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 Empire and commercial success of the Mongol Empire continued despite the squabbling. Major changes occurred in the Mongol Empire in the late 1200s. Kublai Khan, after having conquered all of China and established the Yuan dynasty, died in 1294. He was succeeded by his grandson Temür Khan, who continued Kublai's policies. At the same time the Toluid Civil War, along with the Berke–Hulagu war and the subsequent Kaidu–Kublai war, greatly weakened the authority of the great khan over the entirety of the Mongol Empire and the empire fractured into autonomous khanates, the Yuan dynasty and the three western khanates: the Golden