Paper money of the Qing dynasty

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Paper money of the Qing dynasty

Donald Trung: /* History */Publishing an article about the banknotes of the Manchu Qing Dynasty.

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[[File:南京 5 Silver Dollars (光緒三十三年).png|thumb|right|A banknote of 5 [[Silver Dragon (coin)|Dragon dollars]] issued in 1907 by the Kiangnan Yu-Ning Government Bank for circulation in the [[Jiangnan]] region.]]

The '''paper money of the [[Qing dynasty]]''' ([[Traditional Chinese]]: 清朝鈔票) was periodically used alongside a [[Qing dynasty coinage|bimetallic coinage system]] of [[Cash (Chinese coin)|copper-alloy cash coins]] and silver [[sycee]]s, paper money was used during different periods of [[History of China|Chinese history]] under the [[Manchu people|Manchu]]-led Qing as the Qing had learned from the previous experiences of the [[Song dynasty|Song]],<ref> Glahn, Richard von (2006). "Re-Examining the Authenticity of Song Paper Money Specimens", Journal of Song-Yuan Studies, 36: 79-106.</ref> [[Jurchen people|Jurchen]] [[Jin dynasty (1115–1234)|Jin]], [[Mongol Empire|Mongol]] [[Yuan dynasty|Yuan]], and [[Ming dynasty|Ming dynasties]] with paper money where uncontrolled printing lead to [[hyperinflation]].<ref>Bernholz, Peter (1997). "Paper Money Inflation, Prices, Gresham's Law and Exchange Rates in Ming China", Kredit und Kapital, 30/1: 35-51.</ref><ref>Chen, Chau-Nan, Chang Pin-Tsun, Chen, Shikuan. "The Sung and Ming Paper Monies: Currency Competition and Currency Bubbles", Journal of Macroeconomics, 17/2: 273-288.</ref><ref> Li, Kangying (2007). "A Study on the Song, Yuan and Ming Monetary Policies against the Context of Worldwide Hard Currency Flows during the 11th-16th Centuries, and their Impact on Ming Institutions and Changes", in Angela Schottenhammer, ed. The East Asian Maritime World 1400-1800: Its Fabrics of Power and Dynamics of Exchanges ([[Wiesbaden]]: Harrassowitz), 99-136.</ref> During the earliest days of the Qing dynasty paper money was used but this was quickly abolished as the government sought not to repeat history for a fourth time, however under the reign of the [[Xianfeng Emperor]] due to several large wars and rebellions (most notably the [[Taiping Rebellion]]) the Qing government was forced to issue paper money again.<ref>Huang Da (黃達), Liu Hongru (劉鴻儒), Zhang Xiao (張肖), ed. (1990). Zhongguo jinrong baike quanshu (中國金融百科全書) ([[Beijing]]: Jingji guanli chubanshe), Vol. 1, 94. (in [[Mandarin Chinese]])</ref><ref>Wu Chouzhong (吳籌中) (1993). "Zhongguo gudai zhibi (中國古代紙幣)", in Zhongguo da baike quanshu (中國大百科全書), Wenwu boguguan 文物·博物館 ([[Beijing]]/[[Shanghai]]: Zhongguo da baike quanshu chubanshe), 784. (in [[Mandarin Chinese]]).</ref><ref>Xie Tianyu (謝天宇), ed. (2005). Zhongguo qianbi shoucang yu jianshang quanshu (中國錢幣收藏與鑒賞全書) ([[Tianjin]]: Tianjin guji chubanshe), Vol. 2, 506, 508. (in [[Mandarin Chinese]]).</ref>

The reason why the government was forced to reform the imperial monetary system with a very complex system during the Taiping Rebellion was because the rebels had blocked the access of mint metals from the southwest of China, but more money was still needed to fight the ongoing insurgency. The advisors of the Xianfeng Emperor not only introduced [[copper-alloy]] cash coins with higher denominations than one, as well as introducing new cash coins made of metals other than [[brass]], but also revived paper money in the shape of the '''[[Xianfeng Baochao]]''' (咸豐寶鈔).<ref>Williams, S. Wells (1975). "Paper Money among the Chinese", T'ung Pao: Journal of the Society for Oriental Numismatics, 1/2: 38-40 [reprinted from The Chinese Repository, 20 (1851)].</ref><ref>Rowe, William T. (2010). "Money, Economy, and Polity in the Daoguang-Era Paper Currency Debates", Late Imperial China, 31/2: 69-96.</ref> Quite important for the war effort is the fact that the imperial Qing government earned some revenue by issuing these new types of currencies.<ref>Kaske, Elisabeth (2015). "Silver, Copper, Rice and Debt: Monetary Policy and Office Selling in China during the Taiping Rebellion", in Jane Kate Leonard, Ulrich Theobald, ed. Money in Asia (1200 – 1900): Small Currencies in Social and Political Contexts ([[Leiden]]/[[Boston]]: Brill), pages 343–397.</ref>

During the latter half of the 19th century various foreign banking corporations and credit institutes started doing business in China, the paper notes issued by these companies started circulating in China leading to many local companies imitating their designs and even outsourcing the production of paper money. The strong influence of these foreign banks had a modernising effect on both the economy and the currency of the Qing dynasty leading to the imperial government issuing their own versions of modern paper money. The denominations on the paper money was as chaotic as that of the coinage types and the different exchange rates used regionally was also applied locally while banknotes denominated in [[copper-alloy]] currency had a different value than banknotes denominated in [[silver]] currency, concurrently banknotes issued by different branches or different banks were also discounted with paper bills issued by more reliable banks being both valued more and in higher demand than those issued by institutions with a less favourable reputation.

In the early 20th century the government of the Qing dynasty attempted to [[Decimal currency|decimalise the currency]] among many other economic reforms and established a [[national bank]] to oversee the production of paper money, however the chaotic monetary situation continued to plague interregional trade and would later be inherited by the [[Republic of China (1912–1949)|Republic of China]].

== History ==

=== Hubu Guanpiao and other early Qing paper money ===

[[File:Dà Qīng Hù Bù Guān Piào (大清戶部官票) 01.png|thumb|left|A later made [[Da-Qing Hubu Guanpiao]] (大清戶部官票, ''dà qīng hù bù guān piào'') of 1 [[tael]] (壹兩).]]

