CCTV.com - CNTV English - CCTV News

Journeys in Time 2010-09-21 Legacy of the Jiaozi Money Part 2- The rise and the fall

09-21-2010 16:27 BJT

Intro:
Today, we reach the concluding part of our investigation of the history of the Jiaozi money – the earliest paper currency in the world.  The Jiaozi was a form of banknote that appeared around the 10th century in the Sichuan capital of Chengdu. Most experts regard it as the first paper money in the world. Originally, jiaozi money was introduced as an alternative to the heavy and inconvenient metal coins. Eventually, the issuance of jiaozi was taken over by a group of wealthy businessmen, but when they became unable to honour their commitments, there was an outbreak of social unrest. In 1023, the Song government responded to the problem by setting up an office in Chengdu to take responsibility for issuing jiaozi. The following year, the private issuance of jiaozi was banned. 

After Jiaozi began to circulate in Sichuan during the reign of Emperor Renzong of Northern Song, it soon became evident that something needed to be done to prevent counterfeiting. The answer was to stamp the notes with two official seals.

The term of a jiaozi issue lasted two years; new notes would be issued at the end of each term. Later, the period of an issue was extended to two terms and the size of the issue doubled. However, this led to a depreciation in value.

Outro:
The emergence of jiaozi at the time of the Northern Song Dynasty, predated the appearance of paper money in western countries by almost 600 years. Although the new currency was initially welcomed among merchants and ordinary citizens, official neglect of proper laws and rules to govern its circulation, ultimately led to its devaluation and decline. Still, jiaozi occupy a very important place in the history of money.

Editor:James |Source: CNTV

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program