Paper Money
The world's first paper money, issued in China between the 7th and 15th centuries, was denominated in wén. The notes carried depictions of coins, sometimes in strings of ten. The notes of the Yuan dynasty suffered from hyperinflation due to over production without sufficient coins to back them and were withdrawn. Paper money reappeared in the 19th century. In 1853, notes were introduced in denominations of 500, 1000 and 2000 wén. 5000 wén notes followed in 1856, with 10,000, 50,000 and 100,000 wén notes added in 1857. The last of these notes were issued in 1859.
Read more about this topic: Chinese Cash (currency Unit)
Famous quotes containing the words paper and/or money:
“Apart from their other characteristics, the outstanding thing about China’s 600 million people is that they are “poor and blank.” This may seem a bad thing, but in reality it is a good thing. Poverty gives rise to the desire for change, the desire for action and the desire for revolution. On a blank sheet of paper free from any mark, the freshest and most beautiful pictures can be painted.”
—Mao Zedong (1893–1976)
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HURRY UP PLEASE ITS TI—E
Now Albert’s coming back, make yourself a bit smart.
He’ll want to know what you done with that money he gave you
To get yourself some teeth.”
—T.S. (Thomas Stearns)