Yuan dynasty
The Yuan dynasty (), officially the Great Yuan (; xng, , , literally "Great Yuan State"), was a Mongol-led imperial dynasty of China and a successor state to the Mongol Empire after its division. It was established by Kublai, the fifth ...
was a
Mongol
The Mongols ( mn, Монголчууд, , , ; ; russian: Монголы) are an East Asian ethnic group native to Mongolia, Inner Mongolia in China and the Buryatia Republic of the Russian Federation. The Mongols are the principal member of ...
-ruled
Chinese dynasty
Dynasties in Chinese history, or Chinese dynasties, were hereditary monarchical regimes that ruled over China during much of its history. From the legendary inauguration of dynastic rule by Yu the Great circa 2070 BC to the abdication of t ...
which existed from 1271 to 1368. After the conquest of the
Western Xia
The Western Xia or the Xi Xia (), officially the Great Xia (), also known as the Tangut Empire, and known as ''Mi-nyak''Stein (1972), pp. 70–71. to the Tanguts and Tibetans, was a Tangut-led Buddhist imperial dynasty of China tha ...
,
Western Liao
The Qara Khitai, or Kara Khitai (), also known as the Western Liao (), officially the Great Liao (), was a Sinicized dynastic regime based in Central Asia ruled by the Khitan Yelü clan. The Qara Khitai is considered by historians to be an ...
, and Jin dynasties they allowed for the continuation of locally minted copper currency, as well as allowing for the continued use of previously created and older forms of currency (from previous Chinese dynasties), while they immediately abolished the Jin dynasty's paper money as it suffered heavily from inflation due to the wars with the Mongols. After the conquest of the Song dynasty was completed, the Yuan dynasty started issuing their own copper coins largely based on older Jin dynasty models, though eventually the preferred Yuan currency became the
Jiaochao
Jiaochao () is a Chinese word for banknote first used for the currency of the Jurchen-led Jin dynasty and later by the Mongol-led Yuan dynasty of China.
Jin dynasty
The Jurchens swept control over northern China, conquering the Liao dynasty a ...
and silver
sycee
A sycee (;.. from Cantonese , , ). or yuanbao () was a type of gold and silver ingot currency used in imperial China from its founding under the Qin dynasty until the fall of the Qing in the 20th century. Sycee were not made by a central ban ...
s, as coins would eventually fall largely into disuse. Although the Mongols at first preferred to have every banknote backed up by gold and silver, high government expenditures forced the Yuan to create
fiat money
Fiat money (from la, fiat, "let it be done") is a type of currency that is not backed by any commodity such as gold or silver. It is typically designated by the issuing government to be legal tender. Throughout history, fiat money was sometime ...
in order to sustain government spending.
Inscriptions on the obverses of the coins appeared both in
Traditional Chinese characters
Traditional Chinese characters are one type of standard Chinese character sets of the contemporary written Chinese. The traditional characters had taken shapes since the clerical change and mostly remained in the same structure they took at ...
and 'Phags-pa script, and coins appeared in denominations of 2, 3, 5, and even 10 wén, the larger denominations led to a debasement of the currency which caused inflation.
Background
After the
Mongol Empire
The Mongol Empire of the 13th and 14th centuries was the largest contiguous land empire in history. Originating in present-day Mongolia in East Asia, the Mongol Empire at its height stretched from the Sea of Japan to parts of Eastern Europe, ...
began their campaigns against the Western Liao, Western Xia, and Jin dynasties, they started to cast their own copper cash coins with the inscription "''Da Chao Tong Bao''" (). It is currently unknown if these coins were already cast under
Kublai Khan
Kublai ; Mongolian script: ; (23 September 1215 – 18 February 1294), also known by his temple name as the Emperor Shizu of Yuan and his regnal name Setsen Khan, was the founder of the Yuan dynasty of China and the fifth khagan-emperor of th ...
during the Yuan dynasty as these coins are undocumented and rare. Production of Yuan dynasty copper coins with the "Zhong Tong Yuan Bao" (中統元寶) coins commissioned by Kublai Khan started concurrently with the issuance of paper money which was backed up by silver sycees.
Prior to the establishment of the Yuan dynasty,
Möngke Khan
Möngke ( mn, ' / Мөнх '; ; 11 January 1209 – 11 August 1259) was the fourth khagan-emperor of the Mongol Empire, ruling from 1 July 1251, to 11 August 1259. He was the first Khagan from the Toluid line, and made significant reforms ...
created the Department of Monetary Affairs in 1253 to oversee the issuing and creation of paper money, this was to ensure that the nobility would not cause more inflation by overprinting money. The Yuan dynasty would see the introduction of the bimetallic standard, copper would be used for short distance, and silver for long distance transactions.
