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 The transition of the capital of the Mongol Empire to Khanbaliq (Dadu, modern-day Beijing) by Kublai Khan in 1264 was opposed by many Mongols. Thus, Ariq Böke's struggle was for keeping the center of the Empire in Mongolia homeland. After Ariq Böke's death, the struggle was continued by Kaidu, a grandson of Ogedei Khan and lord Nayan. By eliminating the Song dynasty, Kublai Khan completed the conquest of China. The fleets of the Yuan dynasty attempted to invade Japan in 1274 and 1281, but both invasion failed, and a large number of their ships were destroyed in sea storms named