Inventions & Discoveries · Communication and computing

Paper money

Paper money is currency printed on paper rather than minted in metal. It was first developed in China under the Song Dynasty, beginning with the jiaozi of Sichuan and later standardised as the huizi. The Yuan Dynasty continued its use widely, but over-issue later contributed to inflation.

Paper money
Image: Unknown author · Public domain · Wikimedia Commons

On the inventions tree

First known
1023
Where
Sichuan, China
Credited to
Song Dynasty

NoteMerchants in Sichuan issued the first notes, the jiaozi; the government took over their production in 1023.

Built onPapermaking179–141 BCEWoodblock printingbefore 220 CE

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Mentioned in 3 profiles

Song DynastySocioeconomy, SummaryYuan DynastySocioeconomyJin dynasty (1115-1234)Socioeconomy

Mentioned in 7 state histories

Southern SongHo dynastyEspaña BobaFirst Dominican RepublicRepublic of San MarcoHungarian State (1849)Confederate States of America

See also

Cite this entry
APA
The Epoch Institute. (2026). Paper money. In The Epoch Institute Encyclopedia. https://the-epoch-institute.org/encyclopedia/paper-money
MLA
“Paper money.” The Epoch Institute Encyclopedia, The Epoch Institute, 2026, https://the-epoch-institute.org/encyclopedia/paper-money. Accessed .
Chicago
The Epoch Institute. “Paper money.” The Epoch Institute Encyclopedia. 2026. https://the-epoch-institute.org/encyclopedia/paper-money.
Harvard
The Epoch Institute (2026) ‘Paper money’, The Epoch Institute Encyclopedia. Available at: https://the-epoch-institute.org/encyclopedia/paper-money (Accessed: ).

Last reviewed October 2026Random entry ↻