Paper Currency in the Early Ming Period Observed via Questions and Answers on the provincial Examination

Co-sponsored with the Fairbank Center for Chinese Studies

This talk has examined some aspects of people’s perceptions of paper currency in the early Ming period, drawing on the questions and excellent answers from the provincial examination as basic historical texts. Monetary problems emerged in South China around 1459, and were especially severe from 1537 to 1580. The local governments in South China did not adhere to the principles of agrarianism or Confucianism and regarded the paper currency as an indispensable currency, not only as a state means of payment, but also a means of private economic transactions. However, paper currency was inflated, silver was in short supply, and coins were not enough to make up for it. As a result, in the 16th century, foreign silver flowed into the Ming Dynasty.