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44-594: The precursor of paper money (紙幣) known as " flying cash " were issued by the Tang dynasty ; however, these bills of exchange could in no way be considered to be a form of paper money as they were not meant to be a medium of exchange and were only negotiable between two distant points. The first true paper money in the world was issued under the Song dynasty , these were promissory notes issued by merchants in Sichuan known as

88-811: A 1-inch fold of a wooden luohan sculpture in Melbourne , Australia . However, this specimen later turned out to be fraudulent. Paper money Too Many Requests If you report this error to the Wikimedia System Administrators, please include the details below. Request from 172.68.168.237 via cp1104 cp1104, Varnish XID 207089793 Upstream caches: cp1104 int Error: 429, Too Many Requests at Thu, 28 Nov 2024 07:57:17 GMT Chinese era name Chinese era names , also known as reign mottos , were titles used by various Chinese dynasties and regimes in Imperial China for

132-713: A help to the people" (以便民用) and improve internal trade, these were the denominations of 10, 20, 30, 40, and 50 wén and depicted unstrung cash coins. Under the reign of the Yongle Emperor the Great Ming Treasure Note was fixed to be the exclusive valid paper money for the rest of the dynasty and because of this the paper currency of the Ming would see no further alterations or reforms. Overprinting led to severe hyperinflation and distrust of paper currency. The Hongzhi Emperor and Zhengde Emperor abolished

176-519: A sacred image of Gautama Buddha in the Summer Palace which uncovered a large number of gold and silver ingots alongside various gems and jewelry and a bundle of 1 guàn Great Ming Treasure Note banknotes, as these European soldiers were happy with the gems and precious metals they acquired they handed the bundle of banknotes to US Army Surgeon Major Louis Livingston Seaman , who was a bystander and only unofficially present. Louis Seaman gave

220-469: A severe case of hyperinflation which made the paper money issued by them worthless. Under the reign of the Yuan dynasty copper cash coins remained in circulation with the inscriptions Zhida Tongbao (至大通寶), Dayuan Tongbao (大元通寶), and Zhizheng Tongbao (至正通寶) forming the majority of the circulating issues and " strings of cash coins " remaining a currency unit. Silver then started to occupy a paramount place in

264-624: A total of seven era names during his reign. The Hongwu Emperor started the tradition of having only one era name for one monarch—known as the yí shì yì yuán zhì ( 一世一元制 ; lit. "one-era-name-for-a-reign system"). Thus, modern historians would frequently refer to monarchs of the Ming and Qing dynasties by their respective era name. Notable exceptions to this "one-era-name" tradition included Zhu Qizhen who proclaimed two era names for his two separate reigns, Aisin Gioro Hong Taiji who used two era names to reflect his position as khan of

308-454: A year using an era name only requires counting years from the first year of the era. For example, 609 CE was the fifth year of Daye ( 大業 ; lit. "great endeavour"), as the era began in 605 CE; traditional Chinese sources would therefore refer to 609 CE as Dàyè wǔ nián ( 大業五年 ). The numbering of the year would still increase on the first day of the Chinese calendar each year, regardless of

352-659: Is based on the era name system of Imperial China. Numerous attempts to reinstate monarchical rule in China had resulted in the declaration of additional era names after the founding of the Republic, but these regimes and their associated era names were short-lived. In 1949, the People's Republic of China was founded and the era was changed to the Common Era , for both internal and external affairs in mainland China . This notation

396-581: Is conventionally regarded as the first ruler to declare an era name. Prior to the introduction of the first era name in 140 BCE, Chinese monarchs utilized the Qianyuan ( 前元 ), Zhongyuan ( 中元 ) and Houyuan ( 後元 ) systems to identify and number years. Prior to the Ming dynasty , it was common for Chinese sovereigns to change the era name during their reigns, resulting in the use of more than one era name for one ruler. For instance, Emperor Xuan of Han used

440-624: The Emperor Wencheng of Northern Yan ). Most Chinese era names consisted of two Chinese characters , even though era names with three, four and six characters also existed. Shijianguo ( 始建國 ; lit. "the beginning of establishing a country") of the Xin dynasty , Tiancewansui ( 天冊萬歲 ; lit. "Heaven-conferred longevity") of the Wu Zhou , and Tiancilishengguoqing ( 天賜禮盛國慶 ; lit. "Heaven-bestowed ritualistic richness, nationally celebrated") of

