Why can t money be printed during the Ming Dynasty?

Money can be printed, but in the early years of the Ming Dynasty, a large number of treasure banknotes were printed, resulting in serious depreciation of banknotes, and the credit of treasure banknotes went bankrupt, so the market in the middle of the Ming Dynasty basically did not accept treasure money, and treasure banknotes gradually withdrew from circulation, and the currency of the Ming Dynasty gradually became the silver standard.

So at the end of the Ming Dynasty, money could be printed, but no one was willing to accept it, it was a pile of waste paper.

In the late Ming Dynasty, due to the indiscriminate issuance of paper money, which led to inflation, the use of paper money was abolished during the Ming Wuzong period. It has not been restored since.

Data extension: The Ming treasure banknote is the only banknote officially issued by the Ming Dynasty. Due to the poor paper at that time, the Ming Dynasty banknotes were difficult to last, and the Ming Dynasty banknotes were only issued and not received, neither demarcated, nor the old banknotes, resulting in more and more paper money circulating in the market, and the treasure banknotes were flooded, and the inflation and depreciation were extremely rapid in the year of issuance, and the people abandoned them.

During the Zhengde period, the treasure banknote was actually abolished. After that, the Ming Dynasty no longer issued paper money.

Ming Taizu Hongwu eight years (1375) began to build. Due to the lack of copper at that time, so Ming Hongwu promulgated the "banknote law" in seven years, set up the treasure banknote lifting division, and then set up two bureaus of papermaking and banknote printing and treasure banknotes, and two libraries for use. It was issued the following year under the name of Nanjing, Zhongshu Province.

In the twenty-second year of Hongwu (1389), the imperial court issued 5 kinds of small banknotes, namely Shiwen, Ershiwen, Sanshiwen, Shiwen, and Wu Shiwen, and the ticket size was smaller. After Yongle, the printing of treasure banknotes still uses the Hongwu year name, and it is forbidden for the people to buy and sell **, **.

Around the 22nd year of Hongwu, the paper money depreciated and rose, and the two banknotes in Jiangxi and Fujian could only be exchanged for copper coins of 500 Wen;

In the second year of Yongle (1404), a stone of rice was once worth a hundred yuan;

Yongle five years of rice and one stone is worth 30 yuan;

In the early years of Xuande, the price of rice has reached the treasure banknote;

In the seventh year of Xuande (1432), the treasure banknote has always been only worth 5 copper coins;

In the ninth year of orthodoxy (1444), the price of rice rose to 100 yuan of treasure banknotes, and the Ming banknotes were no longer passable.

During the Zhengde period, the treasure banknote was actually abolished. After that, the Ming Dynasty no longer issued paper money.

The reason why the banknotes of the early Ming Dynasty were chaotic was because of the problems left over from the banknotes of the Yuan Dynasty and the fact that they did not have a limit. According to historical records, after the invention of Jiaozi in the Song Dynasty, paper money further occupied the market of the commodity economy. By the time of the Yuan Dynasty, the rulers of the Yuan Dynasty issued a large number of paper money for a period of time in order to consolidate their own rule and development.

The Yuan Dynasty issued too many banknotes, which led to a chaotic banknote market, which affected society until the early Ming Dynasty. At the beginning of the Ming Dynasty, the main traded and circulating commodities in the banknote market were banknotes in the last years of the Yuan Dynasty. The banknotes in the last years of the Yuan Dynasty were because the rulers of the Yuan Dynasty issued large-denomination banknotes at will in order to plunder more gold and silver treasures; Banknotes of this denomination, once they enter the commodity market, will cause serious inflation in the commodity market.

And the Yuan Dynasty not only issued, but also issued countless unrestrained banknotes. Paper money was less important during this period, and its influence continued into the early years of the Ming Dynasty. Even in the early years of the Ming Dynasty, it was more of a phenomenon of bartering rather than relying on banknotes.

Banknotes were a nuisance at the time.

