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The
Chao was the official
banknoteA banknote is a kind of negotiable instrument, a promissory note made by a bank payable to the bearer on demand, used as money, and in many jurisdictions is legal tender. In addition to coins, banknotes make up the cash or bearer forms of all modern fiat money...
of the
Yuan DynastyThe Yuan Dynasty , or Great Yuan Empire was a ruling dynasty founded by the Mongol leader Kublai Khan, who ruled most of present-day China, all of modern Mongolia and its surrounding areas, lasting officially from 1271 to 1368. It is considered both as a division of the Mongol Empire and as an...
in
ChinaChinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
. Unlike the earlier
paper moneyPaper Money is the second album by the band Montrose. It was released in 1974 and was the band's last album to feature Sammy Hagar as lead vocalist.-History:...
such as
JiaoziJiaozi is a form of banknote which appeared around 10th century in the Sichuan capital of Chengdu, China. Most numismatists generally regard it as the first paper money in history, a development of the Chinese Song Dynasty ....
, it was the first paper currency to be used as the predominant circulating medium in the
history of ChinaChinese civilization originated in various regional centers along both the Yellow River and the Yangtze River valleys in the Neolithic era, but the Yellow River is said to be the Cradle of Chinese Civilization. With thousands of years of continuous history, China is one of the world's oldest...
.
Later in 1294, in order to control the treasury,
GaykhatuGaykhatu was the fifth Ilkhanate ruler in Iran. He reigned from 1291 to 1295. During his reign, Gaykhatu was a noted dissolute who was addicted to wine, women, and sodomy...
of the
IlkhanateThe Ilkhanate, also spelled Il-khanate , was a Mongol khanate established in Azerbaijan and Persia in the 13th century, considered a part of the Mongol Empire...
in Persia attempted to introduce paper money in his empire, which imitated the Chao issued by the Yuan Dynasty so closely that they even had Chinese words printed on them. However, the experiment was proved to be a complete failure, and he was assassinated shortly after that.
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