Huizi Paper Money

Timeline

1. 1131–1140Lin'an Prefecture · Southern SongAfter the Jingkang Incident, the Southern Song rebuilt its finances in Lin'an, continuing the Northern Song jiaozi and guanzi systems and substituting paper for copper to ease the copper shortage; early in the Shaoxing era the court reformed old note circulation and restricted private printing, accumulating institutional experience for the later unified issuance of huizi.
2. 1168Jiaozifu, Lin'an Prefecture · Southern SongIn the fourth year of the Qiandao reign the court established the Huizifu in Lin'an and issued huizi paper notes with a face value of one guan, redeemable in cash reserves, marking the entry of the Southern Song state paper currency system into a new stage centered on huizi.
3. 1200–1279Liangzhe Circuit and the Jianghuai circuits · Southern SongTo cover military and recurrent expenditures, huizi were repeatedly reprinted and series replaced while reserves proved insufficient; the notes depreciated, prices soared, and the public refused them or traded at discounts, turning the paper currency system from a fiscal tool into a trigger of social crisis.