History
Kublai Khan, Temür Khan, and Külüg Khan
Kublai Khan asked his advisor
Liu Bingzhong
Liu Bingzhong (; 1216–1274), or Liu Kan () was a Yuan dynasty court adviser and architect. He was born in Ruizhou (Rui prefecture), during the Jin dynasty (1115–1234), Jin dynasty. In 1233, he entered the Jin's bureaucracy. He still was an of ...
about the usage of coinage and with a
Yin and Yang
Yin and yang ( and ) is a Chinese philosophy, Chinese philosophical concept that describes opposite but interconnected forces. In Chinese cosmology, the universe creates itself out of a primary chaos of material energy, organized into the c ...
metaphor Bingzhong claimed that no peace could exist within the Yuan empire if coins continued to be used and advised for the exclusive circulation of mulberry bark paper money.
The "Zhongtong Yuanbao" coins were only cast for 3 years (1260 to 1263), later coins would again be issued under Kublai Khan. In the year 1285
Liu Shirong
/ ( or ) is an East Asian surname. pinyin: in Mandarin Chinese, in Cantonese. It is the family name of the Han dynasty emperors. The character originally meant 'kill', but is now used only as a surname. It is listed 252nd in the classic tex ...
advocated for the creation of the Zhiyuan Tongbao (至元通寶) cash coins, stating that the Mongols should follow the examples of the
Han
Han may refer to:
Ethnic groups
* Han Chinese, or Han People (): the name for the largest ethnic group in China, which also constitutes the world's largest ethnic group.
** Han Taiwanese (): the name for the ethnic group of the Taiwanese p ...
and Tang dynasties in the production of copper-alloy cash coins, and that these cash coins should circulate concurrent with
silk
Silk is a natural protein fiber, some forms of which can be woven into textiles. The protein fiber of silk is composed mainly of fibroin and is produced by certain insect larvae to form cocoons. The best-known silk is obtained from the coc ...
and paper money.
For the entire duration of
Temür Khan
Öljeytü Khan ( Mongolian: Өлзийт; Mongolian script: '; ), born Temür ( mn, Төмөр ; ; October 15, 1265 – February 10, 1307), also known as Emperor Chengzong of Yuan () by his temple name ''Chengzong'', was the second emperor of the ...
coins were only symbolically cast for religious institutions.
Under
Külüg Khan
Külüg Khan ( Mongolian: Хүлэг; Mongolian script: ; ), born Khayishan (Mongolian: Хайсан ; , mn, Хайсан, meaning "wall"), also known by the temple name Wuzong (Emperor Wuzong of Yuan; ) (August 4, 1281 – January 27, 1311), P ...
the Yuan dynasty’s treasury was almost completely depleted which eventually led to Külüg Khan issuing a new banknote called the "Zhi Da Yin
Jiaochao
Jiaochao () is a Chinese word for banknote first used for the currency of the Jurchen-led Jin dynasty and later by the Mongol-led Yuan dynasty of China.
Jin dynasty
The Jurchens swept control over northern China, conquering the Liao dynasty a ...
" () which coincided with the minting of "Zhida Tongbao" (至大通寶) coins, which are the most commonly cast Yuan era coins. 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 banned the usage of
silver
Silver is a chemical element with the Symbol (chemistry), symbol Ag (from the Latin ', derived from the Proto-Indo-European wikt:Reconstruction:Proto-Indo-European/h₂erǵ-, ''h₂erǵ'': "shiny" or "white") and atomic number 47. A soft, whi ...
and
gold
Gold is a chemical element with the symbol Au (from la, aurum) and atomic number 79. This makes it one of the higher atomic number elements that occur naturally. It is a bright, slightly orange-yellow, dense, soft, malleable, and ductile met ...
coins, and stopped the circulation of
silver certificate A silver certificate is a certificate of ownership that silver owners hold instead of storing the actual silver. Several countries have issued silver certificates, including Cuba, the Netherlands, and the United States. Silver certificates have also ...
