Yuan Dynasty: Meaning and Relationship
How did the Bronze Block for Paper construct its own value, and how did this value reflect the relationship between the Mongol government and Han Chinese of the Yuan Dynasty?
Pictured at the exact center of the block are two strings of cash, the bundles of coins that over time began to represent their own denominations of currency in Chinese society, pictured above. Although the eventual denomination of a string of cash was normally 1000 wén coins [1], lower values were not uncommon, especially as one hired specialists who would convert loose coins into strings, for a percentage fee. The choice to tie the value of this new paper money concretely to an extant system of currency most likely made it not only easier to use, but easier to trust.
Additionally, it is interesting to note that the guarantee of this block's value does not come from the name of the sovereign, as it does in Songo Mnara, but rather from the entire government apparatus, specified from the "throne" all the way down to appropriate local offices. Consistent with this choice is the practical guarantee presented at the bottom of the note: the guarantee that this paper money would be accepted by the government, with the assumption being that it should then be valid and desirable for any entity that would have to do business with the government (which, due to taxes, it inevitably would).
These signs enforce the authority of the Yuan paper currency as a "tail" currency, one whose power comes not from the guarantee of a centralized power, but from the recognition of its absolute, objective commodity value by an anonymous market.
Morris Rossabi, in his account of Khubilai Khan states that "The court's willingness to accept taxes in paper money instilled trust in the new [paper] currency" [2]. This phrase represents the essential strategy at the heart of most of Khubilai Khan's reforms- he was devoted to performing acts of goodwill to the people of China, in an effort to show them that he was not just interrested in China as a conqueror, but a ruler as well. It is worth noting that this willingness on the part of the government to accept the paper currency was probably a motivating factor in increasing the popularity of this currency that had already previously existed.
The choice to construct the value of this currency on familiarity (in the depiction of the strings) and practicality (in the guarantee of government acceptance) is consistent with this general strategy. Unlike the sultans of Kilwa Kisiwani, who asserted their authority by distinguishing themselves from their populace, Khubilai Khan sought to legitimize himself by removing many of the differences between himself and his new people. To introduce a "head" emphasized currency would run counter to such a strategy- much more consistent with Khubilai Khan's strategy is the decision to improve the structure that already exists, as it is proof that one accepts and comprehends the traditional way of doing things- and, an acceptance of Khubilai Khan's improvements served as an implicit acceptance of his right to rule.
[1]. Libbrecht, Ulrich. Chinese mathematics in the thirteenth century.
[2]. The Cambridge History of China. Vol. 1991.