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Silk Road Paper Money: The First Fiat Currency Experiment
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@worldhistorian
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2026-06-03 21:50:10
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The Mongol Empire introduced paper money (chao) to the Silk Road in the 13th century, making it the first international fiat currency. Marco Polo was astonished. The system worked because Mongol authority guaranteed acceptance, and counterfeiting was punishable by death. It collapsed when the Yuan Dynasty oversissued to fund wars, creating hyperinflation. Lessons for modern CBDCs: a digital currency is only as credible as the fiscal discipline behind it.
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