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'''Flying cash''' (飛錢) is a type of paper ] used during China's ]. It is a precursor to true ] which appeared during the ]. |
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'''Flying cash''' (飛錢) was a paper currency of the ] in ] and can be considered the first ].<ref>{{cite web| url=http://www.ex.ac.uk/~RDavies/arian/origins.html#paper| title=Origins of Money and Banking| date=May 25, 2005| accessdate=2007-03-09| publisher=University of Exeter}}</ref> |
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Between 805 and 820 there was a shortage of ] which proved to be a hindrance for daily business transactions in the Tang dynasty. The creation of the Flying cash happened after a tax reform that allowed for the partial acceptance of taxes in money, which had increased the demand for currency which scared the government that merchants would remove cash coins from the capital to circulate so they ordered the local governments to set up monetary systems based on silk, other fabrics, and daily items akin to ] which hampered long-distance trade in the Tang dynasty and harmed the national economy. The people that had the largest benefit from the introduction of Flying cash were tea merchants and these merchant helped improve the trade between the capital and the regions. |
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Between 805 and 820 there was a shortage of ] which proved to be a hindrance for daily business transactions in the Tang dynasty. The creation of the flying cash happened after a tax reform that allowed for the partial acceptance of taxes in money, which had increased the demand for currency which scared the government that merchants would remove cash coins from the capital to circulate so they ordered the local governments to set up monetary systems based on silk, other fabrics, and daily items akin to ] which hampered long-distance trade in the Tang dynasty and harmed the national economy. The people that had the largest benefit from the introduction of flying cash were tea merchants and these merchant helped improve the trade between the capital and the regions. Due to their tendency to fly away, the notes were dubbed "flying cash." |
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Originally the government of the Tang dynasty was less than receptive to the idea of bills of exchange and had attempted banning them on multiple occasions, but in 812 Flying cash were officially accepted as a valid currency. After the government had accepted these bills the supervision of Flying cash was handled by the Ministry of Revenue (戶部), the Tax Bureau (度支司), and the Salt Monopoly Bureau (鹽錢司). Flying cash would remain in use until the early period of the ].<ref>{{cite web|url= http://chinaknowledge.de/History/Terms/feiqian.html|title= feiqian 飛錢, bills of exchange.|date= 10 May 2016|accessdate=6 February 2018|work= 2000 ff. © Ulrich Theobald - ChinaKnowledge.de - An Encyclopaedia on Chinese History, Literature and Art|language=en}}</ref> |
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Originally the government of the Tang dynasty was less than receptive to the idea of bills of exchange and had attempted banning them on multiple occasions, but in 812 flying cash were officially accepted as a valid means of exchange. After the government had accepted these bills the supervision of flying cash was handled by the Ministry of Revenue (戶部), the Tax Bureau (度支司), and the Salt Monopoly Bureau (鹽錢司). The state began printing their own notes. Flying cash would remain in use until the early period of the ].<ref name=Theobald>{{cite web|url= http://chinaknowledge.de/History/Terms/feiqian.html|title= feiqian 飛錢, bills of exchange.|date= 10 May 2016|accessdate=6 February 2018|work= 2000 ff. © Ulrich Theobald - ChinaKnowledge.de - An Encyclopaedia on Chinese History, Literature and Art|language=en}}</ref> |
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== Origins == |
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Due to the inconvenience of transferring large amounts of the standard ]s over large distances, the ] started to pay merchants with whom they did business in paper money. Before long, printed money became more common than minted coins for trading purposes.<ref name=":0">{{Cite book|title = Worlds Together Worlds Apart|last = Pollard|first = Elizabeth|publisher = W.W. Norton & Company|year = 2015|isbn = 978-0-393-92207-3|location = |pages = 352}}</ref> Due to their tendency to fly away, the notes were dubbed "flying cash."<ref>{{cite web| url=http://www.ex.ac.uk/~RDavies/arian/origins.html#paper| title=Paper Money| date=January 1, 2000| accessdate=2007-03-09| publisher=The Silkroad Foundation}}</ref><ref>{{cite web|url= http://chinaknowledge.de/History/Terms/papermoney.html|title= Paper Money in Premodern China.|date= 10 May 2016|accessdate=6 February 2018|work= 2000 ff. © Ulrich Theobald - ChinaKnowledge.de - An Encyclopaedia on Chinese History, Literature and Art|language=en}}</ref> |
