Panchronia

First government-issued paper money

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1024 · Chengdu · Asia · Science

Merchant IOUs become the empire's own currency

First government-issued paper money
Public domain · Wikimedia Commons

The Song government began official issue of jiaozi in Sichuan, the world's first state paper money. Earlier, merchants of Chengdu had issued such notes to avoid carrying heavy iron coins.

State: Northern Song

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