Why Ancient China Invented Paper Money — Then Gave It Up

China invented paper money a thousand years ago — six hundred years before Europe. It worked brilliantly at first. Then the government took over, and the same cycle repeated across four dynasties: print too much, destroy trust, retreat to metal coins. From the merchants of Chengdu to Kublai Khan's empire to the Ming Dynasty's spectacular failure, this is the story of humanity's boldest financial experiment — and why the civilization that started it couldn't make it last.