During the [[transition from Ming to Qing]] the Manchu government issued banknotes known as '''[[Hubu Guanpiao]]''' (戶部官票) or ''[[Shunzhi Guanpiao]]'' (順治官票)<ref name="ExclusiveCoinsShanghaiMuseum">Liquid error: wrong number of arguments (1 for 2)</ref> which were first issued in the year 1651 on initiative of the Minister of Revenue, [[Wei Xiangshu]] (魏象樞) during the war with [[Southern Ming dynasty|the remnants of the Ming dynasty]] to cover the more immediate expenses of the Manchus as the finances of the Qing during this period were in dire distress, these banknotes were declared void only a decade after their issued. [[Peng Xinwei]] suggests that the Manchus started issuing banknotes in response to the treasury of the Qing dynasty experiencing funding shortfalls which were occasioned by the a campaign to occupy the island of [[Zhoushan]] (near modern [[Shanghai]]).<ref>Yang Lien-sheng (1954) Money and credit in China: a short history. [[Harvard University Press]], [[Cambridge, Massachusetts|Cambridge]], [[Massachusetts]], p. 68.</ref><ref>Shi Yufu (石毓符) (1984) Zhongguo huobi jinrong shilüe (中國貨幣金融史略). Tianjin renmin chubanshe, [[Tianjin]], pp. 109–11. (in [[Mandarin Chinese]]).</ref> An annual amount of 128,000 ''[[Cash (Chinese coin)#Stringing of cash coins|guàn]]'' (貫) were issued, with a total sum of 1.28 million ''guàn'' being produced before they were abolished. The denominations of the Hubu Guanpiao followed the pattern of the [[Da Ming Baochao|Ming dynasty period paper notes]], but as historiographical sources about the early Qing era paper money are scare, not much can be known about them.<ref>Nei Menggu – [[Inner Mongolia]]n numismatics (1992): Pl. 16. (in [[Mandarin Chinese]]).</ref><ref name="QingPaperMoney">Liquid error: wrong number of arguments (1 for 2)</ref>

After the Hubu Guanpiao it was only rarely suggested by [[Mandarin (bureaucrat)|court officials]] to reintroduce paper money to the Qing Empire, among these were [[Cai Zhiding]] (蔡之定) in 1814 and [[Wang Yide]] (王懿德) in his treatise on money known as ''Qianbi Chuyan'' (錢幣芻言).<ref name="QingPaperMoney"/> Peng Xinwei suggested that the Manchu rulers of the Qing were very much atavistic towards the inflationary pressure that the [[Jin dynasty (1115–1234)|earlier Jurchen Empire]] experienced after they had abused their ability to print [[Jiaochao]] banknotes. Modern scholars argue that the banknotes issued during the Shunzhi period, while only brief, likely entrenched the reluctance of the Qing dynasty to issue banknotes because this issue also proved inflationary confirming their fears.<ref>Wei Jianyou (魏建猷) (1986) ''Zhongguo jindai huobisi'' (中國近代貨幣史). Huangshan shushechuban, p. 83. (in [[Mandarin Chinese]]).</ref><ref>[[Peng Xinwei]] (彭信威) (1958) [rev. 1970, 1988, 2007] Zhongguo huobishi (中國貨幤史). Shanghai renmin chubanshe, [[Shanghai]], pp. 556–559. (in [[Mandarin Chinese]]).</ref>

During this era privately produced paper notes and [[promissory note]]s known as ''Sipiao'' (私票) were used in the Chinese market that were mostly issued by private banks (錢莊) and other merchants, these banknotes were known as like ''Huipiao'' (會票, "corporate notes"), ''Yinpiao'' (銀票, "silver notes"), or ''Qianpiao'' (錢票, "cash notes"). As is usual for China the names designating privately produced banknotes varied greatly across the country with names being used such as ''Pingtie'' (憑帖), ''Duitie'' (兌帖), ''Shangtie'' (上帖), ''Hupingtie'' (壺瓶帖), or ''Qitie'' (期帖). The denominations used on them varied greatly with some reaching as high as 5 ''[[Tiao (currency unit)|diào]]'' (吊, "string of cash coins"). It has been suggested by [[Taiwan]]ese economic historian [[Lin Man-houng]] that Chinese money shops did not start with the production of their own private banknotes until the end of the [[Qianlong Emperor|Qianlong period]], these shops were very likely to have been more developed in [[Northern China]], where these money shops produced banknotes which were mostly denominated in cash coins while banknotes from [[Southern China]] tended to be denominated in taels of silver.<ref>[[Lin Man-houng]] (2006) ''China upside down: currency, society and ideologies.'' [[Harvard University Press]], [[Cambridge, Massachusetts|Cambridge]], [[Massachusetts]], pp 1808–1856, pp. 36–37.</ref> It is also possible that private-order banknotes could have emerged earlier in the 18th century and that their presence would become very common by the 1820s.<ref>Hou Houji (侯厚吉), Wu Qijing (吴其敬) (1982) ''Zhongguo jindai jingji sixiang shigao'' (中國近代經濟思想史稿). Heilongjiang renminchubanshe, [[Harbin]], vol. 1, p. 11. (in [[Mandarin Chinese]]).</ref>

By the middle of the 1800s various [[Western world|Western]] credit institutes and foreign banking corporations were operating in the Qing dynasty, during the late 1840s they began producing [[bills of exchange]], promissory notes, or other forms of paper money for the Chinese market which the Chinese referred to as ''Fanpiao'' (番票). This introduced modern credit instruments to the traditional Chinese business world<ref>Nei Menggu qianbi yanjiu hui (內蒙古錢幣研究會), Zhongguo qianbi bianjibu (《中國錢幣》編輯部), ed. (1992); Cai Mingxin (蔡明信) (transl.). Zhongguo guchao tuji ([[Beijing]]: Zhongguo jinrong chubanshe). (in [[Mandarin Chinese]]).</ref><ref name="QingPaperMoney"/> and greatly bolstered the reformist monetary discourse in China and would later be emulated by homegrown Chinese modern banks, this affected both the private market and the imperial Chinese bureaucracy.<ref>[[Niv Horesh|Horesh, N]] (2014) ''Chinese Money in Global Context: historic junctures between 600 BCE and 2012.'' [[Stanford University Press]], [[Stanford]].</ref><ref>Cheng Linsun (2003) ''Banking in modern China: entrepreneurs, professional managers and the development of Chinese banks''. [[Cambridge University Press]], [[New York City|New York]], pp 1897–1937</ref>

=== Xianfeng era paper money ===

[[File:Qing Dynasty-2000 wen-1859.jpg|thumb|right|A [[Da-Qing Baochao]] banknote of 2000 ''[[Chinese cash (currency unit)|wén]]'' issued in 1859.]]

