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9 - Economic Exchange

Money, Markets, and Taxation in Mongol Eurasia

from Volume I Part 2 - Thematic Histories

Published online by Cambridge University Press:  01 January 2024

By
Akinobu Kuroda
Edited by
Michal Biran  and
Hodong Kim
Michal Biran
Affiliation:
Hebrew University of Jerusalem
Hodong Kim
Affiliation:
Seoul National University
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Summary

The Mongol regime established a common unit of account denominated in silver for long-distance exchanges across the Eurasian landmass. The transfer of a significant quantity of silver ingots from appanages in China to the western Khanates catalyzed a widespread convergence. The unprecedented monetary transformations originated especially in the lower Yangzi, in which Yuan paper money displaced silver westward and copper coins to Japan and Java. The emergence of new marketplaces in Holland and Japan seems to have been almost perfectly synchronous. Yet the common unit of account in silver was not accompanied by a popular circulation of silver items and did not seriously affect the methods of exchange at ground level. The substantial contraction in distant trade after the collapse of the Mongol regime, however, paved the way for the global silver march starting from South America and reaching China and India in the late sixteenth century.

Keywords

appanagessilver ingotsEurasian tradecommon unit of accountpaper moneycopper coinsmarketplace
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The Cambridge History of the Mongol Empire , pp. 488 - 524
Publisher: Cambridge University Press
Print publication year: 2023

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  • Economic Exchange
  • Edited by Michal Biran, Hebrew University of Jerusalem, Hodong Kim, Seoul National University
  • Book: The Cambridge History of the Mongol Empire
  • Online publication: 01 January 2024
  • Chapter DOI: https://doi.org/10.1017/9781316337424.010
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  • Economic Exchange
  • Edited by Michal Biran, Hebrew University of Jerusalem, Hodong Kim, Seoul National University
  • Book: The Cambridge History of the Mongol Empire
  • Online publication: 01 January 2024
  • Chapter DOI: https://doi.org/10.1017/9781316337424.010
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  • Economic Exchange
  • Edited by Michal Biran, Hebrew University of Jerusalem, Hodong Kim, Seoul National University
  • Book: The Cambridge History of the Mongol Empire
  • Online publication: 01 January 2024
  • Chapter DOI: https://doi.org/10.1017/9781316337424.010
Available formats
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