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<p>[QUOTE="Milesofwho, post: 4531702, member: 91469"]An overall view of monetary policy</p><p><br /></p><p>The Ming did not have the best fiscal policy overall. The early reliance on paper money fell apart. There was a concurrent influx of silver during this period, largely as a result of the Spanish mining so much in Potosí, that led to bulk silver being used for tax payments. Despite this, there was no native silver coins minted until a good three hundred years later. Instead, the silver was privately assayed and weighed by local silversmiths. Fractions were created by physically cutting a piece off of the bar. The lack of cast coins when industry needed more of them than before was also an issue. Compared to the earlier Song Dynasty, the Ming cast far fewer coins. As a final insult, when the invading Qing finally took over, Ming coins were accepted only at a 50% discount and were melted to create new Qing coins.</p><p>[ATTACH=full]1122383[/ATTACH] </p><p>An example of Ming paper money. This was initially equivalent to 1,000 cash, as seen on the note, but soon fell to an exchange value of 250 cash.[/QUOTE]</p><p><br /></p>
[QUOTE="Milesofwho, post: 4531702, member: 91469"]An overall view of monetary policy The Ming did not have the best fiscal policy overall. The early reliance on paper money fell apart. There was a concurrent influx of silver during this period, largely as a result of the Spanish mining so much in Potosí, that led to bulk silver being used for tax payments. Despite this, there was no native silver coins minted until a good three hundred years later. Instead, the silver was privately assayed and weighed by local silversmiths. Fractions were created by physically cutting a piece off of the bar. The lack of cast coins when industry needed more of them than before was also an issue. Compared to the earlier Song Dynasty, the Ming cast far fewer coins. As a final insult, when the invading Qing finally took over, Ming coins were accepted only at a 50% discount and were melted to create new Qing coins. [ATTACH=full]1122383[/ATTACH] An example of Ming paper money. This was initially equivalent to 1,000 cash, as seen on the note, but soon fell to an exchange value of 250 cash.[/QUOTE]
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