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
Mongol conquest of the Song dynasty expelled his opponents like Wen Tianxiang and Li Fu. Because the financial revenue of the late Southern Song state was very low, Jia Sidao tried to reform the regulations for the merchandise of lands with his state field law. Gunpowder weapons like the "t'u huo ch'iang" were deployed by the Chinese against the Mongol forces, which fired bullets from bamboo tubes. After Kublai was elected Great Khan of the Mongols in 1260 he was eventually able to conquer the Song to the south, but at great cost. From 1260 to 1264, he faced civil insurrection within the Mongol side led