User:Donald Trung/Sapèques en Gallica (January 2022)

This page serves as "the editing history" of the English Wikipedia article "Vietnamese cash" (and related pages) and is preserved for attribution.

Cash coins in Annam & Tonkin
In 1932 it was reported by L'Éveil économique de l'Indochine ("The Economic Awakening of Indochina") that cash coins were increasingly becoming scarce in Annam and Tonkin, the L'Éveil économique de l'Indochine advised the government of the Nguyễn dynasty to start producing zinc Bảo Đại Thông Bảo cash coins to counter the scarcity of low denomination currencies, at this time zinc cash coins were still circulating in Annam while very few of them were left in Tonkin. During this period people were often unwilling to spend money because of the monetary scarcity of the time, economic policy advisors predicted that producing more cash coins would lower the cost of living for the population of the Nguyễn dynasty.

At the time of the payment of the tax, the French government had to establish a maximum of 7 strings for one piastre, because of the general need for paper or silver piastres, otherwise the value of the piastre would have gone up to 9 or 10 strings a piece.

Hoarding and Gresham's Law
On 29 September 1939 the Hanoian newspaper l'Effort Indochinois reported that the governments of French Indochina and the Nguyễn dynasty pursued a policy called an muoi, which sought to stabilise the exchange rate between cash coins and the piastre at 360:1. During this period there was a market liquidity crisis worsened by the hoarding of low denomination cash coins by the general populace causing massive deflation of cash coins. There has been a serious devaluation of the piastre in Annam, among the solutions proposed by the government of French Indochina was the increased production of paper money. Despite starting the an muoi policy in 1937, by 1939 the exchange rate between the piastre and cash coins was at 5 strings per piastre while in some rural areas the price of the piastre went down as much as 3 strings per piastre.

The deflation of cash coins proved to be very detrimental to the economy and local trade. The reason why these exchange rates were unstable was because of the fact that cash coins remained independent of the piastre, despite their fixed exchange rates. l'Effort Indochinois reported that in Tonkin the Khải Định Thông Bảo and Bảo Đại Thông Bảo cash coins were less sensitive to the deflationary pressure caused by hoarding than older cash coins as they weren't being overvalued in the market in relation to the French Indochinese piastre. As Tonkinese people had a much higher standard of living than the Annamites, the velocity of money was likewise faster and coins like the 10 cents, 20 cents, Etc. mingled more with the cash coins in Tonkin than they did in Annam.

l'Effort Indochinois noted that many causes of the deflation and hoarding were more psychological in nature rather than practical, noting that the new cash coins that were being produced in Tonkin was manufactured in a different way from the old ones (machine-struck vs. cast) and that this development was even more recent than banknotes. Meanwhile in Annam large quantities of Minh Mạng Thông Bảo, Thiệu Trị Thông Bảo, Etc. as well as millennium old cash coins remained in circulation as the population stubbornly held onto them. In fact, there remained a strong preference for cast Bảo Đại Thông Bảo cash coins over machine-struck ones of the same inscription. This was as the population preferred to keep with the traditional currency system and that cast cash coins were seen as "good old sapèques" from "the good old days" as opposed to both machine-struck cash coins and the French Indochinese piastre who saw it as "modern inventions incompatible with their traditional lifestyles". To combat this mentality l'Effort Indochinois advised the government to mint cash coins of different models and metals and to give them a clearly defined value in relation to the divisionaries of the piastre and introduce them to the Annamese countryside, as well as to introduce the machine-struck Bảo Đại Thông Bảo that were already circulating in Tonkin into rural Annam.

Hoarding the Bảo Đại Thông Bảo cash coins
On 29 September 1939 the Hanoian newspaper l'Effort Indochinois reported that the governments of French Indochina and the Nguyễn dynasty pursued a policy called an muoi, which sought to stabilise the exchange rate between cash coins and the piastre at 360:1. During this period there was a market liquidity crisis worsened by the hoarding of low denomination cash coins by the general populace causing massive deflation of cash coins. Despite starting the an muoi policy in 1937, by 1939 the exchange rate between the piastre and cash coins was at 5 strings per piastre while in some rural areas the price of the piastre went down as much as 3 strings per piastre. The deflation of cash coins proved to be very detrimental to the economy and local trade.

