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Auction: 25009 - World Banknotes Featuring the Cassia and Cedar Collections
Lot: 165

Ming Dynasty China, Da Ming Baochao, 1 Kuan, 1368-99, This remarkable 1 Kuan banknote dates back to the early Ming dynasty, commissioned over 600 years ago during the reign of Zhu Yuanzhang, the first Ming emperor. Issued between 1368 and 1399, it represents the Ming government's ambitious initiative to replace silver and gold coinage with paper currency.
The inscription at the top reads "Da Ming tongxing baochao" - "Great Ming Circulating Treasure Certificate." Notably, the note warns that counterfeiting will be punished by execution, a testament to the seriousness of monetary control in the Ming period.
Crafted from grey mulberry bark, the note features black printed text, produced by woodblock printing - a technique in which carved wooden blocks were used to imprint the design onto the paper. The central motif displays ten strings of cash coins, indicating its value as the highest denomination of the time. Red rectangular seals further enhance its authority and visual appeal.
Paper currency originated in China as early as the 7th century, and materials like hemp, bamboo, and mulberry bark were commonly used. This 1 Kuan note stands as a tangible emblem of the financial innovation and centralized control characteristic of the Ming dynasty, a time marked by trade expansion and population growth.
(Pick AA10, S/M T36-20), Graded PMG 20 Very Fine, Edge Damage. Ever popular and historically fascinating.

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Estimate
£1,500 to £2,500

Starting price
£1000