During most the Manchu Qing dynasty the monetary system largely relied mostly on copper-alloy [[Cash (Chinese coin)|cash coins]] (銅錢) denominated in [[Chinese cash (currency unit)|''wén'']] (文) for small transactions and the general retail market and silver [[sycee]]s (銀兩 or 銀錠) denominated in [[tael]]s (兩) for larger transactions and the wholesale market. The general [[exchange rate]]s between these two currencies fluctuated based both on time and on the location they were traded in, however the official exchange course was set my the imperial government as 1000 ''wén'' of copper-alloy cash coins for 1 tael of silver. Prior to the year 1800 the exchange rates were actually closer to 700 or 800 ''wén'' for 1 tael, but by the 19th century this has increased to 1200 ''wén''. By the second half of the 19th century the imperial government of the Qing decided to experiment with cash coins that had a denomination higher than 1 ''wén'' which were known as Daqian, (大錢, "large money") because of copper shortages, but as the shortages ran higher the government decided to reintroduce paper money.<ref name="CambridgeInflation">Liquid error: wrong number of arguments (1 for 2)</ref><ref name="QingPaperMoney"/>

Under the reign of the [[Xianfeng Emperor]] the [[Da-Qing Baochao]] (大清寶鈔) was introduced, these were based on the earlier [[Da-Ming Baochao]] from the Ming dynasty in style and layout and denominated in Zhiqian (制錢, "Standard cash coins") which were the high quality cash coins issued by the two central government mints in [[Beijing]], for this reason they were popularly nicknamed Qianpiao (錢票, "cash notes"). These banknotes were initially issued in the denominations 250 ''wén'', 500 ''wén'', 1,000 ''wén'', 1,500 ''wén'', and 2,000 ''wén'' but as the [[Economy of China|Chinese economy]] was suffering from inflation denominations of 5,000 ''wén'', 10,000 ''wén'', 50,000 ''wén'' and 100,000 ''wén'' were introduced.<ref name="SandrockCopperCashNotes">Liquid error: wrong number of arguments (1 for 2)</ref> The Da-Qing Baochao notes were imprinted with a statement that they were convertible into copper cash coins however the statement also included the line that these banknotes could not be used for tax payment to the government.<ref name="QingPaperMoney"/> In reality the Da-Qing Baochao were not redeemable at all.<ref name="ChinaKnowledgePaperMoney">Liquid error: wrong number of arguments (1 for 2)</ref> Imperial China saw itself as being at the center of the universe and that all territory "Under the Heavens" (天下) and "Regions Within the [[Four Seas]]" (四海) were included within their domains and for this reason the copper-alloy cash notes of this era bear the four characters "Tian xia tong xing" (天下通行) in their right border design, which translated into [[English language|English]] means "to circulate under the heavens".<ref name="SandrockForeignBanknotes1">Liquid error: wrong number of arguments (1 for 2)</ref>

The Da-Qing Baochao banknotes were supposed to enjoy circulation in all territories of the Qing dynasty. In order to facilitate this widespread adoption of the new paper currency the Da-Qing Baochao banknotes were issued to the general public through semi-official banks known as the [[Yu bank]]s, [[Ch'ien bank]]s, and [[T'ien bank]] groups, these semi-official banks served as the fiscal agents of the Ministry of Revenue.<ref name="SandrockCopperCashNotes"/><ref>Shanxi Provincial Academy of Social Sciences, ed., ''Shanxi piaohao shiliao'' (山西票号史料) ([[Taiyuan]]: Shanxi jingji chubanshe, 1992), pp. 36-39. (in [[Mandarin Chinese]]).</ref> In reality however, these banking groups were both independent from the Chinese government and from each other and weren't under any form of imperial government supervision. There were 5 "Yu Banks" which were already existing Chinese private banks, while the Ch'ien and T'ien banks were large cash shops which received a government license to distribute the new paper currency.<ref name="SandrockCopperCashNotes"/> The T'ien shops also fulfilled the purpose of being publicly funded pawnshops, they dealt in both pawned items and deposits. It is important to note that none of these institutions would survive the inflation, drowning in an ever increasing sea of Da-Qing Baochao cash notes.<ref name="SandrockCopperCashNotes"/> By the year Xianfeng 11 (1861) these institutions had all closed as they went bankrupt. The fall of the T'ien shops was quickened by Chinese peasants who, with the inflation affecting the paper money running rampant, opted to speedily redeem their pawned items with the depreciated Da-Qing Baochao. This run on the T'ien shops had practically doomed the Chinese pawnshop business overnight.<ref name="SandrockCopperCashNotes"/>

During this era another type of banknote was also introduced known as the ''Yinpiao'' (銀票, "silver notes") or ''Yinchao'' (銀鈔, "silver notes") which were issued by the [[Ministry of Revenue (imperial China)|Ministry of Revenue]] and were commonly known as [[Hubu Guanpiao]] (戶部官票) for this fact.<ref name="SandrockSilverTaelNotes">Liquid error: wrong number of arguments (1 for 2)</ref> These silver notes were issued in denominations of values 1 tael, 3 taels, 5 taels, 10 taels, and 50 taels. These banknotes had a guideline written in both [[Manchu language|Manchu]] and [[Mandarin Chinese]] declaring that they had to be discounted by 2% when they exchanged into Beijing market silver and when counted against the [[Kuping tael]], the Yinpiao notes were discounted at 6 per cent.<ref name="QingPaperMoney"/> The conversion rate between copper-alloy cash notes (錢鈔) and silver tael notes (官票) was 2 cash notes to 1 silver note, these banknotes exchangeable into copper cash coins and silver, but only in certain institutions in Beijing under the Ministry of Revenue.<ref name="ChinaKnowledgePaperMoney"/> The term ''Chaopiao'' (鈔票) was first used exclusively for paper notes issued by the imperial government, but later on was also used to refer to privately produced paper notes issued by private market banks and merchant companies.<ref name="QingPaperMoney"/>

These banknotes were all introduced in the year 1854 and during the first few months after they were minted they started being distributed in the form of salary for both government officials and the military, however the imperial government itself did not accept them as a method of payment including for taxation, likewise many provincial governments also refused to accept the new paper currency. Later on these banknotes were slowly gaining acceptance throughout the Qing Empire. Consequentially due to their limited acceptability these paper notes were severely discounted in the private market sector if accepted at all.<ref name="ChinaKnowledgePaperMoney"/> In the year 1855 a cash note of 1000 ''wén'' or a silver note of 1 tael were just accepted for 450 Beijing cash (Jingqian, 京錢) or 200-300 standard cash coins by the private market.<ref name="ChinaKnowledgePaperMoney"/> The market value of paper currency would consistently decrease as the imperial government kept printing both more of it and higher denominations, by the years 1861 the government mandated paper money had overstayed their usefulness and consequently was completely abolished. During this year ''Yinchao'' had already disappeared from general circulation, and a 1,000 ''wén'' cash note had a market value of as little as 26 ''wén'', or 52 ''wén'' at the most.<ref name="ChinaKnowledgePaperMoney"/>

