Home › Timeline › The Capture › The state prints money: Sichuan
From the late 10th century financial houses in Sichuan issued paper notes (jiaozi) against deposits of coin and silk; when many failed and could not redeem them, the Song government took over note issue in 1023, and state paper money soon displaced coin in the region. The Ming later issued paper money that collapsed through mismanagement by the early 15th century, and China moved to silver.
The mechanism
THE CLOCK
How it was checked
- EvidenceT5 INDEPENDENT SECULAR; Status: ADDED 2026-09-19
- Letter eraTHE CAPTURE 313 to 1302
- SourcesRECORD — Richard von Glahn, 'The Rise and Demise of Paper Money in Imperial China', Hoover Institution · checked 19 September: Richard von Glahn, 'The Rise and Demise of Paper Money in Imperial China', Hoover Institution; Wikipedia, 'Jiaozi (currency)' (Jiaozi wu founded 1023; first issue 1024)