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the First paper moneys

In Ancient China coins were a squared shape with an aperture in the middle. Some such coins it was possible to string easily on a cord. Soon rich dealers have found out that their monetary "necklaces" heavy enough and to carry them with itself inconveniently. To solve this problem, dealers began to keep coins on storage, and in exchange received the receipt with sum instructions. Quite often on this receipt drew quantity of coins with which it replaced. Under this document the person at any moment could collect the money revertively. Chineses produced a printing paper of money of a bark of a mulberry tree.

the First Chinese money

In 600th years in China paper moneys of local significance were printed. And by 960 year the dynasty of Song because of shortage of copper for coinage has manufactured notes for the general circulation on the country. The note was the document confirming possibility of its exchange for other valuable object, as a rule, of a coin.

Initially notes have been limited territorially and on period of validity. If the note was presented after the declared term, for it yielded the sum of less face-value. But the Mongolian dynasty Yuan, having faced huge deficiency of a hard coin for financing of occupation of the China which has been carried out in 1280, has started to print paper moneys without restriction on terms. By 1455, aspiring to constrain economic expansion and to put an end to a hyperinflation, the new dynasty of Ming has withdrawn from circulation paper moneys and has practically suspended trade.

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