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
Division of the Mongol Empire Division of the Mongol Empire The division of the Mongol Empire began when Möngke Khan died in 1259 in the siege of Diaoyu castle with no declared successor, precipitating infighting between members of the Tolui family line for the title of Great Khan that escalated to the Toluid Civil War. This civil war, along with the Berke–Hulagu war and the subsequent Kaidu–Kublai war, greatly weakened the authority of the Great Khan over the entirety of the Mongol Empire and the empire fractured into four khanates, including the Golden Horde in the northwest, the Chagatai Khanate in the middle, the Ilkhanate