Ming baochao paper currency

Page 1 of 2 - Ming baochao papery currency issued 1375. The text in the lowel panel identifies the issuing agency (the Secretariat during 1375-1380, and subsequently the Ministry of Revenue) and asserts that the bills should circulate at par with bronze coins. The remainder of the inscription specifies the penality for forgery (beheading), and offers informers a reward of 250 liang of silver plus the property of he guilty party. Ming baochao were issued in small denominations ranging from 100 wen to 1 guan, which again suggests that they were intended for use in private transactions.