During the period when the Da-Qing Baochao and Hubu Guanpiao series of banknotes were introduced 9 government banks in Beijing (of which 4 were newly established institutions) started issuing another type of cash note known as the [[Guanhao Qianpiao]] (官號錢票), these cash notes were backed by reserved kept in Daqian rather than standard cash coins. The Guanhao Qianpiao were modeled after privately produced banknotes known as the ''Sihao Qianpiao'' (私號錢票), these private cash notes would also continue to circulate alongside the new currencies. Both the Guanhao Qianpiao and Sihao Qianpiao were based on the Jingqian accounting unit of cash coins as was used in Beijing, this meant that for example of one were to exchange 15,000 ''wén'' worth of Guanhao Qianpiao or Sihao Qianpiao cash notes in the year 1861 that person would only receive 7500 ''wén'' worth of physical coins (or 750 cash coins of 10 ''wén'' to be more precise). This practice was asymmetrical as government documents noted a string of cash coins as 1000 ''wén'' while paying out only 500 ''wén'' for these cash notes. Both the Da-Qing Baochao cash notes and Hubu Guanpiao tael notes continued to be accepted in the practice of [[Office selling (China)|office selling]] and would continue to circulate in the provinces of China proper as non-interest bearing debentures until the years 1867–1868.<ref>Zhengce yanjiu (清代財政策与貨幣政策研究) ([[Wuhan]]: Wuhan da xue chu ban she, 2008), pp. 638–639. (in [[Mandarin Chinese]]).</ref>

During the early [[Tongzhi Emperor|Tongzhi]] era (同治, 1862–1874) the provincial governments of [[Henan]] and [[Sichuan]] completely stopped accepting paper money for tax payment and again began requiring tax payment exclusively in silver, yet the provincial government of [[Zhili]] continued to accept the paper notes for tax payments, at least in a certain proportion to silver, which was preferred. The Xianfeng era paper currency was ultimately given up in the year 1868.<ref name="ChinaKnowledgePaperMoney"/>

=== Foreign banks and the currency reforms of the late 19th and early 20th centuries ===
[[File:大清帝國 1 Dollar - Imperial Chinese Railways, Shanghai Branch (1899) 01.jpg|thumb|left|A banknote of 1 dollar issued by the [[Imperial Chinese Railways]] in the year 1899.]]

During the final decades of the 19th century, private Chinese banks and merchant companies used two types of paper money for their daily exchanges, one type was denominated in Chinese money and the other type was denominated in foreign currencies. Various foreign banks in China, which were locally known as ''yanghang'' (洋行) or ''waishang yinhang'' (外商銀行),<ref name="ChinaKnowledgeQianzhuang">Liquid error: wrong number of arguments (1 for 2)</ref> issued paper money for local circulation, these foreign financial institutions both challenged the Chinese banking system and set an example for them to improve themselves, foreign banks were crucial in laying the foundation for the rise of modern Chinese banks and the popularisation of banknotes in the Qing dynasty in the beginning 20th century.<ref>Xian Ke (獻可) (1958) ''Jinbainianlai diguozhuyi zai Hua yinhang faxing zhibi gaikuang'' (近百年來帝國主義在華銀行發行紙幣概況) [a survey of banknote issuance by imperialist banks in China in the last century]. Shanghai renmin chubanshe, [[Shanghai]]. (in [[Mandarin Chinese]])</ref><ref>Rawski TG (1989) ''Economic growth in prewar China''. [[University of California Press]], [[Berkeley]].</ref> These foreign banks included [[Mackellar (company)|Mackellar]] (麥加利), the [[Hong Kong and Shanghai Banking Corporation]] (匯豐銀行), the [[Deutsch-Asiatische Bank]] (德華銀行), and the [[City Bank of New York]] (花旗) produced notes denominated in silver taels (銀兩) and Chinese silver dollars (銀元). The banknotes of Mackellar, the [[HSBC]], and the Deutsch-Asiatische Bank were denominated in 1 [[tael]], 5 taels, 10 taels, 50 taels, and 100 taels, while the banknotes issued by the City Bank of New York were denominated in 1 [[Yuan (currency)|yuan]], 3 yuan, 10 yuan, 50 yuan, and 100 yuan. These banknotes were commonly used in the region around the [[Yangtze River]]. Meanwhile in [[Manchuria]] the [[Russo-Chinese Bank]] (華俄道勝銀行) issued [[Russian ruble]] notes (盧布票) and the [[Japan]]ese banks operating in the region issued military notes (軍用票). In [[Southern China]] the [[Yokohama Specie Bank]] (横浜正金銀行) issued [[gold]] notes (金票) and [[Hong Kong dollar|Hong Kong notes]] (香幣) for the local market.<ref name="QingPaperMoney"/> Foreign banks established branches throughout imperial China in order to facilitate trade with the home country of those operating these companies. These credit institutions were not permitted to operate wherever they wished to set up an office and had no right to do business outside their assigned jurisdictions as their operations were limited to the "[[treaty port]]s" which the Chinese government had set aside under the terms of the indemnity laws enforced upon the Qing dynasty after losing two [[opium wars]]. Operating entirely within the foreign-held enclaves of China, these banks were not subject to [[Law of China|Chinese law]], rather they were operating under the banking laws of their respective mother countries. Some foreign banks also maintained several branches in multiple treaty ports, which permitted a bank in one locality to discount its own banknotes from another branch.<ref name="SandrockForeignBanknotes1"/> Despite the restrictions placed upon foreign banks their operations, with few exceptions, were so successful that the Chinese people preferred them over "indigenous" Chinese banks. Because their operations were so reliably managed, the banknotes issued by the foreign banks were in great demand and consequently circulated throughout all of Qing territory.<ref name="SandrockForeignBanknotes1"/>

The main financial institutions serving as intermediaries between the [[Europe]]ans and the Chinese for financial purposes were the [[Qianzhuang]] (錢莊, known in [[English language|English]] as "money shops" or "native banks"), the Qianzhuang tended to be small proprietorships which had unlimited liability. These financial institutions were often sparsely aligned along family and [[Chinese languages|linguistic]] ties and they were rarely patronised by the local government authorities. Larger Qianzhuang would issue company scrip against individual deposits which were known as Zhuangpiao (莊票, "shop coupon"), this scrip was also accepted by proximate shops but to cash these out would take around 10–15 days after it was given to the shop, this was because couriers would have to liaise with the issuing shop in order to rule out fraudulent Zhuangpiao notes. During the 1860s the Qianzhuang of Shanghai started looking to the foreign banking companies as a source of [[Capital (economics)|capital]], by the year 1888 sixty two of the largest Qianzhuang had engaged in borrowing millions of taels in silver in loans from foreign banks on a yearly basis. The Qianzhuang would mobilise their domestic resources to an order of magnitude that would exceed the paid-up capital that they initially received several times over, this happened mostly through issuing banknotes and deposit receipts. British banks operating in China would often accept Zhuangpiao as a security for the loans they gave out to Qianzhuang. This makes it plausible that chop loans originated because of the wildely used prevalence of Zhuangpiao in China that British banks could simply not just to reject them when they were being offered to them by foreign merchants in China. During this era foreign banking companies tended to have an account at least one Qianzhuang, since only the guilds operated by them could clear the large number Zhuangpiao forms that were circulating in the city of Shanghai, this happened through a rather elaborate daily mechanism which was dubbed ''Huihua'' ("draft exchange").

