Chapter 26 Section 2 Currency of the Golden (Jurchen) Country

In 1115 A.D., Wanyan Aguda of the Jurchen tribe established the Kingdom of Jin in the Northeast region, and the reign title was taken over. The Liao Dynasty and the Northern Song Dynasty were destroyed, and it was confronted with the Southern Song Dynasty for more than a hundred years.Jin superstitiously believes in force, expands and invades abroad, and fights every year. The various factions of the royal family are against each other.The economy in the middle and lower reaches of the Yellow River has never recovered, and the financial resources have been exhausted. They rely on issuing money to survive, and the most serious hyperinflation has occurred.

Jin Liguo is unstable, and its currency is always in a state of precarity.The three currencies of silver, coins and banknotes are in circulation at the same time, and there is neither the relationship between the main currency nor the auxiliary currency, nor is there a certain price comparison and regulation regulation.In the early days, Song and Liao coins were used, and the currency system was not established. Only "Fuchang Yuanbao" Xiaoping, "Fuchang Tongbao" discounted two and "Fuchang Chongbao" discounted three times were issued in Qidi, Shandong.Starting from King Hailing, banknotes and coins were issued, and banknotes were issued in parallel.In the second year of Zhenglong (1157 A.D.), three money supervisors, including Baoyuan and Baofeng, were set up to cast Zhenglong Tongbao Qian Xiaoping and Daqian, which imitated Song Dynasty coins in light and heavy.Money is in Chinese.It has been strictly forbidden for folks to cast and transport money and copper materials abroad many times. Except for Buddhist statues and official accessories, it is forbidden to manufacture hidden bronzes and copper materials.In the 18th year of Emperor Sejong's Dading (AD 1178), Futong Qian was supervised in Daizhou, and "Dading Tongbao" Xiaoping folded two and tenth grade three coins were cast, imitating Daguan money, thin gold body, with flat back stars and moons.In the twenty-seventh year of Dading (1187 A.D.), Litong prison was set up in Quyang, and Dading Tongbao chronological coins were cast, with characters such as Shenyou on the back, slightly containing silver.Due to the low production of copper, the cost of making coins is high. For example, the supervisors in Quyang cast 140,000 guan coins at a cost of 800,000 guan.There are very few official mints, coupled with the depreciation of handed over banknotes, the price of less money is more expensive, and the officials and the people compete to hide money, and the money shortage lasts until the death of gold.During the reign of Zhang Zong Mingchang (1190-1196 A.D.), "Mingchang Tongbao" was cast, and the "Cash Cash Retention Law for Officials and People" was established. According to the official position and assets, the amount of money hidden by each person was limited, and offenders were severely punished.Since then, silver, banknotes, and money have been used together, causing confusion.During the period of Taihe (1201-1208 A.D.), "Taihe Tongbao" and "Taihe Chongbao", Xiaoping's two-fold discount and three-for-ten coins were cast, and the cost of casting coins was one to ten.The king of Wei Shao cast "Chongqing Tongbao" Xiaoping for two coins, "Chongqing Yuanbao" for five coins, seal script; "Zhining Yuanbao" Xiaoping for five coins.The quality of money in the later period is getting worse.Xuanzong cast "Zhenyou Tongbao" with a discount of 2 yuan for the small and large samples of Xiaoping.Ai Zong cast "Tianxing Baohui" Xiaoping money in running script.The Kingdom of Jin also used the old iron money, which was abolished in the mid-term.In the third year of Xuanzong Zhenyou (1215 A.D.), it was strictly forbidden to use money, only banknotes were allowed, and the people refused to use money.The coins cast by the Kingdom of Jin are small in number and beautifully made. Some coins are quite unique, such as Taihe Chongbao in jade tendon and seal, and money inscriptions with thin gold body.

