In which dynasty did paper money rise? Why did you issue paper money in ancient times?

Paper money is the most common form in modern economy and monetary system. As we all know, the central bank issuing it must store a certain proportion of reserves in advance to prevent banks from going bankrupt due to insufficient liquidity when a large number of depositors withdraw bank deposits at the same time. Please always remember that the existence of reserves is a prerequisite for the normal operation of the monetary system.

Without reserves, there is no strong credit guarantee for issuing currency. At the same time, the operation of monetary policy must take into account the influence of prices in real life-a healthy economic environment is closely related to the circulation of money (here directly refers to paper money). Only stable low inflation will not have a negative impact on economic growth. There is also the end of spamming money, and the jokes about "golden coupons" and "Zimbabwe" toilet paper at home and abroad are vivid.

And our simple proletarian comrade Zhu Chongba obviously didn't understand these truths in those years. He saw that it was fun to issue paper money in the Yuan Dynasty, so he followed suit. According to his regulations: Daming paper money can be converted into 0.25 taels of gold, one tael of silver, or a thousand coppers at any time, or into one meter and one stone (note here that the value of Daming paper money is converted according to rare metal currency or rice. In other words, the real value of this kind of paper money lies in that there must be rare metal currency or grain reserve behind it as the value guarantee of paper money, that is, its reserve)

Unfortunately, from the eighth year of Hongwu, Daming Central Bank made every effort to issue precious paper money. Until the thirty-first year of Hongwu, Zhu Yuanzhang died, the annual paper money circulation was as high as 510.5 million. However, there is not an ingot of gold and silver, a string of copper coins and a bag of rice in the vault of the whole central bank to guarantee the banknotes. The logic of the central bank is that if I print consistent banknotes, I can really be a silver flower and a stone rice. ) ..... As a result, the credit system, the initial premise of paper money issuance, was disintegrated by our comrade Zhu Chongba at the beginning of the birth of treasure money. Since paper money is not guaranteed, how many people dare to treat it as a treasure?