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Jiaozi (Chinese: 交子) was a form of promissory note which appeared around the 11th century in the Sichuan capital of Chengdu, China. Numismatists regard it as the first paper money in history, a development of the Chinese Song Dynasty (960–1279 CE).
The economy of China during the Song dynasty outpaced the supply of traditional coinage, leading the government to issue paper money (Jiaozi (交子)) to increase the money supply. Subsequently, a government department was created to manage cash affairs, with its responsibilities including producing and issuing cash, and combating counterfeiting.
Old Chinese Currency used in 1920–23. This currency was also used in Hunza state.. The use of shell money is attested to in the Chinese writing system.The traditional characters for 'goods' (貨), 'buy/sell' (買/賣), and 'monger' (販), in addition to various other words relating to 'exchange', all contain the radical 貝, which is the pictograph for shell (simplified to 贝).
[1]: 37 It was the first paper currency to be used as the predominant circulating medium in the history of China. [2] The primary press was the Imperial Mint established in 1260, probably in Yanjing. It was certainly located in Khanbaliq after that city was established the same decade. Regional capitals were sometimes authorized to print money ...
These banknotes were stipulated to become the only legal tender paper money in China in 1910, but due to the fall of the Qing dynasty in 1911 the Chinese currency system reverted to its original chaotic state during the early Republican era and the Da-Qing Bank would be reorganized as the Bank of China in 1912, which would continue to produce ...
A modern reproduction of a guanzi banknote. The guanzi (simplified Chinese: 关子; traditional Chinese: 關子; pinyin: guān zi), was a Song dynasty era form of paper money that served as promissory notes that could be traded for goods and services where the seller that received these notes could go to an issuing agency and redeem the note for strings of coins at a small exchange fee.
The Huizi (simplified Chinese: 会子; traditional Chinese: 會子; pinyin: huì zi), issued in the year 1160, was the official paper money of the Chinese Southern Song dynasty. It has the highest amount of issuance among various government note types during the Song dynasty.
In places in the North where there was a shortage of coinage a string of 500 exchanged for an ounce of silver. Paper money sometimes showed pictures of the appropriate number of 1 wén coins strung together. In the 19th century, foreign coins began to circulate widely in China, particularly silver coins such as the Mexican peso.