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About: Da Ming Baochao     Goto   Sponge   NotDistinct   Permalink

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The Da Ming Baochao (simplified Chinese: 大明宝钞; traditional Chinese: 大明寶鈔; pinyin: dà míng bǎo chāo) was a series of banknotes issued during the Ming dynasty in China. They were first issued in 1375 under the Hongwu Emperor. Although initially the Da Ming Baochao paper money was successful, the fact that it was a fiat currency and that the government largely stopped accepting these notes caused the people to lose faith in them as a valid currency causing the price of silver relative to paper money to increase. The negative experiences with inflation that the Ming dynasty had witnessed signaled the Manchus to not repeat this mistake until the first Chinese banknotes after almost 400 years were issued again in response to the Taiping Rebellion under the Qing dynasty's Xianfeng Emperor during