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
Kaidu–Kublai war Kaidu–Kublai war The Kaidu–Kublai war was a war between Kaidu, the leader of the House of Ögedei and the "de facto" khan of the Chagatai Khanate in Central Asia, and Kublai Khan, the founder of the Yuan dynasty in China and his successor Temür Khan that lasted a few decades from 1268 to 1301. It followed the Toluid Civil War (1260–1264) and resulted in the permanent division of the Mongol Empire. By the time of Kublai's death in 1294, the Mongol Empire had fractured into four separate khanates or empires: the Golden Horde khanate in the northwest, the Chagatai Khanate