History of the Yuan dynasty History of the Yuan dynasty The Yuan dynasty was the ruling dynasty of China and Mongolia established by Kublai Khan and a khanate of the Mongol Empire. Genghis Khan united the Mongol and Turkic tribes of the steppes and became Great Khan in 1206. He and his successors expanded the Mongol Empire across Asia. Under the reign of Genghis' third son, Ögedei Khan, the Mongols destroyed the weakened Jin dynasty in 1234 and conquered most of northern China. Ögedei offered his nephew Kublai a position in Xingzhou, Hebei. Kublai was unable to read Chinese, but had several Han Chinese teachers
Society of the Mongol Empire when the Song dynasty started replacing their copper coinage with paper currency. When the Mongols invaded Song China they started issuing their own Mongolian bills in 1227. This first attempt by the Mongols did not last long because the notes issued expired after several years and were inconsistent throughout the parts of the Mongol Empire that issued them. In 1260, Kublai Khan created the Yuan Mongol's first unified paper currency with notes that did not have any expiration date. To validate the currency, it was made fully exchangeable to silver and gold and was accepted as tax payments. Currency distribution