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of the Yuan dynasty suffered from hyperinflation due to over production without sufficient coins to back them and were withdrawn.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:
“Well, my paper has asked me to do a series: Lives of the Great Musicians, reading time 2 minutes.”
—Dodie Smith, and Lewis Allen. Roderick Fitzgerald (Ray Milland)
“There is some ill a-brewing towards my rest,
For I did dream of money bags tonight.”
—William Shakespeare (1564–1616)