Chinese Paper Money
October 4th, 2011 | Chinese Paper Money, paper money
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The Chinese actually invented paper money, and the process of making it dates back to the early 9th century. Collectors are always seeking Chinese paper money due to its rich history and value, and this is a currency that is very unique. Although it is nearly impossible to find many of these notes outside of a museum, Chinese paper money is very popular and if you can get your hands on a note, you may have a treasure on your hands.
Chinese paper money was originally called “Flying Money” because it was so light, and if the owner did not hold on to it, it could easily blow away. The first notes were made from very delicate paper and they were used almost like IOUs. The owner would write down on the note what they were willing to pay for something, and the recipient could then take that to the bank to cash it. This bank draft system is very similar to our own checking system now.
Chinese paper money changed slightly when the Mongols took over. Instead of paper, the notes were then produced from silk and they were backed by a silk standard, much like the gold standard that would later be used in the Western hemisphere. This was a new idea, and in order to use the notes, the owner would have to actually deposit a set amount of silk yarn in the bank.
The silk form of Chinese paper money endured, and was used throughout the world. It has been discovered in far flung parts of the world by archeologists, but it is very rare to find any that are available to private collectors. After this period in Chinese history, the Ming Dynasty changed the currency, moving back towards paper.
The main problem they faced with this new Chinese paper money was that there was only one set denomination. This forced many to rely on coins since the notes were hard to use for smaller purchases. Due to these problems, paper money actually fell out of use and inflation rose. It wasn’t until modern times that paper money would return and become widespread.
We can thank the Chinese for our current paper money system and their innovations which are centuries old are still in use today. Collectors of Chinese paper money will typically be able to find notes for sale from other private collectors or at auctions. The advent of the internet made it easier to locate many of these notes and business is booming on online auction sites.
For those interested in collecting Chinese paper money, it is best to find notes that are in good condition. The most common are the ones from the Ming Dynasty period, but every once in awhile you can find older notes. The paper is very thin, so these notes should be treated with extreme care and sealed off from air and dust. They are an important part of monetary collectibles and should be treasured as such by collectors.
Photo Credits: kevindooley
Originally posted 2008-09-29 14:00:46. Republished by Blog Post Promoter
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1 comment so far ↓
I have an item recently purchased in China. It appears to be a promissory note of some kind printed on parchment paper / some form of animal skin. On the left side of the paper is written vertically in Chinese characters, “This is the real thing including back and forth.” On the right side is written vertically, “Sky Long – this is retail and real gold.” I assumed that Sky long was the business making the promise to pay.
The majority of the note is a gold painted rectangle (with the above words written vertically on each side of the rectangle).
I am not sure if this is an example of “flying money” or some other type of financial instrument.
I recently learned the first two characters on the right side of the note “Sky Long” may represent the year instead of the name of the promissor. “Sky Long” is translated to “Tianchang” and it appeared between 618 to 907 A.D. the Tang Dynasty. “Gold” print was extremely popular during Tang Dynasty. I am not sure if it is the “flying money” but it is possible from Tang Dynasty.
Do you have any idea what I have? I would be happy to email a picture or check my Facebook page for a picture of the note: http://www.facebook.com/home.php#!/
Best!
Marty
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