26 October, 2011

First Paper Money in the World

It was right that the idea to use paper money in the world for the first time was Chinese people. According to historical record, we can find it in Han Dynasty when Han Wu-di held the empire (2 B.C.).

Paper money that was really made by paper appeared for the first time in this world was in Song Dynasty, in 11 century. At that time, there was medium of exchange like a sheet which was made by doeskin. It was not valuable but, the valuable was gold which was written on it. So, the doeskin represents the gold or thing as a credit instrument.

In fact, the doeskin only circulates in limited area. At that time, "paper money" only circulated in Sichuan and it could not use in another area. That paper money was produced by local government of Sichuan which called "Jiaozi". With Jiaozi, we can take bronze, silver or gold coin from public treasury or change it in private.

Paper money in that age was not popular because it was not durable. Paper money in Ming Dynasty was more modern, the circulation has managed centrally and neatly by government. There was a particular nominal price like now which we used, for example: 100 wens, 200 wens, 300 wens, 400 wens, 500 wens, 1 guan, 4 guans. 1 guan was 1000 wens or 1 silver coin.

Might be this was the first and the largest paper money in the world, because 1 guan was about 12 X 16 inch. Paper Money in Ming Dynasty was designed well. At that time, people in China called it bao chao.
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1 komentar:

Lupuzz Tarakan said...

hi.. lam kenal yach.. thx dah mampir n komentnya.. hmmm nice blog here.. have anice day yach..

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