Currency of Ecuador new notes in 1870 for 2 and 4 reales and 1 peso.' silver 666 fine silver 900 fine The silver peso of 25.000 g 900 fine was made the monetary unit on November 21, 1871, and it was decimalized November 21, 1873. The issue of 1 and 2 centavo copper coins (minted in Birmingham) was decreed June 8, 1872, and President García Moreno provided that the new coins would be received by the government at the rate of 10 centavos per real or 100 centavos per peso fuerte of 10 reales. This established a legal equivalence between the old money
History of Chinese currency system that was not backed by silver or gold. The currency issued by the Yuan was the world's first fiat currency, known as Chao. The Yuan government attempted to prohibit all transactions in or possession of silver or gold, which had to be turned over to the government. Inflation in 1260 caused the government to replace the existing paper currency with a new one in 1287, but inflation that resulted from undisciplined printing remained a problem for the Yuan court until the end of the Dynasty. The early Ming dynasty (, 1368–1644) also attempted to use paper currency in the