1 Guan Da-Ming Baochao
|Country||China - Empire|
|Emperor||Hongwu (1368-1398, Ming dynasty)|
|Value||1 Guan = 1,000 Cash (1000)|
|Composition||Paper (mulberry bark)|
|Size||209 × 320 mm|
These notes were first introduced in 1375, and were rather sucessful at first. While they were not backed by any currency, they had no expiration date, which made it seem like they would circulate forever.
In 1376, damaged notes could be exchanged for undamaged notes at a fee, but in 1380, a law was put in place that unreadable notes could not be exchanged nor redeemed, which did not please people. Emporer Yongle (1402-1424) later put into place a law that said no further reforms could happen with these banknotes.
However, overprinting led to high inflation, and later Hongzhi (1487-1505) and Zhengde (1505-1521) abolished the production of these notes.
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