Yuan Jiaochao Paper Currency System

Timeline

1. 1260–1264Kaiping and Central Plains provinces · Mongolian PlateauKublai Khan adopted proposals from Wang Wentong and others to issue Zhongtong jiaochao, replacing metal currency with paper notes for taxes and commercial settlement, and established a Jiaochao Superintendency to manage printing and issuance, inaugurating the Yuan paper currency system.
2. 1287–1290Yuan provinces · Yuan territoryDuring the Zhiyuan reign, old regional notes were abolished and Zhiyuan jiaochao was issued nationwide, establishing a paper-based monetary policy that banned private circulation of gold and silver, making jiaochao a legal tender medium spanning Eurasia.
3. 1321–1330Dadu and Jiangnan fiscal regions · JiangnanFrom the reigns of Emperor Renzong and Yingzong onward, fiscal spending rose, jiaochao printing volume kept increasing while reserves were insufficient, the currency system gradually deteriorated, black-market gold and silver trading returned, and jiaochao purchasing power fell markedly, laying the groundwork for the later collapse of Zhizheng notes.
4. 1350–1368Yuan realm · Yuan territoryDuring the Zhizheng reign, Zhizheng jiaochao was issued along with Zhizheng Yuanbao coins, but even heavier overissuance triggered hyperinflation, rendering jiaochao as worthless as waste paper; the treasure note system ended with the fall of the Yuan, becoming a classic case of paper currency credit collapse.