明朝洪武八年(1375)钞法与元末明初的金银钱钞

A Study on the Ming Monetary Policies Focusing on the Relationship between Paper Money and Metal Currency(1375-1395)

明朝洪武八年发行纸币,颁行钞法,通过国家法令设定宝钞与金银、铜钱的相互关系,尝试构建由宝钞、铜钱、金银共同构成的复合货币体系。洪武八年钞法是元末明初恢复行钱、沿用纸币、流通金银的背景下,借鉴宋元“交会之法”,试图以宝钞统摄金属货币的结果。但钞法背离了货币流通规律,实施中很快陷入危机。明廷被迫调整货币政策,放弃纸币与金银铜钱的固定比价,并于洪武二十八年禁用铜钱,宣告了洪武八年钞法的终结。明朝货币流通格局由此进入了一个新的过渡期,预示了宝钞持续贬值、明廷扩大赋税折银、恢复铸行铜钱,逐步进入银钱并用时代的发展趋势。

The Ming government implemented a new monetary policy in 1375,which is issuing paper money,and fixing ratio of paper money to gold,silver and copper money,separately.This monetary policy was adopted the previous Song Yuan paper money system(Jiao-hui zhi fa,交会之法),and adjusted the policy to circulate both paper money,copper money,gold and silver currency.The Ming government was trying to manage the metal currency by issuing paper money,and to construct a complex monetary system composed of paper money,copper money and gold and silver.However,the monetary policy deviated from the law of money circulation,which led to the currency crisis.To deal with the crisis,the Ming government had no choice but to adjust the monetary policy by abandoning the fixed ratio of paper money to gold,silver and copper money,and even banned the use of copper money in 1395.The monetary system during the Ming Dynasty thus entered a new transition period.With losing the base of standard of value,the paper money was eventually disappearedfrom the monetary circulation,where mainly silver and copper money were existed.