For a thousand years across the length and breadth of China and beyond, people have burned paper replicas of valuable things—most often money—for the spirits of deceased family members, ancestors, and myriads of demons and divinities. Although frequently denigrated as wasteful and vulgar and at times prohibited by governing elites, today this venerable custom is as popular as ever. This book explores the cultural logic of this common practice while addressing larger anthropological questions concerning the nature of value. The heart of the work integrates Chinese and Western thought and analytics to develop a theoretical framework that the author calls a “materialist aesthetics.” This includes consideration of how the burning of paper money meshes with other customs in China and around the world. The book examines the custom in contemporary everyday life, its origins in folklore and history, as well as its role in common rituals, in the social formations of dynastic and modern times, and as a “sacrifice” in the act of consecrating the paper money before burning it. Here the author suggests a great divide between the modern means of cultural reproduction through ideology and reification, with its emphasis on nature and realism, and previous pre-capitalist means through ritual and mystification, with its emphasis on authenticity. The final chapters consider how the custom of burning paper money has survived its encounter with the modern global system and internet technology.