rise and fall of paper notes as a currency in Chinese history

The

rise and fall of paper notes as a currency in Chinese history would serve as a fine illustration of the problem of politics in the management of large-denomination currency. The potential of printed paper to become a monetary instrument of (infinitely) large denomination was a constant lure to any political authority with enough administrative and coercive capacity. The Chinese empire, endowed with a relatively advanced degree of centralization and absolutism, had long experimented with the large-scale use of paper notes as fiat money in the Song (960-1279 AD), Yuan (1286-1368) and early Ming (1368-1644) eras. But the governmental desire for seigniorage revenue (often prompted by fiscal crises induced by invasions and rebellion) had invariably resulted in over-issuance of paper notes, leading to high inflation or hyperinflation throughout history
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