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The banknotes shown above are probably the type that Marco Polo used when he visited the Mongol Empire. The Yuan dynasty was ruled by Kublai Khan, the grandson of the great Mongol conqueror Genghis Khan. Considered one of the most successful early periods for the use of paper money, the first paper currency issued in Yuan dynasty occurred around 1260. Banknotes were issued in various denominations compatible with hard currency from a face value of two coins up to the highest denomination of two strings of coins. Notes did not have any expiration date and they were fully convertible into silver, gold or strings of bronze cash coins. They circulated throughout the country during a period of price stability. Foreign merchants were required to convert their hard currency in paper money upon entering the Mongol empire.

Khan encouraged foreign trade, rebuilt the Grand Canal, built new roads, repaired important government granaries and built his capital at Cambuluc (now Beijing). As shortages of hard currency occurred, the Yuan dynasty printed huge amounts of paper money needed to fund the Mongol occupation and expansion of  China. This resulted in very high inflation and a number of currency revaluations.

By 1271 a new series of banknotes, printed from copper plates, were issued replacing the old issues in the ratio of five to one. Inflation continued and in 1309 another revaluation occurred. By 1309 Yuan paper money had depreciated by 1000 percent. 

After Kublai Khan's death in 1294 the country became unstable with eight emperors ruling from 1308 to 1333. By 1368 the Mongol rule of China ended.

Examples of Yuan banknotes are held by the State Hermitage Museum in St. Petersburg, Russia and are periodically on display in roving exhibitions around the world.