The Paper Currency System of the Yuan Dynasty

Wu HanJun 2026

3.9

Word count: 30K words
Chapters: 8

Summary

Yuan dynasty paper currency used units beyond the guan, including ding, liang, fen and wen; large amounts of silver were also reckoned in ding. The paper notes included Zhongtong Yuanbao Jiaochao, Zhongtong Yuanbao Chao, Zhiyuan Tongxing Baochao, Zhida Yin Chao and Zhizheng Zhongtong Jiaochao.

Editor's review

Wu Han's essay focuses on Yuan dynasty paper currency. It is short but clearly organized, explaining the most distinctive and easily confused part of the Yuan monetary system in an accessible way. It sorts out the units involved—ding, liang, fen and wen beyond the guan—notes that beyond the guan there were also ding, liang, fen and wen, and that large amounts of silver were also counted in ding, and lists note types such as Zhongtong Yuanbao Jiaochao, Zhongtong Yuanbao Chao, Zhiyuan Tongxing Baochao, Zhida Yin Chao and Zhizheng Zhongtong Jiaochao, helping readers build a basic framework of Yuan currency names. Its value lies in making the complex simple, turning dry institutional terms into an understandable monetary system; it works well as an introduction to Yuan economic institutions. Read it alongside discussions of Yuan society and political institutions to grasp the fiscal and governing relationships behind the currency law. The text is a scholarly note centered on conceptual analysis rather than narrative, so readers should read patiently.

Who it's for

A good fit for

Beginner readers interested in Yuan economic and monetary history
History students who need to sort out Yuan currency names and unit concepts
Teachers of ancient Chinese monetary systems who want Yuan examples
Readers who enjoy short scholarly notes and clarifying institutional terms

Not a good fit for

Readers seeking a complete general history or systematic textbook of the Yuan economy
General readers who prefer narrative, story-driven history
Those impatient with monetary terminology who want only a quick skim

Reading tips

Read through once, list the correspondence between note types and units, then check the original wording again.
Keep paper and pen to make a brief table of Yuan monetary units, noting how ding, liang, fen and wen relate to the guan.
Read alongside chapters on Yuan society and political institutions to understand the fiscal motives behind the currency law.
When note names get confusing, arrange them chronologically to clarify their order and replacement.

版权信息
一、元初之交钞
二、中统交钞，元宝钞
三、至元通行宝钞
四、至大银钞
五、至正钞法
六、释锭
附记大明通行宝钞

FAQ

What is the relationship between units and the guan in Yuan paper currency?

According to the text, Yuan paper currency took the guan as the basic unit; beyond the guan there were also ding, liang, fen and wen, and large amounts of silver were also counted in ding. Readers may understand these as different levels of计量 names within one monetary system; for specific conversions, read the original closely rather than inferring from impression.

Which types of Yuan paper currency are listed in the text?

The text mentions Zhongtong Yuanbao Jiaochao, Zhongtong Yuanbao Chao, Zhiyuan Tongxing Baochao, Zhida Yin Chao and Zhizheng Zhongtong Jiaochao. Their names are similar and easily confused; when reading, arrange them by order of issuance and note the different wording—jiaochao, baochao, yinchao—in each name.

Is this suitable for readers with no background in monetary history?

It is readable but requires some patience. The essay is a scholarly note focused on conceptual analysis; it does not lay out background or tell stories. Readers starting from zero can first learn the general historical context of the Yuan dynasty, then read this piece, treating the terms as institutional clues to sort out one by one; the gains will be clearer.

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About the author

Wu Han Author · China · 1909–1969

Wu Han (1909–1969), originally named Wu Chunhan and styled Chenbo, was a native of Yiwu, Zhejiang, and a Chinese historian and social activist who was one of the pioneers of modern Ming studies. After graduating from the Department of History at Tsinghua University in 1934, he taught at Yunnan University, National Southwestern Associated University, and Tsinghua University, and later served as vice mayor of Beijing. His research centered on Ming politics and institutions. His representative work, Biography of Zhu Yuanzhang, combines textual criticism with vivid character portrayal, while monographs such as A Study of the Hu Weiyong Clique Case, The Ming Military, and Zhu Yuanzhang's Art of Rule show his rigorous approach to history through institutional operation and power relations. He also wrote popular historical works, including the nine-volume Chinese History Series and The Mirror of History, whose plain, clear prose blends scholarship with readability and has done much to spread knowledge of Ming history.