Chao (currency)

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For other uses, see Chao.

The Chao (traditional Chinese: 鈔; simplified Chinese: 钞), was the official banknote of the Yuan Dynasty in China. Unlike the earlier paper money such as Jiaozi, it was the first paper currency to be used as the predominant circulating medium in the history of China.

Later in 1294, in order to control the treasury, Gaykhatu of the Ilkhanate in Persia attempted to introduce paper money in his empire, which imitated the Chao issued by the Yuan Dynasty so closely that they even had Chinese words printed on them. However, the experiment was proved to be a complete failure, and he was assassinated shortly after that.