The main business foreign banks conducted themselves in was the handling of bills of exchange for which foreign banks enjoyed a practical monopoly in the lucrative [[foreign exchange]] business, the foreign banks were in such a dominant position that they dominated exchange rates between China and the outside world. As China was made up of many different types of currency in its different geographical areas there existed a great opportunity for profit which foreigners benefited from. The currency situation in China made this profitability possible for the simple reason that in China hard money was always viewed as a commodity which only coincidentally served as a [[medium of exchange]]. This meant that a foreign bank's buying and selling rates on currency in circulation differed, generally returning a [[net profit]] to the bank on each and every transaction dealing with money exchange. Additional sources of income for foreign banks operating in China were derived from floating loans for the cash starved government of the Qing dynasty and by transmitting remittances to and from China.<ref name="SandrockForeignBanknotes1"/>

The monetary units "[[Yuan (currency)|yuan]]" (元 and 圓) were first seen during the late 18th century and were used on foreign issued banknotes. In the year 1895 the first Chinese banknotes denominated in "yuan" (圓) were issued, by the government-owned [[State Railway Company of Beiyang]] (北洋鐵軌官路局). These banknotes were printed in the city of [[London]] in the [[United Kingdom of Great Britain and Ireland|United Kingdom]] and generally seen seen as the first modern paper bills of China, as they are designed in a horizontal mode and in much smaller format than the traditional Chinese paper notes, and inscribed in Mandarin Chinese and [[English language|English]] ("Imperial Chinese Railways"). In 1895 the [[Central Paper Money Office in Tainan]] (臺南官銀錢票總局) in [[Taiwan under Qing rule|Taiwan]] issued banknotes denominated in the currency unit dayuan (大圓, "big yuan"), and had the denominations 1 dayuan, 5 dayuan, and 10 dayuan however these banknotes followed the traditional design of Chinese paper notes.<ref name="QingPaperMoney"/>

The [[Imperial Bank of China]] (中華帝國銀行) was founded in the year 1897 based on a suggestion made by [[Sheng Xuanhuai]] (盛宣懷, 1844–1916), in 1898 it began issuing the first Chinese commercial cheques (兌換券) which were denominated in taels or in yuan. In 1913 (after the fall of the Qing dynasty) the Imperial Bank of China was renamed the [[Commercial Bank of China]] (中國商業銀行).<ref>[https://ift.tt/2MaeSwe The First Modern Chinese Bank - the Imperial Bank of China]</ref><ref>[https://ift.tt/2KAxi6d No 6 THE RUSSELL BUILDING - SHANGHAI]</ref> Various provincial authorities also started issuing local paper money during this era. In the province of [[Hubei]] the local Money Office (官錢局) started producing banknotes of 1000 ''wén'' which used the traditional Chinese banknote designs, later in 1899 the [[Zhang Zhidong]] (張之洞), [[Viceroy of Huguang]] ordered the local money office to also start making modern-style banknotes, the production of these was [[Outsourcing|outsourced]] to the [[Empire of Japan]] using high-quality methods, however the design of these banknotes were still vertical as opposed to the horizontal banknotes used elsewhere. In the province of Guangdong, a series of modern-style banknotes was introduced in year 1904 which were denominated in 1 yuan, 5 yuan, and 10 yuan. These banknotes were printed by the Japanese [[Ministry of the Treasury]] (日本大藏省), but unlike the notes printed for Hubei had a Western-style vertical design.<ref name="QingPaperMoney"/>

The principal function of a foreign bank was to promote and finance foreign trade. For this reason foreign banks in Qing China could only finance projects within the treaty ports were not allowed to participate in those beyond without sanction of the imperial Chinese government. In this way foreign banks did not compete with the interests of the local Chinese commercial banks. Typically, a foreign bank would return an annual profit of from 15% to 20% to its [[shareholder]]s. The funds held on deposit by foreign banks were always large and compared to the funds of Chinese commercial banks were extremely secure, as the bulk of them represented Chinese customs and salt revenues held as collateral against foreign loans. Because of this security, the banknotes issued by foreign banks were in great demand by the Chinese causing them to circulate freely throughout the Chinese empire in contrast to the limitations placed upon the banks' operations which were only allowed inside of the treaty ports.<ref name="SandrockForeignBanknotes1"/>

During the late Qing dynasty period the old paper notes remained in common usage, these included the traditional privately produced paper notes which were printed on just one side of the bill issued by merchants banks known as ''Qianzhuang'' (錢莊), ''Yinhao'' (銀號), and ''Shangpiao'' (商票) and pawn shops known as ''Diandang'' (典當) as well as the old-style banknotes issued by provincial government institutions, to the modern banknotes which were introduced by a dozen or so of foreign banks operating in China and modern Chinese banks which were created in very large numbers in the later years of the 19th century. Furthermore there were also banknotes which were brought into the Chinese financial markets by imperial government-owned firms like railway companies, and foreign bills coming to China through the trade ports like [[Shanghai]]. The large spectrum of these types of paper money reflected the structure of the general Chinese credit market in the late Qing period.<ref name="QingPaperMoney"/> The traditional Chinese credit institutes were local Qianzhuang banks, Yinhao banks, Piaohao banks, and pawnshops, of which a considerably number was always to be found in each city across the Chinese Empire. Many provincial governments founded their own local provincial, state-owned banks which were known as ''Guanqianju'' (官錢局) or ''Guanyinhao'' (官銀號), in some provinces even several modern credit institutes were to be found, like the Yuning Bank (裕寧官銀錢局) and the Yusu Bank (裕蘇官銀錢局) in the province of [[Jiangsu]]. Quite a few of these provincial credit companies even opened branches in other provinces due to their success.<ref name="QingPaperMoney"/>

