Paper money
Papel moneda (jiaozi)
- Date
- 1024 · confidence high
- Place
- Chengdu, Sichuan, Song China
- Credited to
- Sichuan merchants; Song state monopoly from 1024
- Field
- Communication
What it is
Banknotes printed by woodblock that replaced Sichuan's heavy iron coins; the Song state turned them into national fiat currency. The world's first paper money.
Private jiaozi date from c. 995; state issuance began in 1024.
What it led to
- the monetary and commercial economy of Song China, the most advanced in the world
- the first hyperinflation caused by excessive issuance (Yuan, Ming)
- the astonishment of Marco Polo and a remote model for the European banknote (Sweden, 1661)
Built on
- Ink seal stamping and stone rubbingc. 200 BCE
- Paper (Cai Lun's process)105 CE
- Woodblock printing868
- Paper in Europe1056
- Woodblock printing
- Tang dynasty 'flying money' letters of credit (feiqian)
Made possible
- banknote