Why do we say that the Chinese have made significant contributions to the history of money?

           The Chinese contribution to the making of not just paper, but that of paper money too, has been great. Bronze or copper coins with a hole in the centre, had been their currency for centuries.

           The first paper currency was developed during the Tang Dynasty in the 7th century. However, paper money became active only centuries later, during the Song Dynasty. It is believed that by 11th century AD, there was a shortage of copper which led to the production of ‘Jiaozi’ bank notes by the Songs. By the 1120s, it is known that they started producing state-issued paper money.

           Kublai Khan, one of the emperors of the Yuan Dynasty, started printing ‘chao’ paper money in his time. This trend of using paper bank notes was introduced in Europe by Venetian traveler Marco Polo in the 13th century. But the Europeans started using the notes only centuries later. It is known that in the 1800s, Napoleon Bonaparte issued bank notes through his ‘Banque De France’.