Well before the discovery of the New World, traditional Chinese copper “cash” had served as a model for Japan and Korea’s first indigenous currencies. Copper “cash” was also sought after in many parts of Southeast Asia, where previously South-Indian-modeled gold and silver currency had been in use, and its possession also was often seen as a patent to nobility. Notably, in the mid-12th century, Japan imported large amounts of Chinese copper coins, even though it was more copper abundant than China, and not bereft of metallurgic know-how. Invented in China as early as the 11th century yet largely phased out by the 14th century, banknotes came into use in Europe only in the 17th century and spread continuously thereafter. It is arguably this temporal divide that might help explain the varying degree to which Chinese emperors and European monarchs aimed at enhancing seignorage revenue, i.e., the difference between the face-value and metal value of their coins.

19. In the context in which it appears, “patent to” most nearly means

A. protection of
B. assurance of
C. approval for
D. yearning for
E. copyright of



20. Which of the following best characterizes the function of the indicated portion of the passage (Notably … know-how)?

A. It contradicts a point made earlier in the passage.
B. It provides evidence supporting a claim.
C. It summarizes a point with which the author disagrees.
D. It puts forward a theory on which a subsequent example is based.
E. It explains an apparent contradiction in the passage