After It became clear to the Qing government that their finances weren't going to remain self-sufficient in light of the two Opium Wars, the [[First Sino-Japanese War]], and the [[Boxer Rebellion]], the imperial Chinese court decided that it would have to raise capital through the foreign banking corporations operating in China.<ref>Fenerwerker, Albert - The Chinese Economy, 1870-1911, [[Ann Arbor, Michigan|Ann Arbor]], [[Michigan]] 1969, [[Center of Chinese Studies, University of Michigan|Center of Chinese Studies]], [[University of Michigan]].</ref> The Chinese defeats during these wars were perceived as being "unexpected" by the Qing government and threw it into a state of turmoil, the Qing was plunged deeply into debt to pay for war indemnities making the need for foreign capital great.<ref name="SandrockForeignBanknotes1"/> These foreign banking corporations had been established in the preceding decades then saw the opportunity to quickly expand their business in China to meet the Chinese government's demands. By the end of the 19th century there was a total number of 19 foreign banks operating in China with 101 branches spread all over the important trading cities of the country.<ref name="SandrockForeignBanknotes1"/> These foreign bank corporations enjoyed the protection of extraterritoriality laws and were able to issue their own banknotes to circulate within Qing territory, have the ability to take in large deposits, be trusted to manage the Maritime Customs revenue and Chinese government transfers, these foreign banks also served as acting receiving agents for war indemnities which were owed by the Qing government to foreign nations. The largest loans that were negotiated under the Chinese "borrowing foreign capital" policy were through the Hongkong and Shanghai Banking Corporation. Between the years 1895 and 1911 HSBC concluded a total of 112 loans to the government of the Qing dynasty which were worth 1,806,000,000 silver dollars.<ref name="SandrockForeignBanknotes1"/>

Of paramount principle among the business interests of the Chinese government during the Qing dynasty was the financing of 2,800 miles of newly constructed railroads in the [[Yangtze valley]].<ref name="SandrockForeignBanknotes1"/> All these expensive loans with the various foreign banking corporations were secured by China's salt tax as well as Chinese customs revenues. By making so many loans to the Chinese government the foreign banking companies were able to establish what were essentially "[[spheres of influence]]" in different regions of China with the [[Russian Empire|Russians]] in the [[Northeast China|northeast]] (specifically [[Manchuria]]), the United Kingdom enjoyed more influence in the Yangtze valley, the Japanese Empire exercised their influence in the [[Northern China|northern]] and [[Central China|central regions of China]], and the French were more influential the [[South China|southern regions]].<ref name="SandrockForeignBanknotes1"/>

From the mid-nineteenth century up to the beginning of [[World War II]], no fewer than twelve foreign countries maintained banks in China. Due to a large number of [[unequal treaties]] foreign banks enjoyed extraterritoriality rights when operating in China, which also included the freedom to issue their own banknotes.<ref name="SandrockForeignBanknotes1"/> The influx of foreign banks into China also brought with them a new type of financing which became an inspiration for Chinese entrepreneurs to found similar financial institutions in China itself, some of these were government-owned institutions, while others were privately run.<ref name="QingPaperMoney"/> These institutions were the made up of following banks:<ref name="QingPaperMoney"/><ref name="SandrockForeignBanknotes1"/><ref>[[Eduard Kann|Kann, Eduard]] - "Foreign Note-Issuing Banks in China", Far Eastern Economic Review, [[Hong Kong]], Vol. XXV, June 1957.</ref>

* [[Commercial Bank of China]] (中國通商銀行);

* [[Ta-Ching Government Bank]] (大清銀行);

* [[Bank of Communications]] (交通銀行);

* [[Ningpo Commercial Bank]] (四明銀行);

* [[Bank of Territorial Development]] (殖邊銀行);

* [[Hsing Yeh Bank of Che Kiang]] or [[Industrial Bank of Che Kiang]] (浙江興業銀行) in [[Zhejiang]];

* [[Che Kiang Bank]] (浙江銀行) in Zhejiang;

* [[Sin Chun Bank of China]] (華商上海信成銀行) in [[Shanghai]];

* [[Hsin I Savings Bank]] (信義工商儲蓄銀行) in [[Hankou]];

* [[Chuxu Yinhang]] (北京儲蓄) in [[Beijing]];

* [[Baoshan Yinhang]] (寶善銀行) in Beijing,

* [[Hetai Yinhang]] (和太銀行) in [[Yangzhou]];

* [[Chinese Mercantile Bank]] (華商通業銀行) in Yangzhou.

Despite the fact that the number of these banks was not that very high, their business proved to have a great impact on the modernisation of the financial and monetary system of China during the late imperial and the [[Republic of China (1912–1949)|early Republican era]]. Even certain government-owned institutions like the railway corporations can be seen as modern credit institutes because they issued their own modernised paper money.<ref name="QingPaperMoney"/>

An alternative narrative argues that privately issued banknotes by native banks and local money shops had become a fundamental in the late-Imperial Chinese currency system a long time before the entry of Western banking corporations into China during late 1840s. An important hypothesis of this alternative narrative speculates that the Chinese population at the time did not trust government-issued banknotes, while banknotes issued by established private banks, shops, and financiers tended to be well accepted by the general populace.<ref>Wang Yeh- chien [Wang Yejian] (王業鍵) (1981) ''Zhongguo jindai huobi yu yinhang de yanjin'' (1644–1937) (中國近代貨幣與銀行的演進) (1644–1937). [[Academia Sinica]], [[Taipei]]. (in. [[Mandarin Chinese]]).</ref><ref>Hao Yen-p'ing (1986) ''The commercial revolution in nineteenth-century China.'' [[University of California Press]], [[Berkeley]], pp. 47–50.</ref>

China signed the [[Mackay Treaty]] with the United Kingdom on 5 September 1902, this treaty included a provision where the imperial Chinese government would create a uniform coinage "which shall be legal tender in payment of all duties taxes and other obligations throughout the Empire by British and Chinese subjects". The idea behind this provision was to remove obstacles for trading in the form of a very diverse coinage system throughout China. The reality was that subsidiary production of coinage was not so lucrative to begin with. Despite the provisions set for creating a uniform coinage the treaty made no reference to banknotes.<ref>Wagel, S.S. (1915) ''Chinese currency and banking.'' North China Daily News and Herald, [[Shanghai]] p. 83.</ref><ref>Hall Ray Ovid (1921) ''Chinese national banks: from their founding to the moratorium.'' s.n, [[Berlin]], [[Weimar Republic|Germany]]. Pages 20–23.</ref> During this era both local and foreign businesses demanded the creation of a uniform Chinese currency system, which would not occur during the Qing dynasty era. There was a major question at the time whether this uniform currency system would be placed on the [[silver standard]] or the [[gold standard]]. The introduction of a uniform currency also meant that the responsibility over monetary affairs would be completely transferred over to the hands of the imperial government which at the time was heavily in debt and did not have any grip on its own finances.<ref>Faure, D. (2000) ''The Mackay treaty of 1902 and its impact on Chinese business.'' Asia Pacific Business Review (Asia Pac Bus Rev). Publisher: Taylor & Francis (Routledge), pages: 7(2):79–92.</ref>

=== Establishing a national bank ===
[[File:10 Dollars - Ta-Ching Government Bank (1910, undated).jpg|thumb|right|A 10 dollar banknote issued by the [[Ta-Ching Government Bank]] depicting [[Zaifeng, Prince Chun]] issued in 1910.]]

