Northern Song Jiaozi Paper Money

Timeline

1. 1071–1075Yizhou Circuit · SichuanDuring Wang Anshi's reforms, fiscal needs grew and the Yizhou Jiaozi Office expanded issuance under state-run management; jiaozi was widely used as auxiliary currency for large-scale trade and tax settlement in Sichuan, with printing techniques and anti-counterfeiting marks becoming increasingly standardized.
2. c. 1076–1078Bianjing · HenanThe court discussed jiaozi issuance limits and the reserve system in Bianjing, restricting unauthorized imitation outside Sichuan and establishing the policy boundary that jiaozi circulated mainly in the four Sichuan-Xia circuits, accumulating experience for later nationwide paper money expansion.
3. 1079–1080Chengdu Prefecture Circuit · SichuanDuring the Yuanfeng era the court reorganized Jiaozi Office administration, strengthened the redemption system backed by iron coin reserves, standardized denominations and replacement cycles, reduced circulation of counterfeit notes, and stabilized the jiaozi credit system after reform.