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Plate 19.2 The same concepts
                                                                                      of money seen on Ming coins
                                                                                      and paper money: Hongwu
                                                                                      tongbao 洪武通寶 coin and Da
                                                                                      Ming tongxing baochao
                                                                                      大明通行寶鈔. British Museum,
                                                                                      London, 1870,0507.14712.154;
                                                                                      and CIB,EA.263

          first issued in 1375 and were more or less abandoned by the   ingots; jiao (‘exchange’) to the function; and chao, again, to
          1430s owing to the discrepancy between their transactional   the paper note. These names developed out of earlier terms
          value and their face value. However, all surviving notes have   for paper money: for example, baoquan (‘treasure voucher’)
          inscriptions giving the Hongwu reign period, including   printed on Jin dynasty (1115–1234) notes, and jiao and chao,
          posthumous issues; and the year, month and day are never   both associated with paper money since the Song dynasty
          filled in.                                        (960–1279).
            The notes have the name printed in large characters   Although Ming notes were issued in several
          across the top: Da Ming tongxing baochao 大明通行寶鈔 (‘Great   denominations (100-, 200-, 300-, 400-, 500-wen and 1-guan
          Ming Circulating Treasure Certificate’). The notes are often   notes were issued from 1375 onwards; and 10-, 20-, 30-, 40-,
          referred to simply as baochao 寶鈔 (‘treasure certificate’),   50-wen notes from 1389), almost all of the surviving notes are
          where bao 寶 conveys the notion of ‘treasure’ and chao 鈔 is   for 1-guan and depict a string of 1,000 coins, in ten groups of
          the physical paper note. The term tongxing baochao 通行寶鈔   100 coins. This image is misleading, however, as the notes
          on the notes corresponds with the tongbao 通寶 found on the   were not convertible, and when it came to exchanging
          Hongwu tongbao 洪武通寶 coins (Pl. 19.2), and Da Ming    different forms of money (for instance, for paying taxes in the
          大明 was widely used as the dynasty’s name, for example in   form specified by the state), the value of the guan was
                                                                                               7
          inscriptions on ceramics.                         determined by the current rate of exchange.
            Many of the features of Ming notes clearly derive from   The vertical panels on either side of the denomination on
          the paper money of earlier dynasties.  They have a similar   Ming notes each present four characters written in a stylised
                                       6
          height to width ratio, and the essential elements (e.g. name,   nine-fold seal script (jiudiezhuan 九叠篆 / jiudiewen 九叠文).
          denomination, seal-script panels, information and date) are   The panel on the right reads Da Ming baochao 大明寶鈔
          all present, though occasionally arranged in different   (‘Great Ming treasure certificate’); and the one on the left
          positions. Even the string of coins presented as an image (of   reads Tianxia tongxing 天下通行 (‘to circulate under heaven’).
          1,000 coins arranged in ten groups of 100) at the centre of the   While we can think of the ninefold seal script in the context
          Ming notes has its origins in the design of Jin dynasty   of official seals of the Ming dynasty, its use on paper money
          (1115–1234) paper money. In the Zhenyou baoquan 貞祐寶券   clearly derives from the seal script panels on earlier Jin notes
          note for 50 strings in the Shanxi Museum collection, the   and the ’Phags-pa script panels on the Yuan notes.
          denomination is given as 50 strings, and five bundles of ten   On the Ming notes, the instructions for use, in the large
          strings are depicted at the very top of the note (Pl. 19.3).  box in the lower half of the note, read in columns from right
            The name of the Ming notes follows that of the Zhiyuan   to left. On the far right is the name of the issuing office. This
          tongxing baochao 至元通行寶鈔 notes issued by the Yuan   is important as it provides one of the few ways of dating
          emperor Qubilai (r. 1260–94) in 1287 (Pl. 19.4), but replaces   Ming notes. Between 1375 and 1380, Ming notes were issued
          the reign period with the name of the Ming dynasty. The   by the Secretariat (Zhongshusheng 中書省), and thereafter by
          Zhiyuan tongxing baochao was Qubilai’s second note, its name   the Ministry of Revenue (Hubu 戶部). Almost all of the notes
          being a development of his first – the Zhongtong yuanbao   surviving today were issued by the latter. A few notes issued
          jiaochao issued in 1260. Zhiyuan refers to the reign period   by the Secretariat have been excavated from tombs near
          (1264–94); yuanbao (‘primordial treasure’) refers to silver   Jiangyin, in Jiangsu province: two from a tomb in Luqiao,



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