The Yuan dynasty was a Mongol-ruled Chinese dynasty which existed from 1271 to 1368. After the conquest of the Western Xia, Western Liao, and Jin dynasties they allowed for the continuation of locally minted copper currency, as well as allowing for the continued use of previously created and older forms of currency (from previous Chinese dynasties), while they immediately abolished the Jin dynasty's paper money as it suffered heavily from inflation due to the wars with the Mongols. After the conquest of the Song dynasty was completed, the Yuan dynasty started issuing their own copper coins largely based on older Jin dynasty models, though eventually the preferred Yuan currency became the Jiaochao and silver sycees, as coins would eventually fall largely into disuse.[1][2] Although the Mongols at first preferred to have every banknote backed up by gold and silver, high government expenditures forced the Yuan to create fiat money in order to sustain government spending.[3]
Inscriptions on the obverses of the coins appeared both in Traditional Chinese characters and 'Phags-pa script, and coins appeared in denominations of 2, 3, 5, and even 10 wén, the larger denominations led to a debasement of the currency which caused inflation.[4]
^Dawson, Christopher. Mission to Asia: Narratives and Letter of the Franciscan Missionaries in Mongolia and China in the Thirteenth and Fourteenth Centuries. New York (1955).
^"Chinese coins – 中國錢幣". Gary Ashkenazy / גארי אשכנזי (Primaltrek – a journey through Chinese culture). November 16, 2016. Retrieved June 14, 2017.
^David Miles; Andrew Scott (January 14, 2005). Macroeconomics: Understanding the Wealth of Nations. John Wiley & Sons. p. 273. ISBN 978-0-470-01243-7.
^"CoinWeek Ancient Coin Series: Coinage of the Mongols". Mike Markowitz (CoinWeek). May 22, 2016. Retrieved June 14, 2017.
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