An example of printed money dating to the Song dynasty. The inscription means that the bill can be used in exchange of 77,000 wen, or metal coins.
Piaohao were native draft banks which originated in Shanxi Province. The managing style of the piaohao had great influence in modern Chinese banking. This type of bank served local merchants and businesses all over China, as well as Russia and Japan.
The piaohao were draft banks created by merchants in