Song Dynasty Paper Money System

Timeline

1. 1101–1105Chengdu Prefecture · ChengduThe Yizhou circuit still issued jiaozi by series, based on iron coin, with new series issued when each term expired. Around 1101, commerce in Shu relied on jiaozi for settlement; the jiaozi office redeemed old notes and held iron coin reserves.
2. 1102–1108Kaifeng · KaifengA jiaozi treasury was established in the capital to manage printing, issuance, and redemption of jiaozi across the circuits, with the Ministry of Revenue setting quotas and series terms. In the 1100s central control over paper money issuance tightened to prevent private counterfeiting.
3. 1103–1109Yangzhou · YangzhouThe southeastern circuits circulated regional official notes such as qianyin and jiaozi, circulating at a set rate against copper coins. In the 1100s, commerce in Huainan and the Two Zhe flourished; paper money was used for large transactions and government disbursements, with each circuit's people bound by its own note regulations.
4. 1106–1110Kaifeng jiaozi office · KaifengThe court strengthened printing management; notes used complex designs, serial numbers, and official seals against forgery, with private printing strictly banned. Between 1106 and 1110, despite occasional fears of devaluation, paper money remained one of the main currencies of the Northern Song.