DOI: 10.12995/bilig.9064 ISSN: 1301-0549

Legitimacy and Use of Paper Money During the Reign of Kublai Khan

Derya Coşkun, Bakıt Murzaraimov
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The period of Kublai Khan is known as when innovative economic practices were adopted in China, and the use of paper money was turned into a state policy. While previous dynasties ruling the Chinese lands had limited paper money to regional contexts, Kublai Khan made it compulsory across the country and turned paper money into a centralised means of payment. By establishing exchange offices, he also prohibited the outflow of metal coins from the government and ensured that the precious metals remained within the borders. Through this policy, he could keep the money supply under control and reinforce the legitimacy of the central authority. Widely used in tax collection, gift giving, and salaries, paper money became one of the essential elements of the dynasty’s financial system. Interactions, developments and transformations related to paper money are evident in Chinese and Uyghur written sources and this study examines the subject within this framework.

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