The reason why these exchange rates were unstable was because of the fact that cash coins remained independent of the piastre, despite their fixed exchange rates. Machine-struck cash coins tended to circulate more in Tonkin, while cast cash coins circulated more in rural Annam.


 * La Machine (Machine-struck cash coins).

While the machine-struck cash coins were successful in Tonkin, they were less welcomed by the rural Annamite population who preferred the cast variant and even millennium old cast cash coins from "the good old days" over the modernised cash coins. The reluctance to accept the machine-struck cash coins in rural Annam contributed to the deflation that cash coins were experiencing there.

Raw text from l'Effort Hanoï

 * https://gallica.bnf.fr/ark:/12148/bpt6k14163009/f1.item.r=Sap%C3%A8ques.zoom


 * Machine translated (Google Translate) from public domain text.

For all these reasons, it would be preferable for the Government to delay as long as possible the issue of paper money , although this issue is necessary. But as is minting and news hauling seek to unfreeze the hoarding of other coinage by surrendering to its exchange s. We repeat that a distributed economic instruction means inte! ligently to the population could achieve this goal. Moreover, for very different reasons and still other goals, this economic education of the people is essential. Indochina is certainly not at war, but it lives in armed peace. And this situation can last for a long time. Hoarding, if not unfrozen and combated - by the means we propose - could become more and more disastrous. We are certain that the Government thought about it like us. Something else. Since the false alarm at the beginning of this month, there has been a serious devaluation of the piastre in Annam compared to a current divisional currency, the only current in the 360 ​​sapeques campaign called "an muoi". But for more than two years, parity has never been reached. The average rate is five ligatures per dollar. And this rate is subject to variations of very great amplitude: sometimes, as is the case today in certain rural areas, it goes down to only three ligatures per piastre.

This sensitivity and this surcharge of the sapeques are, as everyone can easily realize, very harmful to trade and to the economy. The reason for this sensitivity and this surcharge is that the sapeque has a life that is too independent of the piastre to which it is officially tied. The sapeques in progress at Tankin, those called "Khai-Dinh" like those called "Bao Dai", sapeques too, are nevertheless infinitely less sensitive than those in progress in Annam and have never been overvalued in relation to the piastre. . The high standard of living of the Lonkinese, the greater speed of circulation of currencies in Tonkin mean that the country and its direct divisions: 10 to 20 cent coins, etc., mingle more closely  with the sapeques in the Tonkinese life more ana dane the Annamite nie But the rai.

less sensitive than those in progress in Annam and have never been overvalued in relation to the piastre. The higher standard of living of the Onkinese, the greater speed of circulation of currencies in Tonkin mean that the paster and its direct divisions: 10 to 20 cent coins, etc.... ment with sapeques in Tonkinese life as in Annamese life. But perhaps the main reason is psychological. The current cash in Tonkin is of recent minting and of a model quite different from the old ones. They are even of more recent introduction than banknotes. In Annam, that's quite another thing. A large quantity of coins of the Minh-Mang, Thiếu-Tri, ete, millennium misme...that is to say, minted and introduced into circulation before the banknotes were still in circulation. And I-s-sapèques of more recent strikes are could of the same model as the old ones. It is natural that the people who always still, and in any country, tend people to consider things "of the good old days" as superior to "my army." lasts”, gives a long bonus. thawed average become at nfi “good old sapeques” compared to piastres “of modern invention especially the populo from us who is more traditionalist than any populo of the world.

The cure ? It even follows from this reasoning: to mint and introduce into the Annamese countryside coins of different models and metals and to give them a clearly defined value in relation to the divisionaries of the piastre. We believe that the introduction into Annam of the sapeques now under way in Tonkin would have the happiest consequences. Xuan TIEU.

