|Country||China - Empire|
|Emperor||Hongwu (1368-1398, Ming dynasty)|
|Value||100 Cash (100)|
|Composition||Paper (mulberry bark)|
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.
All denominations except for the highest (1 Guan / 1,000 Cash) are said to have been issued under Hongwu only.
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