New Book of Tang

  Tang Dynasty - Fei Qian Fei Qian (飞钱, flying cash) in the Tang Dynasty, the earliest prototype of Chinese paper money. The New Book of Tang – Recordings of foods and goods contains: “商贾至京师，委钱诸道进奏院及诸军诸使富家，以轻装趋四方，合券乃取之，号飞钱。” Fei Qian are also called "Bian Huan (便换, convenient exchange)" and "Bian Qian (便钱, convenient money)". In the middle of the Tang Dynasty, the production of copper coins could not meet the market demand, and there were many restrictions on the flow of copper coins. Besides, the carrying and transportation of large amounts of copper coins were also a problem. So, a new financial method was born. The merchants in the capital sent the money to the Jin Zou Yuan (进奏院, the official statutes of report) which is the office in the capital, and the Jin Zou Yuan issued a ticket for the merchants, with the amount, date, name and other items written on it. And this ticket would be divided into two halves, half sending to the merchant, and another half back to the local. The merchant returned with his half of the ticket to the designated department to exchange for the money, as long as the two halves of the ticket can be…