China Paper Money-Northern Song Issues Ca.960-1125AD

**Northern Song Dynasty Issues, Jiao Zi, Ca. 950-1127**
N.1, P.UNL, SM.UNL Jiao Zi (Exchange Bills) Ca.960-1127 Enlarge Supersize

**BACKGROUNDER**
The printing industry expanded greatly in the Song dynasty era with paper money following suit. The image at right is reported to be the first known advertisement, a flyer from a Needle Shop. Although other types of non-metallic currency appeared earlier in China starting in the Tang dynasty, paper money use expanded in Chengdu, China. In the Northern Song Dynasty ( 960 -1126), merchants in Chengdu jointly issued the earliest known types of paper money in the world, which was called Jiao zi (exchange bills), not to be confused with the fried dumplings of the same name. The local government set up an Office of Jiao zi, which might be considered the earliest administrative and savings bank. Song dynasty paper money was first issued by a small group of rice merchants in Szechuan. Some notes were said to have pictures of people, houses, etc. as well as seals(chops). They also contained some type of anti-counterfeiting marks and were sometimes printed alternately in red and black inks. These notes were convertible into hard currency, were readily accepted and circulated widely. The earlier issues were withdrawn around 1022 and replaced by government issued banknotes. Earlier currencies issued by rice farmers and businessmen were demonetized and the new government issues were backed by hard currency and were similarly denominated with coins. . At that time, workshops for paper money making were located in Jingchong Temple to the north of Chengdu city (today known as Wan-fu Temple or Temple of Ten Thousand Buddha's. The paper money made there was the earliest circulating paper money ever used. It played a significant role in promoting trade, facilitating financial transactions and economic development. Some examples of these currencies may have survived and would be considered extremely rare.

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