Khải Định Thông Bảo introduction
In the French protectorate of Annam cash coins were still being used for virtually all transactions as late as 1921, in order to combat deflation the Khải Định Thông Bảo was introduced and mass-produced. The new machine-struck were produced in the French protectorate of Tonkin to be placed into the treasury of the government of the Nguyễn dynasty until an opportune moment would present itself to introduce them into general circulation to combat the negative effects of hoarding, which resulted in the gradual disappearance of older cash coins from circulation causing the low denomination copper-alloy coins to become scarce. The new Khải Định Thông Bảo cash coins were introduced with a hope to reduce the cost of living caused by delfation.

The French government in Annam announced in their official bulletin that they would exchange 1 Khải Định Thông Bảo cash coin for 6 old cash coins in order to promote their circulation.

In Tonkin these coins were welcomed and circulated with small denomination coins of the French Indochinese piastre, while in Annam the people were more reluctant to adopt the new machine-struck coinage.

Bulletin administratif de l'Annam (1921-12-01)
TEXT MODE (OCR) <<< Full Text Search results: "Sapèques". 4 result(s) found:


 * p.VII

CIRCULAIRES 7 Nov. 1921 Circulaire relative à la nouvelle sapèque de laiton portaut-le chiffre de iègne Khai889 _ Dinh ' 1160 Circulaire relative à l'interdiction formelle, faite aux fonctionnaires de l'Indochine, de se livrer à des opération.


 * p.1160

545 les 500 sapèques, puis aux prix décroissants de lp.375 les 500 sapèques, lp.255 les 500 sapèques, lp.230 les 500 sapèques, au fur et à mesure que cette monnaie serait livrée en quantités croissantes du fait de la mise en service(...)210 les 500 sapèques, lorsque le chiffre de sapèques demandé aurait atteint un maximum déterminé.


 * p.1161

La sapèque de cuivre y a toujours cours et c'est celle qui sert à toutes les transactions dans le Centre, dans le Sud et même dans le Nord-Annam(...)contre deux sapèques, mais on donnera une nouvelle sapèque contre stx anciennes sapèques.


 * p.1162

a nouvelle sapèque au Tonkin renversera la situation dans ce pays quand il sera(...)Trésor du Gouvernement Annamite d'un stock considérable de sapèques que nous pourrons au moment opportun mettre en circulation pour rétablir l'équilibre que la thésaurisation ou la raréfaction réelle provenant de la disparition des vieilles sapèques de cuivre pourraient rompre et être cause d'un renchérissement de la vie.

1894
In 1894 the Note sur la circulation monétaire et les moyens d'échange dans les colonies françaises et pays de protectorat, d'après les documents officiels recueillis par l'administration des colonies reported that aside from the piastre and zinc and copper-alloy cash coins other indigenous currencies circulated in the Nguyễn dynasty, these included a silver cash coin which was valued at 2 strings each, a silver sycee weighing 1 Lượng was valued at 12 strings, a silver Nen was valued at 140 strings, a gold Lượng valued at 300 strings, and a gold Nen valued at 3000 strings. It was reported that Asian merchants used conventional silver bars made from melted coins that were withdrawn from circulation, these were valued at 15 piastres. In Tonkin zinc cash coins remained in circulation while they only continued to circulate in some regions of Annam.

In 1894 a string of cash coins in Tonkin was composed of 600 zinc cash coins divided into rows of 10 coins each (called a tiền), while in Annam a string was composed of 100 copper-alloy cash coins divided into rows of 10. At the time 8~10 strings of cash coins were worth a piastre. In the French protectorate of Cambodia a string would contain 450 to 500 Vietnamese cash coins, with 8 cash coins being valued at 1 cent.

Note sur la circulation monétaire et les moyens d'échange dans les colonies françaises et pays de protectorat, d'après les documents officiels recueillis par l'administration des colonies

 * P.8 - "citer la sapèque en argent valant une ligature deux tiens, — le luong d'argent : petit lingot valant douze ligatures, — le nen d'argent : gros lingot qui représente cent-quarante ligatures, enfin le luong d'or, valant trois cents ligatures et le nen d'or qui équivaut à trois mille ligatures(...)cent sapèques en cuivre et divisée en dix tiens(...)."


