Changes

Although paper currency was first introduced by the Song emperors, there are no extant examples. The development of paper currency came about quite naturally and was the result of high demand for bronze, copper, and iron, which were all used to make coins of various denominations. Along with the diminishing supply of metals used for currency, Chines scholars developed the new economic idea that held paper money as a means of payment and exchange, not as a value in itself. <ref> Kuhn, pgs. 234-6</ref>

The issuing of paper currency in Song China was as much of a process as the invention of paper currency itself. There was no single currency until the end of the dynasty, but instead there were several currency zones throughout China. The first paper currency used was the <i>jiaozi</i>, which was first issued in Sichuan. <ref> Glahn, Richard von. “Re-examining the Authenticity of Song Paper Money Specimens.” <i>Journal of Song-Yuan Studies</i> 36 (2006) p. 80</ref>