The next occasion on which paper began to have currency value was in 960 a.d. - when the Sung dynasty was first established. At first merchants were allowed to pay sums into the Government Treasury at the capital or in the provinces in exchange for notes, redeemable in cash on demand at any of the Government Treasuries. When these notes became generally current and very popular, the Government began to make issues expressly for general circulation. Although at this stage - or for the matter of that, even to-day - the Chinese had not understood the real meaning of reserves and the issues and redemption of notes, we have records that the Government made every effort to secure these notes against depreciation. The total value of these issues, was, however, comparatively small, and, according to Ma Tuan-lin, the amount in actual circulation at any period during the early years of the Sung dynasty never exceeded 2,830,000 kuan - the kuan being nominally worth 1,000 cash. These notes were called in Chinese "pien-ch'ien" or convenient money.