Coins and Paper Money -> Paper Money – World -> China
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
Related Posts -
Paper Money Chinese Collections There are several different types of paper money a person can collect. People become attracted to certain types of paper money over others for various reasons. Some people may find that they are attracted to the look for certain type of currency over another. Some collectors may find that they...... -
How to Prepare Coin Paper Money for Sale Any time you collect things, there is a time in which you will have to sell them. This is never easy as you might have an attachment to the piece itself or you may just have a difficult time making sure that you are getting the right price for the...... -
What You Should Know about the Paper Money There are different ways that you will be able to enjoy the money that you collect. You can be a beginner or you can be a seasoned collector and you will still be able to enjoy it just as much. For many, the joy of collecting currency is simply the...... -
Get to Know the Difference between Collecting Coins and Paper Money When it comes to collecting currency, there are many different types of collectors. There are those collectors that prefer to collect coins while others prefer paper. There are even divisions within these as to those who enjoy collecting rare pieces and others who only buy and sell the new notes....... -
Tips on Paper Money Collecting for Beginners Collecting paper money is something that a lot of people enjoy doing. It is fun to learn about the history of the money while you are collecting it. It is also interesting whenever you are able to find a new piece in a strange place. Collecting the currency is one......
Related Websites -
4 Tips on Inspecting Paper Money Before a Purchase If you think that collecting paper money is the same as collecting coins, think again. Paper money is a different world, as far as collecting is concerned. While values and basics stay the same, issues like counterfeiting and inspecting change. There are certain things that you must look for when...... -
4 Things to Know about Collecting Old Paper Money If you are looking to start an interesting currency collection, you should look into collecting old paper money. Unlike normal coin collecting, collecting paper money is a little more time intensive, labor intensive, and rare. You must work harder for the collecting and to keep the collection both safe and...... -
How to Be Successful at Collecting Old Paper Money There are plenty of currency collectors who focus in on coin collecting and fail to think about collecting old paper money. This is incredibly unfortunate, as paper money can be one of the more interesting collections to have. Paper currency helps to bring about interest and variety to a collection....... -
Old Coins vs. Old Paper Money For some, the best kind of currency to collect is old paper money. For others, old coins are the perfect currency to try to pick up. While anyone who collects old currency should be interested in both, most tend to pick one or the other. There are plenty of pros...... -
Should I Collect Coins or Paper Money? If you are thinking about starting a collection of your own you are going to need to think about your theme â coin collecting or paper money collecting? While some will choose both, most are going to try to stay within one specific theme. There are some positives and negatives......
