Chapter 22 Section 4 Banknotes of Song and Song Dynasties

China is the first country in the world to use banknotes.In the early Western Zhou Dynasty more than 3,000 years ago, "libu" was used as a trading medium, and cloth was used as a currency material, two feet long and two inches wide. It is the earliest credit currency.During the Eastern Zhou Dynasty, folks used to use "cowhide coins" and "Fubie" in the nature of promissory notes for transactions, which could be transferred and circulated.In the fourth year of Yuanshou (119 BC), Emperor Wu of the Han Dynasty issued "white deerskin coins", which were made of deerskin and worth 400,000 yuan. type.From the Eastern Han Dynasty to the Five Dynasties and Ten Kingdoms, the receipts, deeds, deposit documents or other instruments issued by temples, Taoist temples, cabinet workshops, mansion shops, Jifu shops, gold banks, etc., which have been rising continuously, have become credit cards within a certain range. means of circulation.Feiqian in the Tang Dynasty and the instant exchange that lasted from the end of the Tang Dynasty to the beginning of the Song Dynasty, evolved from bills of exchange to circulation and transfer between different places, and also played some currency roles, which was the forerunner of the emergence of Jiaozi. "Song History Shihuo Zhi" records: "The method of meeting children and making friends with children is based on Feiqian in Tang Dynasty." This shows that the production of banknotes in Song Dynasty actually originated from this.

Paper money was created in the Northern Song Dynasty for the following reasons.First, in order to stabilize the political situation, the Song Dynasty vigorously developed the economy after the founding of the country. Commodity production and domestic and foreign transactions expanded rapidly. Commercial development required a large amount of light currency.Second, Sichuan is a land of abundance, rich in products, relatively less affected by the war.In the early Song Dynasty, the economy of Sichuan and Shu developed rapidly, because only iron coins were used instead of copper coins, and the amount of money was insufficient.Moreover, iron coins are large in size and heavy in weight, and weigh 25 catties in one roll. It is difficult to use them in transactions and transfer them in different places, so the banknotes first traveled in Sichuan.Third, since the end of the Tang Dynasty, several currency areas have been formed, where money is not allowed to be transported out of the country, and the strong neighbors in the north are strictly prevented from taking copper and iron coins. The use of paper money can prevent the outflow of money.Fourth, due to long-term financial difficulties in the Song Dynasty, the issuance of banknotes can be used as a major source of income to make up for expenses.Finally, Feiqian, instant exchange, and counter evidence have a profound impact on people.

In the early Song Dynasty, merchants in the Chengdu area issued securities in the form of receipts, with the stamp of the drawer on the front and back, with a password monogram, and the amount was temporarily filled in by mistake.Different styles, scattered distribution.In the early years of Emperor Taizong, 16 wealthy businessmen in Chengdu raised funds to jointly set up Jiaozipu, or Jiaozihu, and issued "Jiaozi", which was in the nature of banknotes and was used as cash in far and near areas.Its printing, layout, design, and pattern are all good, and it has branch stores in other places.Later, due to the poor management of wealthy businessmen, the funds were embezzled and could not be cashed in. In addition, there were many forgery and many lawsuits, so the government intervened.In the first year of Renzong Tiansheng (AD 1023), he approved the proposal of Xue Tian, ​​governor of Chengdu Prefecture, and others, and established Yizhou Jiaoziwu to preside over the matter.In February of the second year (AD 1024), Guanjiaozi was issued, basically imitating the shape of commercial Jiaozi, stamped with the state seal of Honshu, with different characters, printed on copper plates, with exquisite designs and three-color overprinting, and it is the first in the history of printing in the world. , publishing history, printmaking history, has great historical value.

