"FLYING MONEY”

Waikato Times, Volume 125, Issue 20887, 19 August 1939, Page 15 (Supplement)

" FLYING MONEY ”

The form of early printing that was most widespread in China—the printing that touched all classes of the people, and also attracted the attention of Marco Polo and other European travellers—was paper money, states Mr Thomas Francis Carter. Chinese writers in treating of paper money consider it to have been a natural development from other forms of representative currency. In B.C. 119, pieces of white deer skin a foot square were used at the court of the Emperor Wu Ti with a certain monetary value. Again, a little more than a century later, the Emperor Wang Mang issued a series of coins differing but slightly in size and shape, but differing greatly in value, and ordained by decree that they should circulate for values far in excess of the actual worth of the metal contained. As for money actually made of paper, most writers date its beginning in the reign of the Emperor Hsien Tsung of the T’ang Dynasty. About the year 807 it is recorded that the supply of copper became scarce, apparently on account of the large number of images of Buddha being cast, and it was

forbidden to use copper for the making of tools and other utensils. At the same time merchants who came to the capital were expected to deposit their cash with the government, and to receive in exchange certificates of indebtedness, which were apparently negotiable and hence received the name

“flying money.” This relieved the temporary money stringency, but for some reason the practice was soon discontinued. Two years later “flying money” was again resorted to and paid to merchants in exchange for iron and salt, but the practice was continued only for a short time.

While it is usually supposed that this “flying money” of 807 and 809 was printed, there is nothing in the Chinese text to indicate the fact. From the text it seems more probable that the “flying money” consisted simply of written receipts sealed with the Imperial seal and identifiable by fitting the torn edge with the torn edge of the stub kept at the Imperial treasury. It is needless to add that the claims of various collectors to possess paper money of this issue are without adequate foundation.