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If the book I was reading was correct, there was a period of years where all precious metals were required to be taken to a government building and traded for p
by ksdale 8y ago
If the book I was reading was correct, there was a period of years where all precious metals were required to be taken to a government building and traded for paper currency, though I'm not sure how long it lasted. But you're right about the silver being the main metal in use.
- thaumasiotes 8y agoBased just on https://en.wikipedia.org/wiki/History_of_Chinese_currency#Song https://en.wikipedia.org/wiki/History_of_Chinese_currency#So... , it doesn't look like that could have happened in 1100. It goes on to say there was a brief window 200 years later when this might have happened: > The Yuan government attempted to prohibit all transactions in or possession of silver or gold, which had to be turned over to the government. > Under Külüg Khan the levels of inflation rose to 80% as the government kept printing more banknotes due, and in order to ensure the government’s control on the currency Külüg Khan [r. 1307-1311] banned the usage of silver and gold coins, and stopped the circulation of silver certificates in favour of fiat banknotes. ( https://en.wikipedia.org/wiki/Yuan_dynasty_coinage https://en.wikipedia.org/wiki/Yuan_dynasty_coinage ) But that was a massive failure by a khan who reigned for three and a half years.
- ksdale 8y agoThank you for the research, I was way off! That's quite interesting. Thinking on it some more, I think her information may have come from something ibn Battuta had written, which matches your time period, and also explains perhaps why she didn't have much to say about how well it worked. I also think the book was from the late 80's so I wouldn't be surprised if historians have learned much more since then!
- ksec 8y agoYou are not wrong. The AD1100 isn't just Yuan Dynasty, it was part of the South Song Dynasty as well, where they invented ( or popularise ) paper back currency.