Source: Francis Balducci Pegolotti, Italian merchant and author, excerpt from “Notices of the Land Route to Cathay and of Asiatic Trade in the First Half of the Fourteenth Century,” ca. 1343 CE. Whatever silver the merchants may carry with them as far as Cathay [China] the lord of Cathay will take from them and put into his treasury. And to merchants who thus bring silver they give that paper money of theirs in exchange. This is of yellow paper, stamped with the seal of the lord aforesaid. And this money is called balishi; and with this money you can readily buy silk and all other merchandize that you have a desire to buy. And all the people of the country are bound to receive it. And yet you shall not pay a higher price for your goods because your money is of paper.

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