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SPECIAL ANNIVERSARY PRIVATE SALE CATALOGUE<br />

58. Ch<strong>in</strong>a, M<strong>in</strong>g Dynasty, Da M<strong>in</strong>g Bao Chao Banknote, 1 kuan, 1368-1399, black text on<br />

grey mulberry bark, red seal, attractive and rare <strong>in</strong> this condition.<br />

*Paper currency was <strong>in</strong>troduced <strong>in</strong>to Ch<strong>in</strong>a as early as 1,000AD, however, it was the M<strong>in</strong>g Dynasty<br />

(1385-1644) who were the first to try and replace co<strong>in</strong>s with paper money. But through the<br />

<strong>in</strong>troduction of too many notes by 1425 paper currency was suspended, be<strong>in</strong>g only worth one<br />

seventeenth of its orig<strong>in</strong>al value. A message on the note reads, “to counterfeit is death”.<br />

53

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