484-617: The Emperor Xiaozhuang of Northern Wei took the throne. On the other hand, the era name Tianxian ( 天顯 ; lit. "heavenly intent") was originally proclaimed by the Emperor Taizu of Liao but its usage was continued by the Emperor Taizong of Liao upon assuming the throne. There were numerous era names that saw repeated use throughout Chinese history. For instance, the era name Taiping ( 太平 ; lit. "great peace")

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528-639: The Jiaozi , under the reign of Emperor Zhenzong (997–1022) the government of the Song dynasty granted a monopoly for the production of Jiaozi notes to sixteen wealthy merchants in Sichuan, as these merchants were slow to redeem their banknotes and inflation started affecting these private banknotes the government nationalised paper money in the year 1023 under the Bureau of Exchange. As these paper notes were backed by

572-753: The Later Jin and later as emperor of the Qing dynasty, as well as Aisin Gioro Puyi who adopted three era names in his capacity as emperor of the Qing dynasty and subsequently as ruler of Manchukuo . With the establishment of the Republic of China in 1912 CE, the Chinese era name system was superseded by the Republic of China calendar which remains in official use in Taiwan, Penghu, Kinmen, and Matsu Islands . The Republic of China calendar, while not an era name,

616-486: The Western Xia are examples of Chinese era names that bore more than two characters. Era names were symbols of political orthodoxy and legitimacy. Hence, most Chinese monarchs would proclaim a new era upon the founding of a new dynasty. Rebel leaders who sought to establish independence and legitimacy also declared their own era names. Often, vassal states and tributary states of Imperial China would officially adopt

660-542: The 1920s. During the early 20th century two discoveries were made where a large number of 1 guàn Great Ming Treasure Note banknotes were uncovered, the first of these discoveries occurred in the year 1900 when foreign forces occupied the capital city of Beijing in response to the Boxer Rebellion . During the occupation a number of European soldiers of the Eight-Nation Alliance had overthrown

704-575: The Era System, their treaties with other countries are in the Dionysian Era ( AD ) system. In modern times, only Republic of China and Japan still continue to use the ancient Chinese era naming system. Even in the domestic arena, the era system can present difficult dilemmas. For example, in Japan, it is difficult to keep track of the age of people who were born in the previous era. Also, while

748-598: The Mongol economy and was supplemented by government issued paper money. Under the reign of Kublai Khan the Zhongtong Jiaochao (中統交鈔) was issued whose value was based on the fabric silk . In the year 1271 the Zhiyuan Baochao (至元寶鈔) was issued which was supplemented with the silver-based Zhida Yinchao (至大銀鈔), but these circulated only for a year. The final series of paper money issued by the government of

792-742: The ROC and Japan both continue to use the ancient Chinese era system, since they have partially adopted the Gregorian calendar for non-governmental use, it is more difficult to track down dates that fall on February 29 leap year in the Western calendar. Furthermore, in Japan, in theory it is difficult to mention future dates since it is sometimes hard to tell whether the current emperor will live long enough for its citizens to use that era name. However, in practice, documents like driver's licenses and 50-year leases use era dates without regard to this problem. On

836-562: The Yuan dynasty from 1350 were the Zhizheng Jiaochao (至正交鈔). A major difference between how paper money was used under the Mongols and under the Song dynasty was that, in certain regions of the Yuan dynasty, paper notes were the only acceptable form of currency and could not be exchanged in either copper cash coins or silver sycees . Exchanging paper money into copper or silver was known as duìxiàn (兌現, "convert into specie") which

880-713: The Yuan dynasty the inflation caused people to lose their trust in paper money and barter became the most common means of exchange. The first banknotes of the Ming dynasty bore the reign title of the Hongwu Emperor and were issued in the year 1375, a year prior he created the Supervisorate of Paper Money (寶鈔提舉司, bǎo chāo tí jǔ sī ) to supervise their production. The initial series of the Great Ming Tongxing Baochao (大明通行寶鈔, dà míng tōng xíng bǎo chāo ) were made of mulberry bark . Notes with

924-469: The bundle of banknotes to the museum of St. John's College in the city of Shanghai . One of these banknotes was reproduced as a lithographic facsimile in the book The Trade and Administration of the Chinese Empire written by Hosea Ballou Morse . Another batch of 1 guàn banknotes was discovered when sometime in the year 1936 one of the walls surrounding the city of Beijing was torn down. When

