2021-06-21 Mon

Kulug Khan, born Khayishan, was an emperor of the Yuan dynasty. Apart from the Emperor of China, he is regarded as the seventh Great Khan of the Mongol Empire or Mongols, although it was the only nominal due to the division of the empire. His name means "warrior Khan or fine horse Khan" in the Mongolian language.

Khayishan's enthronement at Shangdu on June 21, 1307, was performed properly at a kurultai. After that, he made his younger brother Ayurbarwada the heir apparent and they promised that their descendants would succeed each other on the relay. Under Kulug Khan the Yuan dynasty’s treasury was almost completely depleted which eventually led to Kulug Khan issuing a new banknote called the "Zhi Da Yin Jiaochao" which coincided with the minting of "Zhida Tongbao" coins, which are the most commonly cast Yuan era coins.

Under Kulug Khan the levels of inflation rose to 80% as the government kept printing more banknotes due and in order to ensure the government’s control on the currency Kulug Khan banned the usage of silver and gold coins and stopped the circulation of silver certificates in favor of fiat banknotes.

In 1310, there were struck two kinds of copper coins, having Mongol characters. Some with the inscription, precious money of the Zhida period; and others with this legend, precious money of the Great Yuan. These copper coins were of three sizes: 1 of the value of one li; 2 of the value of ten li; and 3 of coins worth several of those of the dynasties Tang and Song dynasties.

Image Source: Wikipedia.org