At the beginning of the Song Dynasty, the system concerning the issuance and circulation of Jiaozi was formulated, commonly known as the "Cash Law".The planning is quite careful, and it is a pioneering work in the history of currency.By the 1930s, the currency system used by Western countries could still reflect its trajectory.Observing its main contents, it includes: firstly, Jiaozi's distribution and management rights were concentrated in the imperial court, and a high degree of centralization was implemented.The imperial court formulates a unified policy system, printing measures, issuance amount, and circulation areas.Secondly, it is stipulated that there is a boundary every three years (equivalent to one period), that is, the printing is changed every three years, and it is also called the boundary of change.Jieman exchanged the old banknotes for destruction at par (i.e. one to one) with the new banknotes.Third, the issuance limit is stipulated. The amount of each sub-submittal is 1,256,340 coins, and it is not allowed to exceed this limit.Fourth, use 360,000 iron money deposits as the "banknote book", that is, the deposit for the issuance of Jiaozi, which is equivalent to the banknote issuance reserve of modern banks.Fifth, the prescribed grades, which are initially from 1 to 10 guan, are printed on the face of the sub-coupon, and are used according to this amount.In the second year of Baoyuan (1039 A.D.), it was changed to two types of ten guan and five guan.In the first year of Xining (AD 1068), it was changed to two types: Yiguan and 500wen, with the former 60% and the latter 40%.Sixth, it is strictly forbidden to forge, alter, destroy and print without authorization.Seventh, restrict circulation areas.Eighth, the cashing of Jiaozi is mainly in money, but also in gold and silver or duo.The proportions and practices of previous exchanges were formulated by the imperial court and dispatched to supervise the implementation.However, these regulations are not fully complied with below.

During the reign of Renzong Qingli (AD 1041-1048), Yizhou Jiaoziwu issued 600,000 Jiaozi in Shaanxi that had not fulfilled its guarantee, and purchased and stored military grain and grass.In the second year of Xining (AD 1069), Jiaozi was set up in Luzhou to expand the distribution of Jiaozi.Xining practiced Jiaozi method in Shaanxi for four years.In the first year of Shaosheng (1094 A.D.), Lujiaozi, the capital, was added.Because the situation of spamming continues unabated, a limit of 150,000 wires was added.This year's sub-deposit is 1,406,340 yuan, and the local government is still applying for more.During the Yuanfu period (1098-1100 A.D.), the exchange rate between new banknotes and old banknotes was one to five, that is, the official price fell to 1/5 of the original price, and the private price fell even more.In the first year of Chongning (AD 1102), Emperor Huizong went to Jiaozi, Shaanxi, and set up Jiaozi Office on Northwest Beijing Road, and established a forgery law, which was planned to be strictly controlled.In short, the financial revenue and expenditure of the Northern Song Dynasty became tighter from generation to generation. By the time of Huizong in the late period, the country was already in dire straits. money.

In the fourth year of Chongning (AD 1105), Emperor Huizong changed the method of spamming, renamed Jiaozi "Qian Yin", and distributed it in other places except Zhejiang, Lake, Minguang.In the first year of Daguan (1107 A.D.), the Ziwu was changed to Qian Yinwu.In the third year of Daguan, a large number of coins were issued, which soared to more than 20 million coins, which was more than 20 times the maximum issuance limit during the Tiansheng period (1023-1032 A.D.). And more and more are made, and the money cited is only worth tens of dollars.The merchants were helpless, millions of furniture were emptied overnight, and complaints abounded.Peasant uprisings were raging everywhere, and Jin soldiers aggressively invaded, extorted and robbed.The currency value of Qianyin plummeted, and hyperinflation broke out, which lasted until the seventh year of Gaozong Shaoxing (AD 1137), and the three realms paralleled, reaching more than 37.8 million coins.In March of the 10th year of Shaoxing (1140 A.D.), 5 million additional money was issued.In the 31st year of Shaoxing (1161 A.D.), the issuance increased to more than 41 million coins, a surge of more than 30 times in 30 years.There are only 70 iron coins in the banknote, which is out of proportion (that is, a few tenths of a hundred thousand).In the fifth year of Emperor Xiaozong's Chunxi reign (1178 A.D.), more than 4,500 coins were issued and used at a 40% discount.At the end of Ningzong Jiading (1208-1224 A.D.), the three realms were parallel, with a total of 80 million coins, and Qianyin was only worth 100 Wen coins per coin.By the end of Lizong's life, it was worthless.But Qian Yin is well-printed and has high artistic value.Three-color overprinting, each with six seals, four black, one red and one blue, each stamp is decorated with patterns, each circle is different, and the name of Mingjie and year number are written on the coin, which is divided into two types: Yiguan and 500 characters.It is not only a treasure of cultural relics, but also the originator of multi-color overprinting in the world's printing history.

