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1 Guan Da-Ming Baochao
| Issuer | Ming Dynasty Board of Revenue (户部) |
|---|---|
| Year | 1375-1505 |
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| Value | 1 Guan = 1000 Cash |
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| Obverse description | Printed in black ink on coarse mulberry-bark paper, the face of the note is framed by a dense border of interlocking dragon vignettes. The title inscription 大明通行寶鈔 runs horizontally across the top panel, below which a large central rectangular cartouche bears the denomination 壹貫 in bold calligraphic script above a woodblock-printed vignette of ten stacked strings of cash coins, each string representing 100 cash. The lower portion of the note carries multiple columns of official text in smaller characters setting out the legal authority of the note, penalties for forgery, and the reward for informants, with the reign date left partially blank for manuscript completion. |
|---|---|
| Obverse lettering | 大明通行寶鈔 壹貫 大明寶鈔 天下通行 户部奏准印造 大明寶鈔與銅錢通行使用 偽造者斬 告捕者賞銀貳佰伍拾兩 仍給犯人財產 洪武 年 月 日 (Translation: Da-ming Tongxing Baochao (Treasure Banknotes in the Ming Dynasty) One Guan Da-ming Baochao is universal in the world Printed by the Ministry of Revenue with the approval of the emperor. Da-ming Baochao and copper coins are common currencies. Forgers will be beheaded. Those who caught them will be rewarded with two hundred and fifty taels of silver and the properties of the prisoners. Hongwu year month day) |
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| Comments |
The Da-Ming Baochao series holds a particular place in monetary history as one of the largest paper currencies ever produced for general circulation — the 1 Guan note's mulberry bark substrate was a deliberate choice, as mulberry paper was considered more durable and harder to counterfeit than standard pulp. The Board of Revenue issued these notes without a metallic redemption guarantee, which proved catastrophic: chronic overprinting relative to tax revenues drove hyperinflation throughout the 15th century, and by the 1430s the notes were trading at a fraction of face value.
The government banned private exchange of silver in 1394 specifically to force acceptance of the Baochao, a policy that failed within decades. Official issuance technically continued until 1505, though the currency had effectively collapsed long before.