._ 7_d._, say roundly 80_d._[1] But the
relation of gold and silver in civilized Asia was then (see ch. I. note 4,
and also _Cathay_, pp. ccl. and 442) as 10 to 1, not, as with us now, more
than 15 to 1. Wherefore the _liang_ in relation to gold would be worth
120_d._ or 10_s._, a little over the Venetian ducat and somewhat less than
the bezant or dinar. We shall then find the table of Chinese issues, as
compared with Marco's equivalents, to stand thus:--

CHINESE ISSUES, AS RECORDED. MARCO POLO'S STATEMENT.

For 10 ounces of silver (viz. }
the Chinese _Ting_)[2] } 10 bezants.

For 1 ounce of silver, i.e. 1 _liang_, }
or 1000 _tsien_ (cash) } 1 "

For 500 _tsien_ . . . . . . 10 groats.
200 " . . . . . . . 5 " (should have been 4).
100 " . . . . . . . 2 "
50 " . . . . . . . 1 "
30 " . . . . . . . 1/2 " (but the
proportionate
equivalent of half a groat
would be 25 _tsien_).
20 " . . . . . . .
10 " . . . . . . . 1 tornesel (but the
proportionate equivalent
would be 7-1/2 _tsien_).
5 " . . . . . . . 1/2 " (but prop. equivalent
3-3/4 _tsien_).

Pauthier has given from the Chinese Annals of the Mongol Dynasty a
complete Table of the Issues of Paper-Money during every year of Kublai's
reign (1260-1294), estimated at their nominal value in _Ting_ or tens of
silver ounces. The lowest issue was in 1269, of 228,960 _ounces_, which at
the rate of 120_d._ to the ounce (see above) = 114,480_l._, and the
highest was in 1290, viz. 50,002,500 ounces, equivalent at the same
estimate to 25,001,250_l._! whilst the total amount in the 34 years was
249,654,290 ounces or 124,827,144_l._ in nominal value. Well might Marco
speak of the vast quantity of such notes that the Great Kaan issued
annually!

To complete the history of the Chinese paper-currency so far as we can:

In 1309, a new issue took place with the same provision as in Kublai's
issue of 1287, i.e. each n