Jiaozi promissory note from the Song Dynasty. The earliest jiaozi were issued in Sichuan province by merchants to relieve their fellow merchants of the high costs of transporting the heavy government-issued iron coins.pic.twitter.com/L6NSX1nPnA
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Alas, Ferguson's accounts of early money are often misleading. In ancient Mesopotamia payments in silver were more common than payments in grain, and probably far more often direct than via IOU: https://unenumerated.blogspot.com/2016/12/weigh-and-deliver-compensation-and.html …
Jiaozi generally weren't redeemable in grain, it's probably being used as a symbol of wealth, and to show the merchants in a situation where they would use the notes (buying/selling grain.
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so redemption is silver? any idea how many of these notes did circulate? thanks.
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