jiangsu ProvinceThe court established the Baochao Tiju Si to print Da Ming Baochao, stipulating that baochao and copper coins be the circulating currency while restricting silver circulation, establishing the starting point of the Ming paper currency system.
2. c. 1405–1410Beijing · North ChinaThe Yongle reign's large-scale construction, northern campaigns, and tributary trade still relied on baochao for salaries and project payments; in the early 1400s, baochao circulation in the two capitals and along the Grand Canal remained at a relatively high level.
3. c. 1430–1500The Ming's two capitals and provinces · ChinaAfter the Zhengtong era, the currency system deteriorated steadily; the baochao-to-silver exchange rate plummeted, and the populace turned to silver as the primary medium of exchange. Baochao was used only for some official salaries and tax payments, ultimately becoming as good as waste paper.