Cross-examination

Paper money originated in China during the Song dynasty, was continued through the Jin, Yuan and Ming dynasties, and then declined during the Qing dynasty. During the Ming dynasty, it was called Baoshou. At the beginning of the 11th century, Jiaozi appeared in Sichuan as a private bill of exchange, and in 1023, Jiaozimu was established in Chengdu and made into official paper money. In 1107, it was renamed Sen'in and circulated almost throughout the country. Jiao means exchange, and 'in' comes from the term for securities such as salt and tea. The Southern Song dynasty called paper money Huizi, but the Jin dynasty, which ruled over northern China, followed the Song dynasty's example and issued Jiaochao from 1150. Large shosho were issued in denominations of 1, 2, 3, 5, and 10 kan, small shosho in denominations of 100, 200, 300, 500, and 700 mon, and had a circulation period of 7 years, but after Shoso (reigned 1189-1208) this period limit was abolished. The kin had few copper resources and silver was widely used as currency, but as finances expanded, paper money was issued excessively, leading to a drop in face value and a rise in prices. By the time the Teiyu Hoken was issued in 1215, 1 kan of paper money had fallen to about 1 mon in cash, and the government banned the circulation of copper coins, so copper coins were smuggled overseas. Thus silver became the main currency. The Yuan dynasty followed the gold system and issued Kosho from 1236. Representative examples are the Zhongtong Genpo Jiaosho (10 mon - 2 kanmon) and the Zhiyuan Tongxing Hosho (5 mon - 2 kanmon). At first, the system was well-established and there was an abundance of silver ingots for conversion, with over 700,000 in circulation per year, but inflation began to occur in the 1270s and silver ingots were issued in large quantities after 1350, during which time they also circulated in Southeast Asia and Persia. The Ming also followed the Yuan system and issued the Daimin Hosho (100 mon - 1 kanmon) in 1375. This was inconvertible paper money and was used in conjunction with copper coins, but it was unpopular, and paper money fell in value, with copper coins and silver ingots becoming the main currency.

[Yoshinobu Shiba]

“China Monetary History” by Peng Xinwei (1965, Shanghai People’s Publishing House)

Source: Shogakukan Encyclopedia Nipponica About Encyclopedia Nipponica Information | Legend

中国で宋(そう)代におこり、金(きん)、元(げん)、明(みん)と継承され、清(しん)代に衰えた紙幣。明代には宝鈔(ほうしょう)とよんだ。11世紀の初め、四川(しせん)に民間の交換手形として交子(こうし)が現れ、1023年に交子務(こうしむ)が成都に置かれて官営の紙幣となり、1107年から銭引(せんいん)と改称され、ほぼ全国に流通した。交(こう)は交換の意、引(いん)は塩や茶などの証券の用語からおこった。南宋は紙幣を会子(かいし)とよんだが、華北を支配した金(きん)は宋に倣って交鈔を1150年以来発行した。大鈔(たいしょう)は1、2、3、5、10貫、小鈔(しょうしょう)は100、200、300、500、700文、流通期間は7年、章宗(しょうそう)（在位1189～1208）以後はこの期間制限も廃した。金(きん)は、銅資源に乏しく銀を貨幣に多用したが、財政の膨張とともに紙幣を乱発し、額面価値の下落や物価騰貴を招いた。1215年貞祐宝券(ていゆうほうけん)が発行されたころには紙幣1貫は現金1文ほどに下落し、政府は銅銭の流通を禁じたので、銅銭は海外に密輸された。こうして銀が主要貨幣となった。元は金(きん)の制度を受け、1236年以来交鈔を発行した。中統元宝(ちゅうとうげんぽう)交鈔（10文～2貫文）、至元通行(しげんつうこう)宝鈔（5文～2貫文）はその代表である。初めは制度も整い、兌換(だかん)準備の銀錠(ぎんじょう)も豊かで、年間70万錠あまり流通したが、1270年代からインフレとなり、1350年以後は乱発となり、この間、東南アジアやペルシアにも流通した。明も元の制を受け、大明(だいみん)宝鈔（100文～1貫文）を1375年に発行した。これは不換紙幣で銅銭と併用されたが不評であり、紙幣は下落して、銅銭と銀錠が主要な通貨となった。

［斯波義信］

『彭信威著『中国貨幣史』（1965・上海人民出版社）』

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