Jiaozi was the currency issued in the first year of Renzong Tiansheng in the Northern Song Dynasty (1023). Once regarded as the official legal tender, it was called "Guanjiaozi" and circulated in Sichuan for nearly 80 years. Jiaozi is the earliest paper money officially issued by the government in China, and it is also considered as the earliest paper money used in the world, which is six or seven hundred years earlier than the paper money issued by the United States (1692), France (17 16) and other western countries.
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