THE  CURRENCY

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The  first  issue  of  Mongol  government  notes  was  made  in  the
first  year  (a.d.  1260)  of  Kublai  Khan,  the  title  of  whose
reign  was  Chung-tung,  and  the  successive  issues  in  this  and
the  following  reigns  must  be  briefly  summarised.
a.d.  1260.  Kiao-chao,  representing  silk,  a  continuation
of  the  issues  then  in  vogue  ;  fifty  taels  of  silver  would
buy  1,000  taels  of  silk,  represented  by  notes  of  the
face  value  of  1,000  taels.  (So  stated  by  Edkins.)
a.d.  1260.  November.  Issue  of  notes  Chung-tung-chao
of  10,  20,  30,  50,  100,  200,  500,  1,000  and  2,000  cash.
A  note  for  1,000  cash  was  worth  a  tael  in  Kiao-chao
currency,  and  2,000  cash  in  Kiao-chao  currency  represented ­
  one  tael  in  silver.—(N.B.  one  cash= T ^Q  tael.)
a.d.  1264.  Treasury  established  in  each  province  ;  notes
representing  12,000  ting  =  600,000  taels  constituted
bank-note  reserve.
a.d.  1275.  Li-chao  notes  issued,  of  2,  3,  and  5  cash,  but
soon  withdrawn.
a.d.  1287.  Chih-yuau-chao  notes  issued  of  eleven  denominations ­
  from  5  to  2,000  cash.  A  tael  of  silver  exchanged
for  2,000  cash  and  a  tael  of  gold  for  20,000  cash  in  these
notes.
a.d.  1309.  Chih-ta-chao  notes  issued  of  thirteen  denominations ­
  from  2  cash  to  2  taels  of  silver.  One  chih-ta-chao
(tael  of  silver)  was  equivalent  to  3,000  chih-yuan-chao
cash,  a  depreciation  in  twenty-two  years  of  60  per  cent.
a.d.  1312-1321.  During  the  reign  of  Jen-tsung  there  was
over-issue  of  notes,  and  the  issue  of  the  Chih-ta  notes
for  silver  was  stopped.  The  Chung-tung  and  Chihyuan
  notes  continued  to  circulate  to  the  end  of  the
Mongol  Dynasty.
We  have  a  record  of  the  issues  (which  must  include  reissues ­
  for  obliterated  notes)  for  the  first  seventy  years  from
a.d.  1260,  which,  not  including  Kublai’s  issue  of  Kiao-chao,
gives  us  a  total  issue  of  irredeemable  paper  money  in  sixtyour
  of  the  first  seventy  years  of  Mongol  rule  amounting  to
47,611,276  ting  or  2,380,563,800  taels  nominal  face  value,  the