Society of the Mongol Empire influences. Genghis Khan authorized the use of paper money shortly before his death in 1227. It was backed by precious metals and silk. The Mongols used Chinese silver ingot as a unified money of public account, while circulating paper money in China and coins in the western areas of the empire such as Golden Horde and Chagatai Khanate. Under Ögedei Khan the Mongol government issued paper currency backed by silk reserves and founded a Department which was responsible for destroying old notes. In 1253, Möngke established a Department of Monetary affairs to control the issuance of paper money in order
Society of the Mongol Empire cultural and economic aspects of its unity. Turkic tribes seized the western end of the Silk Road from the decaying Byzantine Empire, and sowed the seeds of a Turkic culture that would later crystallize into the Ottoman Empire under the Sunni faith. Turkic–Mongol military bands in Iran, after some years of chaos were united under the Saffavid tribe, under whom the modern Iranian nation took shape under the Shiite faith. Meanwhile, Mongol princes in Central Asia were content with Sunni orthodoxy with decentralized princedoms of the Chagatai, Timurid and Uzbek houses. In the Kypchak–Tatar zone, Mongol khanates all but crumbled