484 DAVIS. 



Notes of Emperor Ching-tsung (825-826 A. D.) of the T'ang 



Dynasty. 



Paper money first appeared in the time of the Emperor Hsien- 

 tsung* (806-820 A. D.) and was called "fei-ch'iian" f or "flying 

 certificate". 



There are ten varieties of the Pao-li notes of the Emperor Ching- 

 tsung.J Their color is yellow, and each bears at the top the inscrip- 

 tion "Great T'ang Treasure-Note"; directly below is written the 

 denomination of the note, e. g., 10 kwan in writing with an illustration 

 of one ingot of yiian-pao, (a standard silver bar); 20 kwan, with 2 

 ingots of yiian-pao, etc., the number of the bars varying according to 

 the value of the note. In the lower part is inscribed: "The Board 

 of Rites, having received the Imperial Decree, prints the Great T'ang 

 Treasure-Note which is to circulate as money, etc." On the two sides 

 respectively is written in the chuan (seal) style of writing: "To be 

 current under the Heavens" and "To circulate as cash". The sur- 

 rounding border shows a design of dragons and clouds. Each of the 

 ten notes is similarly stamped; in the upper part is a square seal 

 which reads: "Print-made Treasure-Note", and in the lower part 

 another square seal which reads: "The Seal of Pao-li of the Great 

 T'ang". On the reverse of each there is neither pattern nor seal. 

 Some of the notes are illustrated herewith in order to record their 

 existence. 



Plate 5. Pao-li (825-826 A. D.) Note. 



Translation of the inscriptions. 



First line: "Great Tang Trmsure-Noie." 

 Second line: " Ten Kwan.'" § 



Illustration: (Pictorial representation of one yiian-pao). 

 At the right of the illustration, written vertically in the chuan (seal) 

 style: 



* Compare this statement with the text concerning; the Kao-tsuns Notes. 

 K. T. 



t The book "T'ang-shu", from which ])resumably this information is drawn, 

 mentions the "ho-ch'uan" or "identification certificate (coupon, check, billet 

 or note)" which was also called "fei-ch'ien" or "flying money". Fei-ch'uan 

 may therefore be the abridged combination of these "two terms. K. T. 



X This must mean notes proceeding bv tens from 10 kwan to 100 kwan. 

 K. T. ■ 



§ Literally, one ten Kwan. K. T. 