During the later part of the Qing dynasty era there was a discussion on weather or not the imperial Chinese government would have to establish a [[national bank]] which it finally did in 1905. [[Peng Shu]] (彭述) stated before the introduction of new banknotes that the national bank would have to keep sufficient reserves in "touchable" money (現金) at all times. The large number of private notes that were being produced all over the empire was to be restricted by introducing a stamp duty (印花稅). The reformer [[Liang Qichao]] campaigned for the government of the Qing dynasty to emulate the Western world and Japan by embracing the [[gold standard]], unify refractory the currencies of China, and issue government-backed banknotes with a ⅓ metallic reserve.<ref>Hou Houji (侯厚吉), Wu Qijing (吴其敬) (1982) ''Zhongguo jindai jingji sixiang shigao'' (中國近代經濟思想史稿). Heilongjiang renminchubanshe, [[Harbin]], vol. 3, pp. 322–339. (in [[Mandarin Chinese]]).</ref> At the end of 1905 the Ta-Ching [[Bank of the Ministry of Revenue]] (大清戶部銀行) was founded, and the production of the banknotes was entrusted to the prints of the [[Beiyang Newspaper]] (北洋報局) in [[Northern China]]. In 1906 the government of the Qing dynasty sent students to Japan to be educated about modern printing techniques, with the aim to have the [[Shanghai Commercial Press]] (上海商務印書館) print the cheques of the Ministry's Bank. The Ta-Ching Bank of the Ministry of Revenue were still issuing two different types of banknotes, one series was denominated in "tael", these were known as the Yinliang Piao (銀兩票) and had the denominations of 1 tael, 5 taels, 10 taels, 50 taels, and 100 taels. The other series was denominated in "yuan" and were known as Yinyuan Piao (銀元票) and were issued in the denominations of 1 yuan, 5 yuan, 10 yuan, 50 yuan, and 100 yuan.<ref>Bruce, Colin - Standard Catalog of World Paper Money, Volume 1, [[Iola, Wisconsin|Iola]], [[Wisconsin]] 2005, [[Krause Publications]].</ref> In the year 1907 the Ta-Ching Bank of the Ministry of Revenue was renamed to the [[Ta-Ching Government Bank]] (大清銀行), accordingly the inscription on all banknotes had to be changed to reflect this.<ref name="QingPaperMoney"/>

Following the Chinese tradition of issuing new money in a new reign, the [[Puyi|Xuantong]] administration had the design of the official Ta-Ching Government Bank paper notes somewhat changed to herald in the new emperor. The new design was inspired by the designs of the [[banknotes of the United States dollar]] of this era, some banknotes showed the portrait of [[Li Hongzhang]], others depicted that of [[Zaifeng, Prince Chun]] who at the time was the current Chinese Minister of Finance. At the eve of the [[Xinhai Revolution]] in 1911, there were 5,400,000 tael worth of Yinliang banknotes circulating in China, and 12,400,000 yuan in Yinyuan banknotes.<ref name="QingPaperMoney"/>

== List of banknotes denominated in copper-alloy cash coins issued during the Xianfeng era ==

List of banknotes denominated in copper-alloy cash coins issued during the Xianfeng era:<ref name="SandrockCopperCashNotes"/>

{|class="wikitable" style="font-size: 100%"
!colspan=4| Xianfeng cash notes (1853–1859)
|-
! Denomination !! Years of production !! Approximate size<br>(in millimeters) !! Image
|-
| 500 ''[[Chinese cash (currency unit)|wén]]'' || [[Xianfeng Emperor|Xianfeng]] 3, Xianfeng 4, Xianfeng 5, Xianfeng 6, Xianfeng 7, Xianfeng 8 || 130 x 232 || [[File:500 Wén (Cash) - Dà Qīng Bǎo Chāo (大清寶鈔) Treasury of the Great Ch'ing (1856) 01.png|75px]]
|-
| 1000 ''wén'' || Xianfeng 3, Xianfeng 4, Xianfeng 5, Xianfeng 6, Xianfeng 7, Xianfeng 8 || 138 x 240 || [[File:1000 Wén (Cash) - Dà Qīng Bǎo Chāo (大清寶鈔) Treasury of the Great Ch'ing (1858) 01.jpg|75px]]
|-
| 1500 ''wén'' || Xianfeng 4 || 126 x 233 || [[File:1500 Wén (Cash) - Dà Qīng Bǎo Chāo (大清寶鈔) Treasury of the Great Ch'ing (1854) 01.jpg|75px]]
|-
| 2000 ''wén'' || Xianfeng 3, Xianfeng 4, Xianfeng 5, Xianfeng 6, Xianfeng 7, Xianfeng 8, Xianfeng 9 || 138 x 245 || [[File:2000 Wén (Cash) - Dà Qīng Bǎo Chāo (大清寶鈔) Treasury of the Great Ch'ing (1858) 01.jpg|75px]]
|-
| 5000 ''wén'' || Xianfeng 6, Xianfeng 7, Xianfeng 8, Xianfeng 9 || 138 x 247 || [[File:5000 Wén (Cash) - Dà Qīng Bǎo Chāo (大清寶鈔) Ministry of Interior and Finance, Ch'ing Dynasty (1858) 01.jpg|75px]]
|-
| 10,000 ''wén'' || Xianfeng 7, Xianfeng 8, Xianfeng 9 || 141 x 248 || [[File:10.000 Wén (Cash) - Dà Qīng Bǎo Chāo (大清寶鈔) Ministry of Interior and Finance, Ch'ing Dynasty (1858) 01.jpg|75px]]
|-
| 50,000 ''wén'' || Xianfeng 7, Xianfeng 8, Xianfeng 9 || 147 x 267 || [[File:50.000 Wén (Cash) - Dà Qīng Bǎo Chāo (大清寶鈔) Ministry of Interior and Finance, Ch'ing Dynasty (1858) 01.jpg|75px]]
|-
| 100,000 ''wén'' || Xianfeng 7, Xianfeng 8, Xianfeng 9 || 145 x 277 || [[File:100.000 Wén (Cash) - Dà Qīng Bǎo Chāo (大清寶鈔) Ministry of Interior and Finance, Ch'ing Dynasty (1857) 01.jpg|75px]]
|}

