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 supported Kublai's rival claimant, Ariqboke. Hulagu died on February 8, 1264. Berke sought to take advantage and invade Hulagu's realm, but he died along the way, and a few months later, Alghu Khan of the Chagatai Khanate died as well. Kublai named Hulagu's son Abaqa as a new Ilkhan, and Abaqa sought foreign alliances, such as attempting to form a Franco-Mongol alliance with the Europeans against the Egyptian Mamluks. Kublai nominated Batu's grandson Möngke Temür to lead the Golden Horde. Ariqboqe surrendered to Kublai at Shangdu on August 21, 1264. The establishment of the Yuan dynasty (1271–1368) by Kublai Khan