In the early Ming Dynasty, Zhu Yuanzhang did not have a limit on banknotes, which was also an important reason for the chaos of the banknote market. In the early years of the Ming Dynasty, due to the banknote problem left over from the Yuan Dynasty, Zhu Yuanzhang did not restrict the people from printing banknotes, but used the authority of the new dynasty to further issue banknotes, wanting more banknotes to circulate to the market and change the problems left over from the Yuan Dynasty; But at the same time as the issuance, he did not set up a template for the banknote - the "banknote"; As a result, the currency printing in the early years of the Ming Dynasty was very rough and easy to imitate; The value of the currency market was further reduced, and the banknotes of the early years of the Ming Dynasty were further chaotic.

To sum up, the banknote problem left over from the Yuan Dynasty and the lack of its own template in the early years of the Ming Dynasty are important reasons for the chaos of banknotes in the early Ming Dynasty.

One is because more and more banknotes were issued during the Ming Dynasty, which led to inflation, which was worthless, and the banknotes depreciated, and then there were many people who made counterfeit banknotes and disrupted the market.

After the excessive issuance of banknotes by the Mongol aristocracy in the Yuan Dynasty caused the currency to depreciate, the Yuan Dynasty resumed bartering again, and later Zhu Yuanzhang established the banknote law.

At the beginning of the Ming Dynasty, when the Ming Dynasty issued the treasure banknotes, the banknotes were not set up, and the banknotes issued and the first amount were not able to form a reasonable proportion, resulting in more and more treasure banknotes, which eventually led to currency depreciation.

Paper money was issued in the early Ming Dynasty, but because the rulers printed too much paper money, which led to inflation, the money became less and less valuable, and it collapsed.

There is another reason, which is not easy to understand, that is, the circulation rate of paper money is too high, and the amount of money is not commensurate. As the economy grows, the circulation rate of banknotes is getting higher and higher.

Necessary amount of currency (m) = quantity of goods to be sold (q) unit of goods** (p)) number of times of circulation of the same name currency (v).

There are more and more commodities and the economy is becoming more and more developed, which leads to a higher and higher circulation rate. The demand for money clearly needs to increase. But when there are more commodities, money needs to be reduced.

If there is not much adjustment, the value of the note itself will fluctuate. (Now we have banks, and the market can regulate itself).

And the paper money itself is not like gold and silver, it is valuable, the paper money itself is the equivalent of the various generations, his own value is given to him by the state and the market, without the regulation of the market, and the state does not have a good policy to control, the paper money will naturally fluctuate, and it will collapse.

Because gold and silver money existed at the same time, and the production of gold and silver was limited, gold and silver did not inflation, and in the case of paper money inflation, gold and silver dominated, and paper money naturally collapsed.

In the final analysis, it is because paper money has no value in itself, and is not a general equivalent of gold and silver with a limited amount of value.

At that time, the market and financial institutions were not perfect, and the dual standard system of paper money and gold and silver currency was implemented, and there was a lack of control and regulation of paper money, so paper money collapsed. The market is gradually gravitating towards metal currencies.

The collapse of paper money in other periods of history is mostly due to this.

Zhu Yuanzhang, Zhu Lichao issued banknotes. At first, the banknote was equal to two taels of silver, and later the banknote was equal to one copper coin or waste paper. The difference is 10,000 times.

The total market circulation of banknotes in the Ming Dynasty was affected by the rate of circulation. The total amount of issuance M is not equal to the total amount of circulating MV, that is, it is not enough to consider M alone; Also consider v. This point has been ignored by the Hongwu Dynasty and later dynasties, and even by the academic circles so far.

The key to the depreciation of Daming treasure banknotes lies in the fact that V is too large, that is, the circulation rate is too large. Compared with other dynasties, in the Ming Dynasty, the circulation rate of treasure banknotes was very large. Suppose that in a given period, the total volume of commodity transactions remains the same, and the amount of money issued remains the same, but because the circulation rate increases, the total amount of money in circulation mv increases, and the result is that the price p increases, and the purchasing power of the unit money M decreases.

It is the effect of this V increase, despite the efforts to control the issuance of treasure banknotes, the actual circulation of treasure banknotes is still very large, resulting in the ** of prices and the ** of the price of banknotes. <>