← Explore on the interactive map

Jiaozi Paper Money

Type Object Region China Time c. 995–1105

Jiaozi, among the world's earliest government-issued paper currencies, originated as private commercial bills in Sichuan under Northern Song, backed …

Timeline

  1. c. 995–1023Yizhou (Chengdu Prefecture) · SichuanNorthern Song Sichuan used iron coins, inconvenient for large transactions. Local wealthy merchants jointly issued 'jiaozi'—paper certificates backed by iron coins, redeemable at designated shops—becoming one of the earliest prototypes of paper money in the world.
  2. 1023–1024Yizhou Jiaozi Office · SichuanIn 1023 the Song court established the Yizhou Jiaozi Office, bringing paper money issuance under state control. In 1024 the first batch of standard official jiaozi was issued, in denominations from one guan to ten guan, with paper and ink fees charged. Jiaozi circulated mainly in Sichuan, backed by iron coins, and was issued in fixed periods.
  3. 1025–1105Bianjing and Sichuan · ChinaOfficial jiaozi had reserves, restricted circulation areas, and exchange ratios. Fiscal pressure in the late Northern Song led to over-issuance and devaluation. In 1105 Emperor Huizong of Song decided to replace jiaozi with qianyin; Sichuan's paper money system continued to evolve, with forms such as huizi in the Southern Song.

Sources