300 Cash Da-Ming Baochao

The Da-Ming Baochao series was the Ming dynasty's attempt to revive paper currency after the catastrophic inflationary collapse of the Yuan dynasty's chao notes — a history the new administration was acutely aware of and ultimately failed to escape. The Hongwu emperor banned silver and copper coin transactions outright in 1375 specifically to force adoption of these notes, a coercive monetary policy that generated immediate resentment and widespread counterfeiting.

Mulberry bark paper was mandated partly for its durability and partly because mulberry cultivation was state-controlled, making unauthorized paper harder to source. It didn't stop the forgers. By the mid-15th century, hyperinflation had rendered the notes nearly worthless regardless of face value, and the treasury's reluctance to accept its own paper in tax payments sealed the series' fate.