Live History Broadcast: Opening Ceremony Spoilers - Our Ancestor Was Enraged

Chapter 663 The Collapse of the Great Ming Treasure Note

In the fifteenth year of the Hongwu reign, Zhu Di, who had not yet received the Ming Dynasty's official paper money, was speechless.

Others who received rewards from Zhu Yuanzhang using Ming Dynasty banknotes: Whether it was useful or not, we know in our hearts!

"The issuance of the Ming Dynasty's paper money took place against this backdrop. In the seventh year of the Hongwu reign (1374), the Bureau of Paper Money Management was established, under which were the Bureaus of Paper Money and the Bureau of Printing."

"It was released the following year, and upon its launch that year, Old Zhu couldn't wait to distribute it to soldiers in several regions."

"If you want a horse to run fast, you have to feed it more grass. Old Zhu is a little short on cash right now, but his banknotes are still money. Brothers, here we go!"

Zhu Bajie of the Ming Dynasty: "..."

"The Ming Dynasty Veritable Records already show that it was not easy to use the Ming Treasure Notes. Emperor Zhu designed a monetary system that was low in cost but durable and sturdy."

"The material is just ordinary mulberry bark, which is simple and easy to obtain. Therefore, counterfeiting is prohibited. Copper coins and paper money have the same unit. One string of paper money is equal to one thousand copper coins. If we have to determine which is superior, paper money is the main one and copper coins are the secondary one."

"Besides enacting laws to restrict market disruption, Old Zhu's 'treasure note' is a non-convertible currency. Simply put:"

Although it's true that these precious notes, worth several strings of cash, are equivalent to gold and silver, it's impossible for ordinary people to exchange them for gold or silver!

The general public: This rule is outrageous!

Wang Anshi sighed inwardly. A mere piece of mulberry bark paper could be used as copper coins, but if the court did not control it properly, it would only end up being used to produce worthless paper.

People in the Song Dynasty thought it was just like their paper money, but they didn't expect that the Ming Dynasty's paper money was not backed by any reserves from the very beginning.

The live broadcast continues.

“Paper money is not unfamiliar, such as the ‘Jiaozi’ of the Song Dynasty and the ‘Zhongtongchao’ of the Yuan Dynasty. At least the former had corresponding reserves, but the Ming Dynasty did not.”

"Officially produced by the Hongwu Emperor of the Ming Dynasty, with no limit on the number of copies issued. Use it to pay disaster relief, print it; print it to pay soldiers' salaries, print it; print it to pay officials and members of the imperial family's stipends!"

"As a result, the issuance of Ming Dynasty paper money increased rapidly, which affected future generations. Money became worthless, which directly led to inflation, and paper money became worthless."

"The government loved the feeling of being able to pay officials' salaries and civilian goods with just a piece of waste paper, and this situation was not unique to the Hongwu era."

"In the Yongle reign, Judy was to personally lead the expedition. War means money. The military expenses incurred in the five expeditions to the northern desert, including food, horses, and rewards, were also covered by printing a large amount of paper money, which was then purchased from the people."

"And Zhu Di's other policies all required a lot of money, so the need for the Ming Treasure Notes increased again and again."

"This cycle continues. The paper money needs the credit of the imperial court, but it is clear that with the high frequency of printing, by the end of the Yongle reign, it had already depreciated significantly, and the credit of the government was no longer reliable."

"To give a simple example, during the Hongwu era, the official regulation stipulated that one string of paper money could be exchanged for one shi of rice. However, by the end of the Yongle era, one shi of rice was only equivalent to 100 strings of paper money, a devaluation of nearly a hundred times!"

"From the Hongwu reign to the Yongle reign, more than fifty years passed. Ordinary people struggled for half their lives, accumulating wealth over the years, but the precious paper money they saved became worthless over time."

"By the Hongzhi era, the people had already abandoned it, and it was officially discontinued in the first year of the Jiajing era. Although the court had considered various policies to deal with its inflation, the results were minimal."

Others: (?_??) Isn't this a case of getting something for nothing?