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968-579: The concept of era name as a result of Chinese politico-cultural influence. Chinese era names were titles adopted for the purpose of identifying and numbering years in Imperial China. Era names originated as mottos or slogans chosen by the reigning monarch and usually reflected the political, economic and/or social landscapes at the time. For instance, the first era name proclaimed by the Emperor Wu of Han , Jianyuan ( 建元 ; lit. "establishing

1012-494: The denomination of 1 guàn could be exchanged for one thousand bronze cash coins throughout all of the Ming Empire, this was illustrated by an image of a string of bronze cash coins split into ten segments, smaller denominations contained images fewer segments of the string and were issued in 100, 200, 300, 400, and 500 wén . The size of the 1 guàn was 36.4 × 22 cm making them the biggest paper notes ever produced in

1056-570: The era name of the reigning Chinese monarch as a sign of subordination—a practice known as fèng zhēng shuò ( 奉正朔 ; lit. "following the first month of the year and the first day of the month"). For example, Korean regimes such as Silla , Goryeo , and Joseon at various times formally adopted the era names of the Tang , Wu Zhou, Later Liang , Later Tang , Later Jin , Later Han , Later Zhou , Northern Song , Liao , Jin , Yuan , Northern Yuan , Ming , and Qing dynasties of China for both domestic and diplomatic purposes. The Emperor Wu of Han

1100-471: The following year, just two months after its initiation. When a new monarch ascended to the throne, he could either declare a new era immediately or inherit the usage of the existing era name from his predecessor. For example, the era name Wutai ( 武泰 ; lit. "exalted martial") of the Emperor Xiaoming of Northern Wei was immediately replaced with Jianyi ( 建義 ; lit. "establishing justice") when

1144-758: The government they were instantly successful and the people regarded them to be equally trustworthy as cash coins , other types of paper notes issued under the Song dynasty include the Huizi and the Guanzi . Before the Mongol Empire conquered China the Jurchen Jin dynasty also issued paper money, the Jiaochao (交鈔). Before the establishment of the Ming dynasty the Mongol Yuan dynasty had suffered from

1188-481: The history of China. All paper notes from this first series of the Great Ming Treasure Note contained the inscription that they were a valid currency issued by the Palace Secretariat (中書省, zhōng shū shěng ), other texts explained that forgers would face punishment and those that expose these counterfeiters shall receive a high reward, finally the date of issuance was written with the era name , followed by

1232-471: The labourers got to the huge gate in the wall, they uncovered a large bale of 1 guàn Great Ming Treasure Note banknotes which was buried in the wall itself. After the labourers removed the soiled and damaged notes, they started selling the banknotes to bystanders standing around them. The labourers only sold them for a few copper coins each which would only amount to a couple of cents in American currency at

1276-479: The month in which the era name was adopted. For example, as the Emperor Daizong of Tang replaced the era name Yongtai ( 永泰 ; lit. "perpetual peace") with Dali ( 大曆 ; lit. "great era") in the eleventh month of the Chinese calendar in 766 CE, the first year of Dali thus only consisted of the last two months of that particular year; the second year of Dali began on the first day of the Chinese calendar

1320-519: The only pre-Qing Chinese banknotes available on the market. A handful of notes from other denominations survive as they were issued only during the reign of the first emperor. These notes as well as printing plates for denominations that have no known surviving notes are held in Chinese museums. In 2016 art experts at Mossgreen's Auctions, a former auction house with a reputation for deceiving its bidders, were reported to have found an anachronistic 1 guàn Great Ming Treasure Note banknote hidden inside of

1364-468: The origin"), was reflective of its status as the first era name. Similarly, the era name Jianzhongjingguo ( 建中靖國 ; lit. "establishing a moderate and peaceful country") used by the Emperor Huizong of Song was indicative of Huizong's idealism towards moderating the rivalry among the conservative and progressive factions regarding political and social reforms. The process of declaring an era name

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1408-541: The other hand, others suggest that the AD system has too much Christian connotation behind it and it is a form of cultural imperialism when an essentially European system of dating is forced upon other civilizations with their own long-used and equally legitimate dating systems. However, with globalization, the AD system is becoming more acceptable in Japan and the ROC. Modern history researchers do not care about era names except for supporting other arguments, such as figuring out