Ayurbarwada Buyantu Khan and the cessation of production
Ayurbarwada Buyantu Khan
Buyantu Khan (Mongolian Language, Mongolian: Буянт хаан; Mongolian script: ; ), born Ayurbarwada (Mongolian: Аюурбарбад ; ), also known by the temple name Renzong (Emperor Renzong of Yuan (Standard Mandarin, Chinese: 元仁宗, ...
completely ceased the production of coinage in favour of paper money and made it illegal to use coins for payment, however the private production of copper cash coins would persist despite these laws. Because the khans of the Yuan dynasty were
Buddhists
Buddhism ( , ), also known as Buddha Dharma and Dharmavinaya (), is an Indian religion or philosophical tradition based on teachings attributed to the Buddha. It originated in northern India as a -movement in the 5th century BCE, and gra ...
they allowed Buddhist temples exemption from taxation and granted them special rights to cast bronze statues, and mint their own coins for religious offerings. During the periods that paper money was considered to be less valuable due to inflation people would use these " temple coins" () as substitute currency.
Toghon Temür
For 40 years the production of coins would not continue until the reign of
Toghon Temür
Toghon Temür ( mn, Тогоонтөмөр; Mongolian script: ; ; 25 May 1320 – 23 May 1370), also known by his temple name as the Emperor Huizong of Yuan () bestowed by the Northern Yuan dynasty and by his posthumous ...
who started casting coins again in 1350 alongside his new series of banknotes.
There are three basic typed of the Zhizheng Tongbao (至正通寶) cash coins. The first type has the
Earthly Branch
The twelve Earthly Branches or Terrestrial Branches are a Chinese ordering system used throughout East Asia in various contexts, including its ancient dating system, astrological traditions, zodiac and ordinals.
Origin
This system was buil ...
, indicating the year of casting, written in 'Phags-pa script located above the square centre hole situated on the reverse side of the cash coin. The Zhizheng Tongbao cash coins with the reverse inscription "寅" (meaning 1350 in the
Chinese calendar
The traditional Chinese calendar (also known as the Agricultural Calendar 曆; 农历; ''Nónglì''; 'farming calendar' Former Calendar 曆; 旧历; ''Jiùlì'' Traditional Calendar 曆; 老历; ''Lǎolì'', is a lunisolar calendar ...
) are the rarest because they began to be cast in November 1350 meaning that their production period was relatively short. This type was cast in values of 1 ''wén'', 2 ''wén'', and 3 ''wén''.
The 'Phags-pa words on these Zhizheng Tongbao cash coins represent the following years:
In some variants reverse side of the cash coin displays the Mongol word for the Chinese cyclical calendar characters "Geng Yin" (庚寅, ''gēng yín'') which indicates that these cash coins were cast somewhere in the year 1350. These cash coin typically have a diameter of 33 millimeters and tend to have a weight of about 8.8 grams.
The second type of Zhizheng Tongbao cash coins have the Earthly Branch of their year of production above the square centre hole on the reverse side, and the nominal value of the coin below the square centre hole. For example, the words "戌十" (''xū shí'') would denote that the cash coin was produced in the year 1358 and a nominal value of 10 ''wén''. The denominations of this type were cast as 2 ''wén'', 3 ''wén'', 5 ''wén'', and 10 ''wén''.
The third type of Zhizheng Tongbao cash coins have the Earthly Branch representing the year of production above the square centre hole on the reverse side, and the nominal weight of the coin below the square centre hole. For example, the 'Phags-pa transliteration of the word "亥" (''hài'') written above the square centre hole to denote that the cash coin was produced in the year 1359 and the words "壹兩重" (''yī liǎng chóng'') inscribed below the square centre hole which translates as "1
In 1350 chancellor Toqto'a attempted to reform the Yuan dynasty currency by printing out more paper money and creating large "Zhizheng Zhibao" (至正之寶) copper coins which were inscribed with the promise that these coins were backed in paper money (權鈔, ''quán chāo'', which translates as "equivalent to paper money"), and that these would be in equal value. The calligraphy of the inscription for the Zhizheng Zhibao cash coins was done by the court poet
Zhou Boqi Zhou Boqi (1298–1369) was a Chinese court poet during the Yuan Dynasty. Zhou was born in Raozhou (now Boyang) but grew up in Beijing, and in his early career worked there as a magistrate and later as Senior Compiler for Imperial Academy. He ...
.
The reverse side of the Zhizheng Zhibao cash coins have to the left of the square centre hole the traditional Chinese characters indicating the nominal value of the coin, for example, the equivalent of ''wǔ qián'' (伍錢, "5 ''qián''") in paper money.
