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Attempts on reviving paper money
[td][/td] [td]Unlike the Yuan, the Ming aimed to supplement their paper notes with bronze coins. However, the Ming's "''baochao''" paper currency was nonconvertible from the start, which means it could not be exchanged for hard currency like silver. This differed from the Yuan, which initially backed its paper money with silver. The lack of convertibility caused a significant gap between the paper money's nominal value and its actual market value. Under Emperor [[Zhu Yuanzhang]], the Ming government's monetary policy was erratic. It tried to stop the use of silver in trade, but the paper money continued to lose value, even compared to coins. The state's response was inconsistent. For instance, creation of mints were opened and closed, and the printing of new paper money was frequently stopped and restarted during the 1370s and 1380s. This "tinkering" failed to halt the currency's depreciation. By 1390, the one-guan note was worth only a quarter of its [[face value]], but the emperor resisted pressure to devalue it.[/td]
[td]Unlike the Yuan, the Ming aimed to supplement their paper notes with bronze coins. However, the Ming's "''baochao''" paper currency was nonconvertible from the start, which means it could not be exchanged for hard currency like silver. This differed from the Yuan, which initially backed its paper money with silver. The lack of convertibility caused a significant gap between the paper money's nominal value and its actual market value. Under Emperor [[Zhu Yuanzhang]], the Ming government's monetary policy was erratic. It tried to stop the use of silver in trade, but the paper money continued to lose value, even compared to coins. The state's response was inconsistent. For instance, creation of mints were opened and closed, and the printing of new paper money was frequently stopped and restarted during the 1370s and 1380s. This "tinkering" failed to halt the currency's depreciation. By 1390, the one-guan note was worth only a quarter of its [[face value]], but the emperor resisted pressure to devalue it.[/td] [td][/td] [td]The [[Yongle Emperor]] tried to keep the monetary policies of his father by banning silver and issuing more paper money, however, retreated into issuing coins. His successor, [[Xuande Emperor]], continued promoting the "baochao" as the fiat currency which also became unsuccessful. During the final years of his reign, many Chinese regions eventually adopted silver as the official currency. In 1436, Beijing started paying their military officers with silver. That same year, Huang Fu, minister of revenue, proposed to use silver as reserves backing the paper currency but no action was taken from the government. The government then lifted their ban on silver.[/td] [td][/td]
[td][/td] [td]===Qing dynasty===[/td]
[td]===Qing dynasty===[/td]
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[td][/td]Revision as of 12:16, 30 August 2025
[/td][td][/td] [td]Unlike the Yuan, the Ming aimed to supplement their paper notes with bronze coins. However, the Ming's "''baochao''" paper currency was nonconvertible from the start, which means it could not be exchanged for hard currency like silver. This differed from the Yuan, which initially backed its paper money with silver. The lack of convertibility caused a significant gap between the paper money's nominal value and its actual market value. Under Emperor [[Zhu Yuanzhang]], the Ming government's monetary policy was erratic. It tried to stop the use of silver in trade, but the paper money continued to lose value, even compared to coins. The state's response was inconsistent. For instance, creation of mints were opened and closed, and the printing of new paper money was frequently stopped and restarted during the 1370s and 1380s. This "tinkering" failed to halt the currency's depreciation. By 1390, the one-guan note was worth only a quarter of its [[face value]], but the emperor resisted pressure to devalue it.[/td]
[td]Unlike the Yuan, the Ming aimed to supplement their paper notes with bronze coins. However, the Ming's "''baochao''" paper currency was nonconvertible from the start, which means it could not be exchanged for hard currency like silver. This differed from the Yuan, which initially backed its paper money with silver. The lack of convertibility caused a significant gap between the paper money's nominal value and its actual market value. Under Emperor [[Zhu Yuanzhang]], the Ming government's monetary policy was erratic. It tried to stop the use of silver in trade, but the paper money continued to lose value, even compared to coins. The state's response was inconsistent. For instance, creation of mints were opened and closed, and the printing of new paper money was frequently stopped and restarted during the 1370s and 1380s. This "tinkering" failed to halt the currency's depreciation. By 1390, the one-guan note was worth only a quarter of its [[face value]], but the emperor resisted pressure to devalue it.[/td] [td][/td] [td]The [[Yongle Emperor]] tried to keep the monetary policies of his father by banning silver and issuing more paper money, however, retreated into issuing coins. His successor, [[Xuande Emperor]], continued promoting the "baochao" as the fiat currency which also became unsuccessful. During the final years of his reign, many Chinese regions eventually adopted silver as the official currency. In 1436, Beijing started paying their military officers with silver. That same year, Huang Fu, minister of revenue, proposed to use silver as reserves backing the paper currency but no action was taken from the government. The government then lifted their ban on silver.[/td] [td][/td]
[td][/td] [td]===Qing dynasty===[/td]
[td]===Qing dynasty===[/td]
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