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Northern Song Jiaozi Paper Money

Type Object Region China Time c. 990–1279

Jiaozi was one of the world's earliest forms of paper money, originating from private commercial credit needs in early Northern Song Sichuan;…

Timeline

  1. c. 990–1000Yizhou (Chengdu) · ChengduIn Sichuan, trade was prosperous but iron coins were cumbersome; major merchants used paper certificates marked with amounts for redemption in other locations, and jiaozi emerged as an alternative payment tool among the people, gradually taking on a standardized format.
  2. 1001–1010Yizhou (Chengdu) · ChengduAbout a dozen wealthy merchants established jiaozi shops in Chengdu to jointly print and issue jiaozi, backed by iron coin reserves for redemption; circulation spread across the prefectures of Sichuan Circuit, but private over-printing and credit risks also emerged.
  3. 1023–1027Yizhou (Chengdu) · ChengduIn the first year of the Tiansheng era of Emperor Renzong of Song, the court established the Yizhou Jiaozi Office, bringing the right to issue jiaozi under government control, printing official jiaozi and stipulating reserve ratios, marking the establishment of the world's earliest official paper money system.

Sources