As the paper money was made out of inferior material it would often be easily damaged making it hard for the people to redeem, this led to rebellions in the southern regions which in turn caused the Yuan government to quickly print more money in order to finance its military expenditures, leading to a decreasing confidence in paper money causing
hyperinflation
In economics, hyperinflation is a very high and typically accelerating inflation. It quickly erodes the real value of the local currency, as the prices of all goods increase. This causes people to minimize their holdings in that currency as t ...
. Eventually entire carts filled with banknotes were needed for simple transactions leading to the people disregarding paper money as currency and eventually
barter
In trade, barter (derived from ''baretor'') is a system of exchange in which participants in a transaction directly exchange goods or services for other goods or services without using a medium of exchange, such as money. Economists distingu ...
had become the norm as coinage had already become a rarity.
After the rise of the
Ming dynasty
The Ming dynasty (), officially the Great Ming, was an Dynasties in Chinese history, imperial dynasty of China, ruling from 1368 to 1644 following the collapse of the Mongol Empire, Mongol-led Yuan dynasty. The Ming dynasty was the last ort ...
the
Northern Yuan dynasty
The Northern Yuan () was a dynastic regime ruled by the Mongol Borjigin clan based in the Mongolian Plateau. It existed as a rump state after the collapse of the Yuan dynasty in 1368 and lasted until its conquest by the Jurchen-led Later Jin ...
didn't continue to produce cash coins. The usage of paper currency under the Yuan further inspired other countries such as
Korea
Korea ( ko, 한국, or , ) is a peninsular region in East Asia. Since 1945, it has been divided at or near the 38th parallel, with North Korea (Democratic People's Republic of Korea) comprising its northern half and South Korea (Republic o ...
,
Japan
Japan ( ja, 日本, or , and formally , ''Nihonkoku'') is an island country in East Asia. It is situated in the northwest Pacific Ocean, and is bordered on the west by the Sea of Japan, while extending from the Sea of Okhotsk in the north ...
, and various states of
India
India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...
to develop their own paper currencies.
List of coins issued
Coins issued by the Mongols before the establishment of the Yuan dynasty include the "Da Chao Tong Bao" (), "Da Guan Tong Bao" (), "Tai He Tong Bao" (), and "Da Ding Tong Bao" (), these coins were all issued in the conquered lands of the former Jin dynasty and are subsequently known as ''frontier or border area coins''. After the Song dynasty fell to the Mongols new coins started being issued.'Phags-pa script was the official script of Yuan dynasty.
Mongolian language
Mongolian is the official language of Mongolia and both the most widely spoken and best-known member of the Mongolic language family. The number of speakers across all its dialects may be 5.2 million, including the vast majority of the residen ...
on all coins were written in the 'Phags-pa script instead of traditional
Mongolian script
The classical or traditional Mongolian script, also known as the , was the first writing system created specifically for the Mongolian language, and was the most widespread until the introduction of Cyrillic in 1946. It is traditionally writte ...
.
File:Da Chao Tong Bao (大朝通寶) - Silver - Scott Semans 02.jpg, Da Chao Tong Bao (大朝通寶)
Silver coin
Silver coins are considered the oldest mass-produced form of coinage. Silver has been used as a coinage metal since the times of the Greeks; their silver drachmas were popular trade coins. The ancient Persians used silver coins between 612–330 ...
s.
File:Da Yuan Tong Bao (1308-1311).jpg, A Da Yuan Tong Bao (大元通寶) coin written in 'Phags-pa script held at the Great Wall of China Museum
Beijing
}
Beijing ( ; ; ), alternatively romanized as Peking ( ), is the capital of the People's Republic of China. It is the center of power and development of the country. Beijing is the world's most populous national capital city, with over 21 ...
.
File:Zhiyuan tongbao reverse side of coin in four scripts.png, A Zhi Yuan Tong Bao (至元通寶) coin written in four scripts.
