Yuan currency crisis

Timeline

1. 1290–1292Dadu · North ChinaAfter Zhiyuan notes were issued in Zhiyuan 24 and Zhongtong notes were recalled at a 1:5 ratio, fiscal deficits did not shrink and paper money continued to be overissued. In Zhiyuan 29, annual revenue was about 2.98 million ingots, but by October 3.64 million ingots had been spent, producing a huge deficit and continued price rises.
2. 1294–1299Exchange bureaus across the Yuan realm · ChinaAfter Temür ascended the throne, he diverted the gold and silver reserves of the exchange bureaus across the realm to pay rewards to imperial clansmen and ministers. Paper notes lost their commodity backing, credit deteriorated further, and popular discontent spread, putting the Yuan currency system on a long-term downward path.