At the beginning of Guan Zi's operation, its nature and practice were similar to that of "flying money and changing it".In the first year of Emperor Gaozong Shaoxing (1131 A.D.), due to the difficulties in transportation and inconvenient transportation of cash when stationing troops in Wuzhou, merchants from the garrison found money in Wuzhou and issued it to "Guanzi", who exchanged it for goods in Lin'an. Cash back or banknotes (that is, the legal license for the purchase of tea and fragrant goods).Among them, those who are designated to cash money are called "Beiqian Guanzi".In fact, when merchants exchanged banknotes, they made every possible effort to negotiate the goods and limited the amount of cashing, and only cashed 1/3 of the cash receivables every day.The state and county governments took the opportunity to force apportionment to buy military rations.This method is difficult.Therefore, the method was changed and Jiaozi was changed.In the sixth year of Shaoxing, a bank was set up in Lin'an to issue Jiaozi, and it tried to issue Jiaozi again, but there was no banknote, and the folks refused to use it.Change the order to discuss the storage of cash for goods and services, and use cash for public and private use.In the twenty-ninth year of Shaoxing (AD 1159), "Gongjuguanzi" was issued. There are five grades of large-denomination banknotes ranging from ten thousand (ten thousand texts) to one hundred thousand (one hundred thousand texts), which can be used for two years. In the middle half, Fusan Road General Consulate, Huaixi Huguang Guanzi each pay 800,000 yuan, and Huaidong Gongzhen Guanzi pays 400,000 yuan.This is severe devaluation.In the fifth year of Lizong Jingding (1264 A.D.), the traitor Jia Sidao printed and distributed "Gold and Silver See Qianguanzi", with one equal to three of the 18 Huizi, and made his own printed words in the shape of Jia characters.At the same time, Jia also created a kind of "Gongtian Guanzi".In the fourth year of Duzong Xianchun (AD 1268), "Neiguanzi" was issued, which can be used for three years.The five-year reappraisal is strictly forbidden to reduce prices, and it is stipulated that 5 million yuan will be printed and distributed every year.This kind of Neiguanzi is the last banknote in the Song Dynasty.

