The Yuan dynasty was a Mongol-ruled Chinese dynasty which existed from 1271 to 1368. After the conquest of the Western Xia, Western Liao, and Jin dynasties they allowed for the continuation of locally minted copper currency, as well as allowing for the continued use of previously created and older forms of currency, while they immediately abolished the Jin dynasty's paper money as it suffered heavily from inflation due to the wars with the Mongols. After the conquest of the Song dynasty was completed, the Yuan dynasty started issuing their own copper coins largely based on older Jin dynasty models, though eventually the preferred Yuan currency became the Jiaochao and silver sycees, as coins would eventually fall largely into disuse. Although the Mongols at first preferred to have every banknote backed up by gold and silver, high government expenditures forced the Yuan to create fiat money in order to sustain government spending.

The Yuan dynasty, officially the Great Yuan, was a Mongol-led imperial dynasty of China and a successor state to the Mongol Empire after its division. It was established by Kublai, the fifth khagan-emperor of the Mongol Empire from the Borjigin clan, and lasted from 1271 to 1368. In Chinese history, the Yuan dynasty followed the Song dynasty and preceded the Ming dynasty.