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 to eliminate the overissue of the currency by Mongol and non-Mongol nobles since the reign of Great Khan Ögedei. His authority established united measure based on "sukhe" or silver ingot, however, the Mongols allowed their foreign subjects to mint coins in the denominations and use weight they traditionally used. During the reigns of Ögedei, Güyük and Möngke, Mongol coinage increased with gold and silver coinage in Central Asia and copper and silver coins in Caucasus, Iran and southern Russia.±±§ The Yuan dynasty under Kublai Khan issued paper money backed by silver, and again banknotes supplemented by cash and copper cash.