Paper money was first invented by the Chinese in the 7th century A.D. as a way of simplifying larger monetary transactions; paper money is a lot easier to handle than thousands of copper coins. In the 7th century, during the Tang dynasty, private issued bills of credit were introduced. In the 10th century, during the Song dynasty, generally circulating promises to pay were introduced to make up for a shortage of copper for coins.
The first paper money as we know it was introduced by the Jin dynasty in the 12th century when it began issuing Exchange Certificates without any date limitation. The Mongol Yuan dynasty (1206-1367) banned coinage altogether, relying on paper exclusively — as witnessed by Marco Polo, the first Westerner to report on the use of paper money by the Chinese.
Problems with counterfeiting and over-issuance of the notes convinced the Ming dynasty to discontinue the use of paper money by 1455, with disastrous results for Chinese trade. In the 19th century, paper money was re-introduced as part of the Chinese currency system.
Click on the items in the case image below for an enhanced view
FAQs
The top lot was a China / People's Republic 1951 10,000 Yuan graded PMG 40 Extremely Fine (CSS81, lot 87) that realized HK$1.74 million (about $221,700 USD). This example of a high denomination note that is known as “Running Horses” is regarded as one of the greatest treasures in Chinese paper money.
What foreign paper money is valuable? ›
High value foreign currencies can include China currency or Japanese currency. Things like misprinted currency or limited release batches will be higher in value than common types. Pieces in better condition will be more valuable than heavily worn currency items.
What are the old Chinese currency notes? ›
The first series of renminbi banknotes was issued on 1 December 1948, by the newly founded People's Bank of China. It introduced notes in denominations of ¥1, ¥5, ¥10, ¥20, ¥50, ¥100 and ¥1,000 yuan. Notes for ¥200, ¥500, ¥5,000 and ¥10,000 followed in 1949, with ¥50,000 notes added in 1950.
What are some facts about Chinese paper money? ›
Paper money was first invented by the Chinese in the 7th century A.D. as a way of simplifying larger monetary transactions; paper money is a lot easier to handle than thousands of copper coins. In the 7th century, during the Tang dynasty, private issued bills of credit were introduced.
Where can I sell old Chinese money? ›
Sell Foreign Currency
At A&D Coin, we understand the value of collecting and preserving world and foreign paper money. That's why we are a trusted place for those looking to sell old foreign paper money.
What is the most sought after paper currency? ›
USA 1890 Grand Watermelon $1,000 Treasury Note: $3.3 million
This “super-rare and world-famous” note might be the most valuable bill in the world. It got its name because of the green zeros on the reverse, which have been likened to watermelons.
How do I know if my paper money is worth anything? ›
High Denomination Bills
If you find a bill higher than $100, you could possess valuable currency. According to the Atlanta Federal Reserve website, notes in the denominations of $500, $1,000, $5,000 and $10,000 were last printed in 1945 and issued until 1969, making them pretty rare.
How do I know if my old foreign currency is worth anything? ›
Three primary factors affect the value of a collectible coin or a bill. They are rarity, the condition/grade of the coin or bill, and the market conditions, i.e. the demand. Combining these three factors can help you determine the value of old foreign coins and bills.
Is there an app to identify paper money value? ›
With the help of cutting-edge AI-driven technology, NoteSnap allows you to effortlessly identify and catalog your banknotes within seconds. All you need to do is snap a picture of your banknote or upload an image from your phone's gallery.
What are the denominations of Chinese paper money? ›
The notes of China's currency are issued by China's central bank, the People's Bank of China (PBOC), in 10 denominations: ¥0.1, ¥0.2, ¥0.5, ¥1, ¥2, ¥5, ¥10, ¥20, ¥50 and ¥100. The renminbi coins come in 6 denominations: ¥0.01, ¥0.02, ¥0.05, ¥0.1, ¥0.5 and ¥1.
During the Warring States period, from the 5th century BC to 221 BC, Chinese money was in the form of bronze objects that were of three main types. The Zhou, the Wei (魏), the Han (韓) and the Qin (秦) all used coins shaped like a spade (bu). The Qi (齊) used money in the shape of a knife (dao).
How do you identify Chinese money? ›
Most Chinese coins are round with a square hole and have four Chinese characters on the obverse side. 'Kang Xi Tong Bao' Coin The old coin at the left is an example of a typical Chinese cash coin which was cast during the Qing (Ch'ing) Dynasty (1644 - 1911 AD). It has four Chinese characters (symbols).
What are two facts about Chinese paper? ›
Paper has been used for wrapping in China since the 2nd century B.C., and it was not widely used for writing until the 3rd century. By the 6th century, paper also began to be used as toilet paper. During the Tang Dynasty (618-907) paper was folded into square bags to preserve the flavor of tea.
What is a fun fact about Chinese currency? ›
The word “yuan” comes from the Qing Dynasty era. It literally translates into “round object” or “round coin.” One yuan can be further divided into jiao and fen, which is similar to a cent used in the U.S. However, in everyday Mandarin, people don't use renminbi or yuan when talking about money.
Does old Chinese money have value? ›
Qing Dynasty coins are just one example of a currency that's remained valuable due to its historical connections. Ostensibly, these are rare Chinese coins with square holes and silver and copper varieties. But their greatest value stems from their being a relic of the last imperial dynasty of China.
Are Chinese paper cuts valuable? ›
Modern bookbinding of fine Chinese paper-cuts mounted on a variety of fine papers is quite valuable. In fact, the more complex and refined the design is, the more valuable the work is considered.
Is any paper money valuable? ›
Most circulated Federal Reserve Notes from more modern series are worth no more than face value. Some of the early series notes (1928 and 1934) do carry a small premium, although for circulated notes this premium is small, usually 10% to 30%.
What is the current Chinese paper money? ›
Current Chinese yuan banknotes and coins
Today, banknotes in denominations of 1, 2 and 5 jiǎo, and 1, 2, 5, 10, 20, 50 and 100 yuan are in circulation. Regarding coins, denominations of 1, 2 and 5 fēn, 1 and 5 jiǎo, and 1 yuan are in use.