1452-410: The paper currency of the Ming dynasty to suffer from inflation . In the year 1376 new legislation was introduced to remove worn out notes from circulation and replace them with new banknotes at the cost of a fee known as "Gongmofei" (工墨費, gōng mò fèi ) which was set at 30 wén per paper note. However, in the year 1380 a new law restricted the replacement of paper notes which were unreadable which caused

1496-436: The people to accept these older banknotes at reduced value. During this time the government stopped accepting worn out banknotes and in some cases did not accept banknotes which frustrated the people. During this period the government of the Ming dynasty issued more banknotes to the market in various forms such as military salaries (軍餉, jūn xiǎng ), while they themselves hardly accepted or replaced any existing paper money causing

1540-552: The people to lose trust in the Great Ming Treasure Note. In the year 1380, the Imperial Secretariat was abolished, and the Ministry of Revenue (戶部, hù bù ) was made responsible for the manufacture of the Great Ming Treasure Note paper notes, and the Ministry of Works (工部, gōng bù ) for that of the copper-alloy Hongwu Tongbao cash coins. In 1389 the Ming government released treasury notes with lower denominations "as

1584-411: The production and use of banknotes. By 1535, 1 guàn of paper money was valued at only 0.28th of a coin. A proposal was made in 1643 to reintroduce paper money in order to finance the expenditures caused by the difficult situation that the Ming dynasty faced at the time confronted by the rebel Li Zicheng . The Bank of England planted a small stand of mulberry trees as an homage to these banknotes in

1628-489: The purpose of year identification and numbering . The first monarch to adopt era names was the Emperor Wu of Han in 140 BCE, and this system remained the official method of year identification and numbering until the establishment of the Republic of China in 1912 CE, when the era name system was superseded by the Republic of China calendar . Other polities in the Sinosphere — Korea , Vietnam and Japan —also adopted

1672-501: The time. One of the bystandards who purchased one of these Great Ming Treasure Note notes was Luther Carrington Goodrich of the Yenching University who purchased two specimens for only a couple of coppers who later gave it to his friend Reverend Ballou who wrote about the account. Due to these circumstances it's relatively easy for modern collectors of banknotes and paper money to acquire the 1 guàn banknotes which are

1716-441: The use of era names today. While the era system is a more traditional system of dating that preserves Chinese and Japanese culture, it presents a problem for the more globalized Asian society and for everyday life. For example, even though within the nation people will know what era they are in, it is relatively meaningless for other nations. In addition, while the Republic of China (ROC) and Japan only recognize documents dated in

1760-485: The year, month, and day. Contrary to the paper money issued by the Song and Yuan dynasties, the Great Ming Treasure Note didn't have any geographical restrictions imposed upon them, nor did they have an expiration date . Paper notes issued by the Ming dynasty noted that they would circulate forever. The Great Ming Treasure Note was not backed by any forms of hard currency or reserves and the government never set any limitations on their production. These circumstances led to

1804-423: Was extended to Hong Kong in 1997 and Macau in 1999 (de facto extended in 1966) through Annex III of Hong Kong Basic Law and Macau Basic Law , thus eliminating the ROC calendar in these areas. The concept of era name also saw its adoption by neighboring Korea and Vietnam since the middle of the 6th century CE, and by Japan since the middle of the 7th century CE. Notably, Japan still officially retains

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1848-488: Was referred to in traditional Chinese historical texts as jiànyuán ( 建元 ). Proclaiming a new era name to replace an existing era name was known as gǎiyuán ( 改元 ; lit. "change the origin"). Instituting a new era name would reset the numbering of the year back to year one, known as yuán nián ( 元年 ; lit. "year of origin"). On the first day of the Chinese calendar , the numbering of the year would increase by one. To name

1892-413: Was the main reason why earlier forms of paper money were deemed reliable. As these regions were completely dependent on paper money inflation hit them more severely as their notes could not be converted into a currency based on any intrinsic value, for this reason the Mongols allowed their subjects to continue using copper-alloy cash coins and issued new ones every now and then. During the last few decades of

1936-518: Was used on at least ten occasions in China. In such cases, Chinese sources would often affix the name of the dynasty or the ruler before the era name for the purpose of disambiguation. For example, when referencing the year 410 CE, Chinese sources could either render it as Běi Yān Tàipíng èr nián ( 北燕太平二年 ; lit. "second year of Taiping of the Northern Yan ") or Běi Yān Wéngchéng Dì Tàipíng èr nián ( 北燕文成帝太平二年 ; lit. "second year of Taiping of

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