The final years of the 1927–35 Swedish–Chinese expedition to Central Asia were financed by the Chinese government with an eye to exploring the possibilities of building automobile roads along the former caravan routes. Astronomer Nils Peter Ambolt, who participated in the early years, from 1927 to 33, collected these old coins, threaded onto twine.
In China, like many other places in the world, it is believed that the oldest type of “coins” were cowry shells, initially in their natural state and later as images copied in metal, such as bronze. Later coin types were in the shape of spades and knives. Around 200 BC, the currency system was standardised and all local variants were banned. The coins were round with a hole – a design that Chinese coins retained for centuries.
Besides coins, there were other currency systems, such as rice and bolts of silk, that were commonly used in trade with foreign parties, or as payments or bribes to nomadic groups to avoid conflicts. Paper money began to be used more widely in the 10th century, during the Song dynasty, but it was Mongols who introduced fiat money for the first time in the 11th century.
Fiat money is currency that does not rest on a reserve of value, such as gold. Instead, its value is guaranteed solely by an institution – in practice, essentially always a state. Today, most currencies are fiat money, from euros to American dollars to Swedish kronor.