The Song Dynasty: Innovation Before the Modern World — Fexingo History

The Song Dynasty Coinage Crisis and Paper Money Revolution

9 min · 13. Juli 2026
Episode The Song Dynasty Coinage Crisis and Paper Money Revolution Cover

Beschreibung

In this episode, we explore the Song Dynasty's monetary revolution — how a shortage of bronze coins led to the world's first government-issued paper money. We trace the origins of jiaozi in early 11th-century Sichuan, where iron coins were so heavy they crippled commerce. Lucas explains how private promissory notes evolved into state-backed banknotes under the Renzong emperor, and then into the huizi of the Southern Song. We discuss the challenges of inflation, counterfeiting, and the eventual collapse of the system under Mongol pressure. Along the way, we meet figures like Zhang Yong, the governor who authorized the first jiaozi, and economist Shen Kuo, who analyzed monetary velocity. The episode also touches on the broader context: the Song economy's reliance on copper, the coinage crises of the Tang and Han dynasties, and the surprising resilience of the jiaozi system for over a century. A fascinating chapter in the history of money, long before European central banks. #SongDynasty #Jiaozi #PaperMoney #Sichuan #Renzong #ShenKuo #ZhangYong #Huizi #Coinage #Copper #EconomicHistory #Inflation #MonetaryPolicy #China #HistoryOfMoney #FexingoHistory #History #EastAsia Keep every episode free: buymeacoffee.com/fexingo [https://buymeacoffee.com/fexingo]

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