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==Use== |
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==Use== |
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Flying cash was never originally meant to be used as ] and, therefore, their circulation was limited. However, since they could be exchanged for hard currency at the capital with an exchange fee of 100 '']'' per 1000 ''wén'', they were traded amongst merchants as if they were currency. It was not until the ] and subsequent ] occupation that paper money was officially established as a legal tender. Eventually, the Song Dynasty began to issue more notes to pay its bills- a practice that ultimately contributed to runaway inflation.<ref name=":0" /> The use of paper money spread westward through ] traders and, by 1661, European countries were printing paper currency. |
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Flying cash was never originally meant to be used as ] and, therefore, their circulation was limited. However, since they could be exchanged for hard currency at the capital with an exchange fee of 100 '']'' per 1000 ''wén'', they were traded amongst merchants as if they were currency. It was not until the ] and subsequent ] occupation that paper money was officially established as a legal tender. Eventually, the Song Dynasty began to issue more notes to pay its bills- a practice that ultimately contributed to runaway inflation.<ref name=":0">{{Cite book|title = Worlds Together Worlds Apart|last = Pollard|first = Elizabeth|publisher = W.W. Norton & Company|year = 2015|isbn = 978-0-393-92207-3|location = |pages = 352}}</ref> The use of paper money spread westward through ] traders and, by 1661, European countries were printing paper currency. |
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==See also== |
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==See also== |
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{{Portal|Money}} |
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{{Portal|Money}} |
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== Sources == |
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== Sources == |
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* Kang Guohong (康國宏) (1997). "Feiqian (飛錢)", in Men Kui (門巋), Zhang Yanqin (張燕瑾), ed. Zhonghua guocui da cidian (中華國粹大辭典) (Xianggang: Guoji wenhua chuban gongsi), 104. (in ]) |
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* Kang Guohong (康國宏) (1997). "Feiqian (飛錢)", in Men Kui (門巋), Zhang Yanqin (張燕瑾), ed. Zhonghua guocui da cidian (中華國粹大辭典) (Xianggang: Guoji wenhua chuban gongsi), 104. (in Chinese) |
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* Yao Enquan (姚恩權) (1993). "Feiqian (飛錢)", in Shi Quanchang 石泉長, ed. Zhonghua baike yaolan (中華百科要覽) (Shenyang: Liaoning renmin chubanshe), 85. (in ]) |
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* Yao Enquan (姚恩權) (1993). "Feiqian (飛錢)", in Shi Quanchang 石泉長, ed. Zhonghua baike yaolan (中華百科要覽) (Shenyang: Liaoning renmin chubanshe), 85. (in Chinese) |
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* Zhou Fazeng (周發增), Chen Longtao (陳隆濤), Qi Jixiang (齊吉祥), ed. (1998). Zhongguo gudai zhengzhi zhidu shi cidian (中國古代政治制度史辭典) (Beijing: Shoudu shifan daxue chubanshe), 362. (in ]) |
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* Zhou Fazeng (周發增), Chen Longtao (陳隆濤), Qi Jixiang (齊吉祥), ed. (1998). Zhongguo gudai zhengzhi zhidu shi cidian (中國古代政治制度史辭典) (Beijing: Shoudu shifan daxue chubanshe), 362. (in Chinese) |
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{{Chinese paper money}} |
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{{Chinese paper money}} |
Originally the government of the Tang dynasty was less than receptive to the idea of bills of exchange and had attempted banning them on multiple occasions, but in 812 flying cash were officially accepted as a valid means of exchange. After the government had accepted these bills the supervision of flying cash was handled by the Ministry of Revenue (戶部), the Tax Bureau (度支司), and the Salt Monopoly Bureau (鹽錢司). The state began printing their own notes. Flying cash would remain in use until the early period of the Song dynasty.
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