Difference between revisions of "WHI-Chap15-flying money"
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| − | Flying money is the name given to the letters of credit used during Tang and Song China. These letters of credit allowed merchants to deposit a certain amount of cash or goods one place and then withdraw the equivalent in cash or merchandise somewhere in China. The letters of credit | + | Flying money is the name given to the letters of credit used during Tang and Song China. These letters of credit allowed merchants to deposit a certain amount of cash or goods one place and then withdraw the equivalent in cash or merchandise somewhere in China. The letters of credit were one of the many methods tried by the Chinese government to replace the copper coins which they were becoming unable to produce. This method ultimately failed as the merchants would be unable to pay what was promised and such. |
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| + | http://www.historyforkids.org/learn/china/economy/pictures/papmny.jpg | ||
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| + | An example of a letter of credit | ||
Traditions & Encounters page 389 | Traditions & Encounters page 389 | ||
| + | For other business practices from the Song and Tang dynasties, [WHI-Chap15-Obj5|Objective 5]] | ||
[[WHI-Second Semester|Second Semester Home Page]] | [[WHI-Second Semester|Second Semester Home Page]] | ||
Revision as of 21:38, 9 May 2010
Flying money is the name given to the letters of credit used during Tang and Song China. These letters of credit allowed merchants to deposit a certain amount of cash or goods one place and then withdraw the equivalent in cash or merchandise somewhere in China. The letters of credit were one of the many methods tried by the Chinese government to replace the copper coins which they were becoming unable to produce. This method ultimately failed as the merchants would be unable to pay what was promised and such.
An example of a letter of credit
Traditions & Encounters page 389
For other business practices from the Song and Tang dynasties, [WHI-Chap15-Obj5|Objective 5]] Second Semester Home Page
