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Auction: 12006 - Banknotes of China and Hong Kong
Lot: 127

Yuan Dynasty, 2 kuan cash note, ND (1279-1368), black text on grey mulberry bark paper, red seal top centre, two strings of 10 cash coins at centre, Mongol text top left and right (Smith Matravers C167-1 for type), exceptional, complete and with good fabric to the ´paper´ Estimate HK$ 1,600,000-2,000,000 The earliest paper money in the world was produced by the Tang Dynasty and the Song Dynasty (618-1279) for the sake of practical expediency these "flying cash" notes (called because they blew away in the wind!) were for local use mainly in Szechuan and could be converted into cash. Subsequently the practice was continued by the Chin Dynasty (1115-1234) who established a paper currency bureau in Kaifeng. Later after the Mongol invasion of China, the Yuan dynasty (1264-1368) carried on the practice of issuing "paper currency" but due to excessive printing the value of this currency was severely diminished. Examples of the Yuan dynasty notes are extremely rare and the condition tends to be poor, this example is exceptional for the type and is an important discovery.

Sold for
HK$1,300,000