Jiaochao

In 1154, Wanyan Liang issued the Jiaochao banknotes three years before minting their own distinct coinage, a sequence in Chinese history that has never happened before or since.

Like previous Chinese notes, there was a fee for redeeming them for copper coins: 15 wén per guàn.

Jiaochao initially had an expiration period of seven years upon issue but in 1189 this was abolished, giving notes an indefinite lifespan.

Like other early Chinese paper currencies, it was a victim of overprinting which led to runaway inflation.

Up until the Mongol conquest of the Jin dynasty in 1234, the state kept releasing new types of banknotes which were rejected by the public who were only willing to accept transactions in silver.

[1]: 35–76 Jiaochao was described by the a number of foreign visitors, including Rustichello in his account of the travels of the Venetian Marco Polo,[4] by William of Rubruck, and by Ibn Battuta.

[6]Later in 1294, in order to control the treasury, Gaykhatu of the Ilkhanate in Persia attempted to introduce paper money in his khanate, which imitated the notes issued by the Yuan dynasty so closely that they even had Chinese words printed on them.