This is the most complex and chaotic of the four major types of banknotes in the Song Dynasty. It reflects the political and economic corruption of the Southern Song Dynasty in a concentrated way, and it is also a reminder to this corrupt dynasty.At the beginning of the Southern Song Dynasty, "Bianqianhuizi" was popular among the people, which was similar to the exchange of flying money.In the 30th year of Shaoxing (1160 A.D.), it was changed to government-run.He first traveled to Zhejiang and Zhejiang provinces, where he stored cash and circulated it inside and outside the city.In February of the following year, Huiziwu was established and Xinzaohuizi was issued; later, it was implemented in Lianghuai, Huguang, and Jingxi roads, and Huiziwu was changed to Lidu Chachang.At the beginning, the denomination of Huizi was consistent, and then three types of 500 Wen, 300 Wen, and 200 Wen were issued, which were issued by Xingzai Huiziku. It was printed in red, blue and black copperplate, rectangular, and the upper part was Reward, stating the words that forgery is strictly prohibited and heavy rewards for reporting, the amount is printed, and the issuing agency is marked, and the pattern and pattern are not as exquisite as Qianyin.In the first year of Longxing (AD 1163), "Zhibian Huizi" was built and used in Hubei.These government-run associations had no issuance quota and deadline at the beginning. By the second year of Qiandao (AD 1166), more than 15.6 million tao (guan) had been issued. In addition to redemption, 9.8 million tao were circulated in the market.In the fourth year of Qiandao (1168 A.D.), three years were defined as a boundary, and the quota for each boundary was 10 million guan.In the nine years of Qiandao, the club is only worth 600 Wen per pen, 40% off.In the early years of Chunxi, the circulation of clubs increased to more than 22 million guan, more than double the limit.In the twelfth year of Qiandao, the second and third circles of the clubs were extended for three years, and the eighth and ninety circles also extended their periods accordingly. The circulation of the clubs doubled, and the value of their banknotes decreased day by day.In the first year of Ningzong Qingyuan (AD 1195), the circulation of each circle was increased to 30 million Guan, and the value of banknotes fell further.In the second year of Jiading (1209 A.D.), when the Jin and Song Dynasties were at war, military expenditures soared, and huizi were issued indiscriminately, which increased sharply to more than 115 million yuan, which was 11 times higher than that at the beginning of Qiandao. Huizi was always only worth three or four hundred yuan.After that, it will decline year by year.During the Jiading period (1208-1224 A.D.), the number of clubs in the three circles was too large. There were still more than 13.6 million guan in the 11th circles, and more than 102 million guan in the 12th and 13th circles.After Kaixi (1205-1207 A.D.), all military and administrative expenses were maintained by issuing banknotes.During Lizong's reign (1225-1264 A.D.), Huizi couldn't be folded and read, and supervisors of Huizi treasury were set up, and officials who failed to deal with Huizi were severely punished.In the fifth year of Shaoding (1232 A.D.), the number of members in the 14th and 15th circles increased to more than 329 million, a 33-fold increase in 65 years.In the sixth year of Chunyou (1246 A.D.), the number increased to 650 million.In February of the seventh year of Chunyou, it was stipulated that the 17th and 18th circles would no longer set limits, and they would be used forever.Criticize officials and people who oppose this law.In the first year of Xianchun (1265 A.D.), Duzhou County strictly enforced the money law, prohibiting folks from using plaques.During the last years of Li Zong and Du Zong, the Mongol army was overwhelmed. The Song Dynasty was dying and dying, and it was still promiscuously issuing concubine.The club is no longer worth a penny. The 20,000 guan in the 18th circle still can't buy a pair of straw sandals, the deterioration of inflation has reached the point of no control, and the people are miserable.

The Southern Song Dynasty also issued several local banknotes that were limited to the region. In addition to the Sichuan Qianyin (referred to as Chuanyin) that had a long circulation time and great influence, there were also: "Hechi Yinhuizi", which was issued in the seventh year of Shaoxing (AD 1137). Wu Jie, deputy envoy of Xuanfu, issued two kinds of papers in Hechi, 140,000 papers for one coin, and four papers equivalent to Qian Yinyi.Ten thousand paper for half money.In the future, 610,000 papers will be printed and distributed every two years, which is equivalent to 150,000 coins in Sichuan; 300, 200, 100 papers, etc., 2.4 million papers are issued every two years.The above two items are all for military use, and soon depreciated greatly; "Lianghuai Jiaozi", referred to as Huaijiao for short, was issued in Huaidong and Huaixi during the Qiandao period of Emperor Xiaozong (AD 1165-1173), divided into 200, 300, 500, Yiguan The fourth class, with an annual printing of 3 million pieces, is limited to Huaihe and Huaihe Rivers; "Huguanghuizi", referred to as Huhui, prints 500 to Yiguanhuizi, and it is exclusively printed and distributed in the Huguang area.The above local banknotes are all issued and limited to local use by the imperial court.