List of coins issued by the Mongols during Yuan dynasty:
Rebel coinages
During the
Red Turban rebellion
The Red Turban Rebellions () were uprisings against the Yuan dynasty between 1351 and 1368, eventually leading to its collapse. Remnants of the Yuan imperial court retreated northwards and is thereafter known as the Northern Yuan in historiogr ...
organised by the
White Lotus
The White Lotus () is a syncretic religious and political movement which forecasts the imminent advent of the "King of Light" (), i.e., the future Buddha Maitreya. As White Lotus sects developed, they appealed to many Han Chinese who found solac ...
society; many of its leaders proclaimed their own kingdoms and empires that ruled over different regions of China, the most successful of these was Zhu Yuanzhang’s
Ming dynasty
The Ming dynasty (), officially the Great Ming, was an Dynasties in Chinese history, imperial dynasty of China, ruling from 1368 to 1644 following the collapse of the Mongol Empire, Mongol-led Yuan dynasty. The Ming dynasty was the last ort ...
which would unify China. Though the majority of these countries were short-lived some did produce their own coinage. Tamar Lan Walker, Class of 2010 Wu Collection of Chinese Coinage. The Department of Rare Books and Special Collections,
Princeton University
Princeton University is a private university, private research university in Princeton, New Jersey. Founded in 1746 in Elizabeth, New Jersey, Elizabeth as the College of New Jersey, Princeton is the List of Colonial Colleges, fourth-oldest ins ...
Library. Retrieved: 20 June 2017.
See also
*
Pūl (coin) Pūl (Russian: , Tatar: پول) was a historical Russian currency that circulated in Russian Turkestan. Pūls were used in Golden Horde, Afghanistan, Bukhara, Chagatai Khanate, Kokand Khanate, Dzungar Khanate, and other Eurasian principalities, it ...
History of Chinese currency
The history of Chinese currency spans more than 3000 years. Currency of some type has been used in China since the Neolithic age which can be traced back to between 3000 and 4500 years ago. Cowry shells are believed to have been the earliest ...
*
Zhou dynasty coinage
Chinese coinage during the Spring and Autumn and Warring States periods includes some of the earliest coins produced in the world. However, they were mostly not the typical round shape of modern coins. They included cowrie shells, ant nose mon ...
*
Liao dynasty coinage
The Liao dynasty was a Khitan-led dynasty of China that ruled over parts of Northern China, Manchuria, the Mongolian Plateau, northern Korean Peninsula, and what is modern-day Russian Far East from 916 until 1125 when it was conquered by the ...
*
Southern Song dynasty coinage
The Southern Song dynasty refers to an era of the Song dynasty after Kaifeng was captured by the Jurchen Jin dynasty in 1127. The government of the Song was forced to establish a new capital city at Lin'an (present day Hangzhou) which wasn't n ...
*
Western Xia coinage
The Western Xia was a Tangut-led Chinese dynasty which ruled over what are now the northwestern Chinese subdivisions of Ningxia, Gansu, eastern Qinghai, northern Shaanxi, northeastern Xinjiang, southwest Inner Mongolia, and southernmost Ou ...
Ming dynasty coinage
Chinese coinage in the Ming dynasty saw the production of many types of coins. During the Ming dynasty of China, the national economy was developed and its techniques of producing coinage were advanced. One early period example is the Bronze ...
*
Qing dynasty coinage
Qing dynasty coinage (; Manchu: ; Möllendorff: ''Daicing jiha'') was based on a bimetallic standard of copper and silver coinage. The Manchu-led Qing dynasty was established in 1636 and ruled over China proper from 1644 until it was overthro ...
Notes
References
Sources
*
* Shinpan kaisei, Kosen nedantsuke, Narabi ni bantsuki (Improved New Edition: Price List of Old Coins, Together with Rarity Ranking), printed in the city of
Nagoya
is the largest city in the Chūbu region, the fourth-most populous city and third most populous urban area in Japan, with a population of 2.3million in 2020. Located on the Pacific coast in central Honshu, it is the capital and the most pop ...
,
Tokugawa Shogunate
The Tokugawa shogunate (, Japanese 徳川幕府 ''Tokugawa bakufu''), also known as the , was the military government of Japan during the Edo period from 1603 to 1868. Nussbaum, Louis-Frédéric. (2005)"''Tokugawa-jidai''"in ''Japan Encyclopedia ...
(
Japan
Japan ( ja, 日本, or , and formally , ''Nihonkoku'') is an island country in East Asia. It is situated in the northwest Pacific Ocean, and is bordered on the west by the Sea of Japan, while extending from the Sea of Okhotsk in the north ...
) in 1799.
*
* (in
English
English usually refers to:
* English language
* English people
English may also refer to:
Peoples, culture, and language
* ''English'', an adjective for something of, from, or related to England
** English national ide ...
coinage
Coinage may refer to:
* Coins, standardized as currency
* Neologism, coinage of a new word
* ''COINage'', numismatics magazine
* Tin coinage, a tax on refined tin
* Protologism, coinage of a seldom used new term
See also
* Coining (disambiguatio ...