Between coin and kind: state revenue and currency changes in Song–Yuan Taizhou

Abstract This article examines the cyclical nature of monetisation and demonetisation in Taizhou (台州) during the Song and Yuan dynasties. By analysing local fiscal policies, taxation systems, and economic structures, it reveals a complex process of monetary evolution. The Song Dynasty saw significant fiscal monetization, driven by military needs and implemented through innovative tax systems. However, the Yuan Dynasty witnessed a partial reversal, with a shift towards physical taxation and reduced monetary demands. This research highlights the interplay between central government policies, local fiscal structures, and broader economic trends. It challenges linear models of economic development and emphasises the importance of regional variations in understanding historical monetisation processes.