 * "De même, en Annam , en dehors de la piastre et des ligatures de sapèques , il convient de citer la sapèque en argent valant une ligature deux tiens , -le luong d'argent : petit lingot valant douze ligatures , le nen d'argent gros lingot qui représente cent - qua rante ligatures , enfin le luong d'or , valant trois cents ligatures et le nen d'or qui équivaut à trois mille ligatures . Les commerçants asiatiques se servent également dans leurs transactions d'une barre conventionnelle en argent , valant environ quinze piastres et prove nant de la fusion de monnaies retirées de la circulation . Le Tonkin a conservé une sapèque en zinc qui a également cours dans quelques régions de l'Annam . La ligature dont il est parlé ci - dessus se compose de sapè ques en zinc ou en cuivre réunies par un lien qui passe dans le trou réservé au centre de ces pièces . C'est l'unité monétaire entre indigènes . Au Tonkin , et dans quelques régions de l'Annam la ligature ( quan ) se compose de six cents sapèques en zinc ; elle se divise en tiens de dix sapèques chaque ; en Annam , la ligature est formée par la réunion de cent sapèques en cuivre et divisée en dix tiens ; huit à dix ligatures représentent une piastre . La ligature employée Cambodge ne comprendrait que 450 à 500 sapè ques , huit sapèques valant environ un centime de notre mon"


 * "Similarly, in Annam , apart from the piastre and sapeque ligatures , it is worth mentioning the silver sapeque worth a two ligature , - the silver luong : small ingot worth twelve ligatures , the large silver nen ingot which represents one hundred and forty ligatures, finally the gold luong, worth three hundred ligatures and the gold nen which is equivalent to three thousand ligatures.  Asian merchants also use in their transactions a conventional silver bar, worth about fifteen piastres and coming from the fusion of currencies withdrawn from circulation.  Tonkin has preserved a zinc sapèque which is also current in some regions of Annam.  The ligature mentioned above is made up of zinc or copper sapè cs joined by a link which passes through the hole reserved in the center of these pieces.  It is the monetary unit between natives.  In Tonkin, and in some regions of Annam, the ligature (quan) is composed of six hundred zinc sapeks;  it is divided into ten coins of ten each;  in Annam, the ligature is formed by joining one hundred copper sapeques and dividing into ten ten;  eight to ten ligatures represent a dollar.  The ligature employed Cambodia would include only 450 to 500 sapè cs, eight sapèques being worth approximately one penny of our mon"

Gallica links

 * https://gallica.bnf.fr/ark:/12148/bpt6k5586105p/f13.item.r=Sap%C3%A8ques.zoom
 * ✅. --Donald Trung (talk) 22:33, 19 January 2022 (UTC).
 * ✅. --Donald Trung (talk) 22:33, 19 January 2022 (UTC).


 * https://gallica.bnf.fr/ark:/12148/bpt6k5585823q/f21.item.r=Sap%C3%A8ques.zoom
 * ✅. --Donald Trung (talk) 23:11, 19 January 2022 (UTC).
 * ✅. --Donald Trung (talk) 23:11, 19 January 2022 (UTC).


 * https://gallica.bnf.fr/ark:/12148/bpt6k14163009/f1.item.r=Sap%C3%A8ques.zoom
 * ✅. --Donald Trung (talk) 10:32, 20 January 2022 (UTC).
 * ✅. --Donald Trung (talk) 10:32, 20 January 2022 (UTC).


 * https://gallica.bnf.fr/ark:/12148/bpt6k6123695g.r=Sap%C3%A8ques?rk=42918;4#visuAccordion
 * ✅. --Donald Trung (talk) 19:02, 20 January 2022 (UTC).
 * ✅. --Donald Trung (talk) 19:02, 20 January 2022 (UTC).


 * https://gallica.bnf.fr/ark:/12148/bpt6k1473560.r=Sap%C3%A8ques?rk=321890;0#visuAccordion
 * ✅. --Donald Trung (talk) 20:01, 22 January 2022 (UTC).
 * ✅. --Donald Trung (talk) 20:01, 22 January 2022 (UTC).

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