Merchants are profit-seeking, so they naturally have a good understanding of the currency as a certificate of circulation, and they also know the exchange rate between each other. And although the Great Song Dynasty and Mongolia have been stopped for decades, the trade has never stopped, so His Royal Highness's question is still difficult for Zhuang Shilin, and he will tell it after a little thought. And Zhao Yu also learned the ins and outs of Zhongtong banknotes.

Mongolia had no currency at first, and only bartered sheep, horses, and other livestock products. After conquering the Central Plains and the Western Regions, a large amount of gold and silver were obtained, so silver was mainly used as a value measure and medium of exchange. However, paper money has been used in the Central Plains for a long time and has become the main currency, although there are endless drawbacks, it is still convenient for trade circulation and is indispensable. It followed the gold banknote law to establish the silver banknote law and issue paper money, but at this time it was still a local currency and could only be circulated in one place.

The large-scale use of paper money was after Kublai Khan succeeded to the throne, he further improved the Jin Dynasty banknote law, the edict did not mint copper coins and prohibited the use of copper coins of the previous generation, banknotes are the only universal legal tender, based on silver issued by the imperial court. Because the era name is Zhongtong at this time, the banknotes issued are called Zhongtong banknotes, and the banknote method is roughly as follows:

The issued banknotes are not limited to the year and month, all roads are passable, and the faint banknotes that are unbearable can be held to the official treasury to exchange for new banknotes, and each time the ink fee is 30 Wen; The banknotes are sent to the banknotes, and the corresponding amount of banknotes is issued as a trade-off, and everyone holds silver for money or banknotes for silver, even if they are issued according to a number of branches, except for the collection of labor and ink fees; Each banknote vault is exchanged for silver registration in the silver book, that is, the treasury is used as a banknote; All errands and taxes are subject to banknotes and are collected in parallel; All things such as gold, silver, silk, grain, and dendrobium are also bought and sold in the market, and they are used according to the legal price of silver and banknotes; When the banknotes fall down, they are immediately stamped with the banknotes destroyed, the points are recorded and sealed, and they are sent to the banknote burning warehouses of Zhongshu Province or various provinces once a quarter, and the provincial officials and supervisors supervise the burning.

Since then, the geographical scope of the circulation of Zhongtong banknotes has expanded with the advancement of the Mongol army's conquest. After seizing parts of Sichuan, paper money began to be used. In the fifth year of the Yuan Dynasty, when the Mongol and Yuan armies launched a full-scale offensive in the Jianghuai region, the original Song Dynasty still widely circulated copper coins, and the commander of the Yuan army, Boyan, in order to reduce the resistance to destroy the Song Dynasty, allowed the old Song coins to continue to circulate when recruiting Song generals. In addition, the Yuan court also adopted the policy of determining the exchange price of Zhongtong banknotes for copper coins and exchanging banknotes for copper coins......

"Hmph, now that the Tartar thinks that the overall situation has been decided, he is going to apply the money law in my Great Song Dynasty, and he is not afraid of choking!" Zhao Yu crossed Erlang's legs and shook a few times and said.

"Your Highness is right, my subordinates heard that the Tartar banknotes were printed in the previous year and could not print more than 100,000 ingots per load, but after the large-scale use of troops against our dynasty began, it increased by 240,000 ingots, and in the first year of Jing Yan, it soared to 1.4 million ingots, which will inevitably lead to the emptiness of the treasury!" Zhuang Shilin said.

"Ingot , how much silver is this ingot for a long time?" Zhao Yu had never heard of this unit of measurement, and asked a little embarrassedly.

