User:Donald Trung/Daqian.5. (Draft page)

This is a draft page article to be used in other upcoming drafts and was moved here from my Microsoft Outlook e-mail inbox.

Draft (The e-mail entitled "Daqian.5. ").
The measures taken during the Taiping Rebellion made the Chinese monetary system even more complicated as it introduced a large number of different types of currency which all circulated concurrently as legal tender. Starting in April of the year 1853 two metropolitan mints commenced the production of the Daqian, these had denominations ranging from 5 wén to 1000 wén. During this same time the government of the Qing dynasty began issuing convertible cash bank notes, or guan-hao qianpiao (官號錢票), which were mostly backed in Daqian. These government-issued banknotes were modeled after private bank notes, known as sihao qianpiao (私號錢票), which would continue to circulate even after the introduction of these government notes. These banknotes were issued by nine different government banks, four of these banks newly established for their circulation.

Both the Daqian and guan-hao qianpiao were calculated using the Jingqian (京錢) unit of account, but they were complicated by the fact that the nominal value of these government banknotes denominated the debt owed to be satisfied by the payment of cash coins. The nominal value of both the Daqian and the guan-hao qianpiao did not reflect reality, as for example in the year 1861 one would get only 7,500 wén in cash coins (or 750 10 wén cash coins) when cashing in government-issued cash notes of 15,000 wén. Furthermore, unlike physical cash coins, the "string of cash coins" currency unit, or diào, was used to represent 1000 wén in government documents, but only 500 physical cash coins were paid out per paper string.

In the year 1854 as the copper reserves of the Qing dynasty were being depleted the government of the Qing dynasty began issuing iron Daqian known as tieqian (鐡錢).

Peng Zeyi has distinguished three distinct phases of the inflationary cycle during the Xianfeng inflation. First was the introduction and gradual depreciation of the new monies which was followed by a financial crash in early 1857, when standard cash, or Shiqian, started disappearing from the Chinese market (Gresham's law), and finally the new monies suffering a steeper depreciation which was linked to a high price inflation.

Draft (Wikitext)
The measures taken during the Taiping Rebellion made the Chinese monetary system even more complicated as it introduced a large number of different types of currency which all circulated concurrently as legal tender. Starting in April of the year 1853 two metropolitan mints commenced the production of the Daqian, these had denominations ranging from 5 wén to 1000 wén. During this same time the government of the Qing dynasty began issuing convertible cash bank notes, or guan-hao qianpiao (官號錢票), which were mostly backed in Daqian. These government-issued banknotes were modeled after private bank notes, known as sihao qianpiao (私號錢票), which would continue to circulate even after the introduction of these government notes. These banknotes were issued by nine different government banks, four of these banks newly established for their circulation.

Both the Daqian and guan-hao qianpiao were calculated using the Jingqian (京錢) unit of account, but they were complicated by the fact that the nominal value of these government banknotes denominated the debt owed to be satisfied by the payment of cash coins. The nominal value of both the Daqian and the guan-hao qianpiao did not reflect reality, as for example in the year 1861 one would get only 7,500 wén in cash coins (or 750 10 wén cash coins) when cashing in government-issued cash notes of 15,000 wén. Furthermore, unlike physical cash coins, the "string of cash coins" currency unit, or diào (吊), was used to represent 1000 wén in government documents, but only 500 physical cash coins were paid out per paper string.

In the year 1854 as the copper reserves of the Qing dynasty were being depleted the government of the Qing dynasty began issuing iron Daqian known as tieqian (鐡錢).

Peng Zeyi has distinguished three distinct phases of the inflationary cycle during the Xianfeng inflation. First was the introduction and gradual depreciation of the new monies which was followed by a financial crash in early 1857, when standard cash, or Zhiqian (制錢), started disappearing from the Chinese market (Gresham's law), and finally the new monies suffering a steeper depreciation which was linked to a high price inflation.

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 * December 2019.



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