On the Characteristics and Trends of Paper Currency Denomination During the Song,Jin,and Yuan Dynasties
The denomination of paper currency,consisting of different amounts and monetary units,is the most essential identifier of its nominal value.During the Song,Jin and Yuan Dynasties,paper currency denomination can be categorized into three types:"Guan-Mo"two-tier system,"Guan-Wen"four-tier system,"Liang-Qian-Fen-Li"four-tier system.They were respectively set in terms of existing metal money by three methods:valuing in currency,valuing in exchanged silver,and valuing in silver.The value of metal currency represented by paper currency denomination gradually shifted from iron coins to copper coins and silver.Meanwhile,the magnitude of a sheet of paper currency's notional value gradually decreased.The trend did not only directly reflect the expansion of the circulation range of paper currency and its increasing penetration into grassroots markets but also embodied the evolution of the monetary circulation pattern from a system of"co-use of coins and paper currency"(qian-chu-bing-yong)to"co-circulation of silver and paper currency"(yin-chao-xiang-quan)during the monetization of silver and the silverization of currency.The role of paper currency itself also transitioned,from concentrating the value of large amounts of iron(or copper)coins to replacing copper(or iron)coins and being subdivided into smaller units of silver.The types and evolution of paper currency denomination provide a critical entry point for summarizing the achievements and the experences of China's invention of paper currency,and recognizing the nature and characteristics of ancient Chinese paper currency.
Song,Jin and Yuan DynastiesPaper CurrencyDenominationIron Coins and Copper CoinsSilver
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