"It's all to blame on the subordinates for not making it clear." Zhuang Shilin always thought that His Royal Highness was omnipotent and omniscient, but he ignored that he was still a prince who stayed at home, and hurriedly asked, "Your Highness, the banknote law of the Tartars is still counted in accordance with the old system of our dynasty and gold, and the number of money is counted in the amount of money, and the number of runs and texts is counted, so officials and privates are accustomed to weighing silver banknotes as one tael, one hundred wen as one penny, ten wen as one cent, and fifty guan as one ingot." The legal silver and banknote are two banknotes and one tael of silver. The price of gold is more expensive, and one or two gold can be exchanged for twenty yuan of counterfeit banknotes. ”

"I see, he is generous with the fact that counterfeit money has always been exchanged for fifty yuan." Zhao Yu thought that the increase in printing was due to the need to attack the Song Dynasty, increase military spending, and implement the banknote law in the newly occupied Song Dynasty, but it was normal, he nodded and said, "That counterfeit banknote is stable now?" ”

"Your Highness, counterfeit banknotes have been circulating in Jiangbei for more than 20 years, during which the prices are stable, the currency value is stable, and the people regard banknotes as gold, far better than the Huizi of our dynasty." Hao Yuntong said with envy, "In Jiangbei and Sichuan, you can always buy a horse of silk with banknotes, one or two silk with fifty or sixty wen, six or seven hundred wen for rice stone banknotes, five or six hundred wen for wheat stone banknotes, and only four or five hundred wen for one end of the cloth." ”

"Well, its value has surpassed that of our copper coins, and it seems that there must be little resistance to its implementation." Not to mention Hao Yuntong's envy, he is a little jealous, the same one or two pieces of silver can be eaten and drunk by a soldier, and it costs two to three times as much as himself, so it will be much easier to replace Huizi.

"Your Highness, this is not the case, but it is very difficult to implement it like this!" Hao Yuntong waved his hand.

"Why then?" Zhao Hao couldn't understand it, and asked in confusion.

"Your Highness doesn't know that before the rise of the Tartars and the destruction of gold, the circulation of goods had taken shape, and it was roughly divided into three parts. They are the northern market centered on the Huanghuai Basin, the Jiangnan market centered on the lower reaches of the Yangtze River, and the Sichuan-Shu market centered on the Chengdu Plain. Although there are many connections between them, both circulate copper coins and silver, but the price of silver coins is different, Jiangbei silver can be exchanged for copper coins for 2,000 wen per tael, while in the south of the Yangtze River can be exchanged for copper coins 3,300 wen. Hao Yuntong explained with a smile, but he didn't know if His Highness could understand.

"Oh, you mean the convention has been formed. For example, when the Tartar replaces the copper coin with counterfeit banknotes, the price of the counterfeit banknote is always three or four copper coins, which obviously seriously depreciates the value of the copper coin, and this comparison not only violates the nominal value of the counterfeit banknote denomination of 1 guan and the copper coin 1 guan. According to the equivalent relationship between two counterfeit banknotes to one tael of silver, and one tael of Jiangnan silver to three times of copper coins, the consistent counterfeit banknotes can only be exchanged for 1,650 copper coins at best, and those who hold the old money are of course unable to be willing to exchange them according to the comparison price of the tartars. Even if the Tartars are strongly implemented, I am afraid that it will only have a temporary effect, and it will not be long-lasting! Zhao Yu told Zhuang Shilin about his understanding.

"His Royal Highness's intelligence is really different from ordinary people, he can understand it by just listening to a few words of his subordinates, and his subordinates admire him very much!" Zhuang Shilin said with admiration, not to mention children, these things are adults who have not been in the mall for a few years, but they are afraid that it will be difficult to figure it out completely.

"Praise, praise!" Zhao Yu didn't think so, this is similar to the exchange rate problem in the previous life, but it is much simpler, he modestly said two sentences, "If the Tartar banknote law is difficult to implement in Jiangnan, it will make copper money and silver continue to be retained in large quantities in the people, and even still circulate in the market, and in the case of the deviation of the comparison of silver, money and counterfeit banknotes, the Tatar strict ban on the circulation of silver and copper money will further increase the value of silver, copper money and counterfeit banknotes, and exacerbate the depreciation of counterfeit banknotes, yes or no?" ”

"Exactly, if the Tartars are not good for counterfeiting, it will be difficult to enforce it in a few years!" Zhuang Shilin nodded and said, he hadn't thought so far ahead, but His Highness had figured it out.

"Well, then we'll have a fortune!" Zhao Hao smiled evilly...... (To be continued.) )