{"id":154,"date":"2021-10-20T04:38:07","date_gmt":"2021-10-20T04:38:07","guid":{"rendered":"https:\/\/eportfolios.capilanou.ca\/yohahnahloker\/?p=154"},"modified":"2021-10-20T04:38:48","modified_gmt":"2021-10-20T04:38:48","slug":"the-origin-of-paper-money-141-survey-2","status":"publish","type":"post","link":"https:\/\/eportfolios.capilanou.ca\/yohahnahloker\/2021\/10\/20\/the-origin-of-paper-money-141-survey-2\/","title":{"rendered":"The Origin of Paper Money || 141 Survey #2"},"content":{"rendered":"\n

Where “Makin’ Paper” Began <\/strong><\/p>\n\n\n\n

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A suspected Jiaozi or song note. Image source: https:\/\/en.wikipedia.org\/wiki\/Jiaozi_(currency)<\/figcaption><\/figure><\/div>\n\n\n\n

Paper money was first created in China during the Song Dynasty. China, being the first to create paper in 25 CE, was naturally ahead of the world in terms of realizing the creative potential paper provided. The first recorded printing of paper money began in 960 CE. The main motivation for creating a paper currency arose from the inconvenience of China\u2019s coin-only currency. Business people found the weight of these metal coins inconvenient, and the production of them inefficient. This desire for convenience is also believed to have birthed the beginning of banking, as merchants began leaving their coins behind with trusted agents.\u00a0<\/p>\n\n\n\n

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Ancient Chinese coins made from steel and copper. Image Source: https:\/\/en.wikipedia.org\/wiki\/Ancient_Chinese_coinage<\/figcaption><\/figure><\/div>\n\n\n\n

The integration of paper money was a gradual process. This process began with the legalization of shops and agencies that would allow citizens to exchange their coins money for paper notes. Many years later the government began issuing the paper notes out themselves, removing the need for these shops and directly controlling the flow themselves. This printed paper money was called \u201cJiaozi\u201d. Jiaozi was also referred to as \u201cpromissory notes\u201d or a \u201cnote payable\u201d, as they acted as a legal instrument promising one party would pay the other. These initial notes were issued in 1000 qi\u00e0n ( a high value for the time)\u00a0 to support private merchants. The equivalent to 1000 qi\u00e0n in coins weighed 25 kilograms. While this value was helpful for large merchants it was much to large for common citizens to make use of. This production of notes was an enormous help to increase the efficiency of spending currency, but only for the already wealthy. When the government first began releasing these notes they struggled to regulate their production. Furthermore they didn\u2019t produce enough steel coins to back up the paper notes.\u00a0 This resulted in unreasonably high levels of inflation which landed numerous merchant companies in bankruptcy. This inflation led to the Jiaozi banknotes eventually being replaced with the currency of Huizi.\u00a0<\/p>\n\n\n\n

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The Chinese Yuan, introduced in 1949. An example of the eventual refinent of Jiaozi. Image source: https:\/\/www.banknoteworld.com\/blog\/who-invented-paper-money\/<\/figcaption><\/figure><\/div>\n\n\n\n

Sources:<\/p>\n\n\n\n

Banknote World. \u201cWho Invented Paper Money?\u201d\u00a0Banknote World<\/em>, 25 Aug. 2021, www.banknoteworld.com\/blog\/who-invented-paper-money.<\/p>\n\n\n\n

—. \u201cJiaozi (Currency).\u201d\u00a0Wikipedia<\/em>, 9 Sept. 2021, en.wikipedia.org\/wiki\/Jiaozi_(currency).<\/p>\n\n\n\n

Asia for Educators, Columbia University. \u201cThe Song Dynasty in China | Asia for Educators.\u201d\u00a0AFE The Song Dynasty In China<\/em>, afe.easia.columbia.edu\/songdynasty-module\/econ-rev-money.html. Accessed 20 Oct. 2021.<\/p>\n\n\n\n

\u201cChinese Paper Money – Silk-Road.Com.\u201d\u00a0Silk Road<\/em>, 1 Oct. 2018, www.silk-road.com\/artl\/papermoney.shtml.<\/p>\n","protected":false},"excerpt":{"rendered":"

Where “Makin’ Paper” Began Paper money was first created in China during the Song Dynasty. China, being the first to create paper in 25 CE, was naturally ahead of the world in terms of realizing the creative potential paper provided. The first recorded printing of paper money began in 960 CE. The main motivation for […]<\/p>\n","protected":false},"author":13133,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-154","post","type-post","status-publish","format-standard","hentry","category-2","has-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/eportfolios.capilanou.ca\/yohahnahloker\/wp-json\/wp\/v2\/posts\/154","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/eportfolios.capilanou.ca\/yohahnahloker\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eportfolios.capilanou.ca\/yohahnahloker\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eportfolios.capilanou.ca\/yohahnahloker\/wp-json\/wp\/v2\/users\/13133"}],"replies":[{"embeddable":true,"href":"https:\/\/eportfolios.capilanou.ca\/yohahnahloker\/wp-json\/wp\/v2\/comments?post=154"}],"version-history":[{"count":4,"href":"https:\/\/eportfolios.capilanou.ca\/yohahnahloker\/wp-json\/wp\/v2\/posts\/154\/revisions"}],"predecessor-version":[{"id":169,"href":"https:\/\/eportfolios.capilanou.ca\/yohahnahloker\/wp-json\/wp\/v2\/posts\/154\/revisions\/169"}],"wp:attachment":[{"href":"https:\/\/eportfolios.capilanou.ca\/yohahnahloker\/wp-json\/wp\/v2\/media?parent=154"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eportfolios.capilanou.ca\/yohahnahloker\/wp-json\/wp\/v2\/categories?post=154"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eportfolios.capilanou.ca\/yohahnahloker\/wp-json\/wp\/v2\/tags?post=154"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}