The Kingdom of Jin has always used silver, with 50 taels as an ingot, and the price is a hundred guanwen.Silver ingots are currency for weighing. Every time the folks cut and chisel, they will be used when they are used. Temporary weighing is necessary.In the second year of Zhang Zong's Cheng'an (1197 A.D.), the "Cheng'an Baohuo" silver coins were minted, ranging from one tael to ten taels and five grades, which were used as cash for public and private use.This is the beginning of legal count silver coins in our country.However, due to the lack of strict regulations, counterfeiting sprang up and was mixed with lead and tin, and it was abolished by the end of 1200.During Xuanzong's time, he planned to cast Xingding silver ingots for military use, but failed.When Aizong issued Tianxingbaohui banknotes, silver was used as the unit.Due to the serious depreciation of gold banknotes, the government has repeatedly imposed strict restrictions on the amount of silver used and forced the use of banknotes.After Aizong Zhengda first year (AD 1224), folk transactions only used silver as currency.

Banknotes are the main currency in the Kingdom of Jin, and nine types are issued in total.In the second year of Zhenyuan, King Hailing (1154 A.D.), a banknote bank was set up to issue "Zhenyuan Jiaoyuan", which was parallel to Liao and Song Dynasty coins.There are five grades for large and small banknotes, namely one pass, two passes, three passes, five passes, ten passes, and one hundred, two hundred, three hundred, five hundred and seven hundred notes.The seven-year reform system was established, with a period of seven years, and the old was exchanged for the new when it expired; it was abolished in the 29th year of Dading (1189 AD) and changed to indefinite circulation.Old banknotes can be exchanged for new banknotes, which is called inverted banknotes.When reversing banknotes, the cost of work will be reduced from 15 Wen per pen to 2 Wen.During Zhang Zong's reign (1190-1208 A.D.), inflation intensified and money shortage became more serious. All kinds of banknote methods were invalidated, and banknote delivery was repeatedly refused.In the fourth year of Mingchang (1193 A.D.), all official salaries and soldiers' salaries were paid in banknotes.It is mandatory to use banknotes for non-governmental transactions with a pledge of more than a consistent amount, and money is not allowed.Business travelers are not allowed to bring more than ten pennies in cash.In the sixth year of Taihe (1206 A.D.), no one wanted Shaanxi to pay banknotes.In the second year of Zhenyou (1214 A.D.), large banknotes were issued, with face values ​​ranging from 20 guan to 100 guan, a tenfold increase.It also issued extra-large banknotes with face values ​​ranging from one hundred to one thousand (that is, 100,000 Wen and 1 million Wen), and each bill fell to 1‰, that is, it was always only worth one penny.The rich family suffered such great changes, and their property was instantly wiped out, which was sometimes called "sitting".In the third year of Zhenyou (1215 A.D.), "Zhenyou Treasure Coupons" were issued, and the value of the banknotes plummeted.The government implements price negotiation, price limit, and strict law enforcement in order to suppress the depreciation of banknotes and cause a market strike.In the fifth year of Zhenyou (1217 A.D.), "Zhenyou Tongbao" was issued, which was always used as a coupon of 1,000 coins, and then fell to 1‰.In the first year of Yuanguang (1222 A.D.), "Xingding Baoquan" was changed to "Xingding Baoquan", and each penny was Zhenyou Tongbao 400 pennies; the next year, this banknote fell to be useless.In the last few years, paper banknotes such as "Yuanguang Zhenhuo", "Yuanguang Chongbao" and "Tianxing Baohui" were also issued, and the treasured banknotes were printed with silk weaving, which did not help.Tianxingbao will use silver as the unit, divided into one coin, two coins, three coins, four coins and four coins.According to official records, the price of goods has increased by 60 million times compared with when the banknotes were first issued, and the market price far exceeds this figure.The Kingdom of Jin issued new banknotes indiscriminately like this, regardless of cashing, without banknotes, it was just child's play.Wu Qian of the Southern Song Dynasty said that at the end of the year, one hundred coins (100,000 wen) could only buy one bowl of noodles.Yuan Yelu Chucai also said that Wanguan (10 million texts) is only Yiyibing.This kind of hyperinflation hastened the downfall of the Kingdom of Jin.