![]() ![]() Expeditions were sent across the Indian Ocean to India, the Middle East and East Africa. Many of China's ancient traditions were restored but China also pursued an expansionist foreign policy. China enjoyed a long period of stability under the Ming dynasty (1368 - 1644). In 1368 he took part in the rebellion to overthrow the Mongol Yuan dynasty that ruled China. This banknote was commissioned by, Zhu Yuanzhang, the first Ming emperor. By 1425 paper money was worth only a seventieth of its original value and the use of paper currency in China was suspended. The state issued too much paper money, however, causing hyper-inflation. However, the Ming were the first Chinese dynasty to try to totally replace coins with paper money. ![]() Paper currency was first used in China as early as AD 1000. ![]() This Chinese Ming dynasty banknote is inscribed with the title Great Ming circulating treasure note and a warning that counterfeiting is punishable by death.
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