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
Kublai Khan Europeans and Central Asians – merchants, travelers, and missionaries of different orders – made their way to China. The presence of Mongol power allowed large numbers of Chinese, intent on warfare or trade, to travel to other parts of the Mongol Empire, all the way to Russia, Persia, and Mesopotamia. After Kublai Khan was proclaimed Khagan at his residence in Xanadu on May 5, 1260, he began to organize the country. Zhang Wenqian, a central government official, was sent by Kublai in 1260 to Daming where unrest had been reported in the local population. A friend of Zhang's, Guo Shoujing,