== List of banknotes denominated in silver taels issued during the Xianfeng era ==

List of banknotes denominated in silver tael sycees issued during the Xianfeng era:<ref name="SandrockSilverTaelNotes"/>

{|class="wikitable" style="font-size: 100%"
!colspan=4| Xianfeng tael notes (1853–1858)
|-
! Denomination !! Years of production !! Approximate size<br>(in millimeters) !! Image
|-
| 1 ''[[Tael|liǎng]]'' || [[Xianfeng Emperor|Xianfeng]] 3, Xianfeng 4, Xianfeng 5, Xianfeng 6 || 151 x 250 || [[File:Dà Qīng Hù Bù Guān Piào (大清戶部官票) 01.png|75px]]
|-
| 3 ''liǎng'' || Xianfeng 3, Xianfeng 4, Xianfeng 5, Xianfeng 6, Xianfeng 7, Xianfeng 8 || 152 x 248 || [[File:大清戶部官票 3 Taels (Liǎng) - Ministry of Interior and Finance, Ch'ing Dynasty (1854) 01.jpg|75px]]
|-
| 5 ''liǎng'' || Xianfeng 3, Xianfeng 4, Xianfeng 5, Xianfeng 6, Xianfeng 7 || 154 x 250 || [[File:大清戶部官票 5 Taels (Liǎng) - Ministry of Interior and Finance, Ch'ing Dynasty (1854) 01.jpg|75px]]
|-
| 10 ''liǎng'' || Xianfeng 3, Xianfeng 4, Xianfeng 5, Xianfeng 6 || 190 x 315 || [[File:大清戶部官票 10 Taels (Liǎng) - Ministry of Interior and Finance, Ch'ing Dynasty (1853) 01.jpg|75px]]
|-
| 50 ''liǎng'' || Xianfeng 3, Xianfeng 4, Xianfeng 5, Xianfeng 6 || 190 x 310 || [[File:大清戶部官票 50 Taels (Liǎng) - Ministry of Interior and Finance, Ch'ing Dynasty (1855) 01.jpg|75px]]
|}

== Banknotes produced by Belgian banks ==
[[File:10 Mexican Dollars - Sino-Belgian Bank (Banque Sino-Belge), Shanghai Branch (1905-1912).jpg|thumb|right|A banknote issued by Shanghai Branch of the [[Sino-Belgian Bank]] (Banque Sino-Belge) denominated in"[[Mexican peso|Mexican dollars]]".]]

The [[Kingdom of Belgium]] despite being a small country was a state with a rather highly developed industrial base and also enjoyed being a centre of international trade during the later 19th and early 20th centuries. The [[Sino-Belgian Bank]] ([[French language|French]]: ''Banque Sino-Belge'') was founded by King Leopold for doing business in remittances and conducting international trade, the Sino-Belgian Bank belied its name because it did not have any indigenous Chinese participation at all, making a purely Belgian company.<ref name="SandrockForeignBanknotes2">Liquid error: wrong number of arguments (1 for 2)</ref> Following the [[Boxer Rebellion]] in the year 1900 the Sino-Belgian Bank set up a branch in the city of Shanghai, where its primary business was in handling out long-term loans for the construction of railways in China. Other branches were later opened in the cities of Beijing, Tianjin, and Hankou. Belgium itself benefited from this as it exported materials to China, especially construction materials which were used for railroads. In the scramble for Chinese railroad concessions the Sino-Belgian Bank worked closely together with the [[Compagnie General de Chemins de Fer et de Tramways en Chine]] to issue bonds first in the year 1903 and later once more in the year 1913 these company bonds were used to finance Chinese railroad construction during the early 20th century.<ref name="SandrockForeignBanknotes2"/>

The Sino-Belgian Bank issued banknotes in the year 1908 with the denominations of 1 dollar, 5 dollars, 10 dollars, and 50 dollars at all of its branches. These banknotes mostly circulated within the [[Shanghai International Settlement]] and the [[Shanghai French Concession]].<ref name="SandrockForeignBanknotes2"/>

In the year 1912 the Sino-Belgian Bank changed its name to the [[Banque Belge Pour l'Étranger]]. Banknotes issued after 1912 during the Republican period carried the new name of the bank to reflect this change. At the Shanghai International Settlement the circulation of paper notes was by the Banque Belge Pour l'Étranger never allowed to exceed 1,000,000 dollars.<ref name="SandrockForeignBanknotes2"/>

The Sino-Belgian Bank/Banque Belge Pour l'Étranger enjoyed a positive reputation in China and its banknotes were at all times well received and could always easily redeemed at the bank's offices. The Banque Belge Pour l'Étranger was forced to cease its business when the Chinese republican government took over the Chinese economy from foreign management in the year 1935.<ref name="SandrockForeignBanknotes2"/>

== Banknotes produced by British banks ==

[[United Kingdom of Great Britain and Ireland|British]] banknotes in China during the Qing dynasty were by far the most common and the most highly esteemed of all banknotes of foreign origin circulating in China at the time.<ref>Feuerwerker, A. (1958) ''China's early industrialization: sheng Hsuan-huai (1844–1916) and the mandarin enterprise''. [[Harvard University Press]], [[Cambridge, Massachusetts|Cambridge]], [[Massachusetts]].</ref> Early British banknotes that circulated in China became very influential for later Chinese banknotes and was essential for informing Chinese monetary thinking later in the 19th century and early 20th century.<ref>[[Niv Horesh]] (2009) ''Shanghai's Bund and Beyond: British Banks, Banknote Issuance, and Monetary Policy in China, 1842–1937.'' [[Yale University Press]], [[New Haven, Connecticut|New Haven]], [[Connecticut]].</ref>

=== Early British Indian banks in China ===
[[File:5 Mexican Dollars - Chartered Bank of India, Australia & China, Shanghai Branch (1900-1912) 01.jpg|thumb|left|A banknote of 5 [[Mexican peso|Mexican dollars]] issued by the [[Shanghai]] Branch of the [[Chartered Bank of India, Australia & China]].]]

At one time or another there were never less than 15 [[Great Britain|British]] owned banks that did business in the Qing dynasty, seven of these banks were from the [[British Raj|British Indian Empire]]. After the conclusions of the [[First Opium War|First]] and [[Second Opium War]]s the United Kingdom forced a number of "[[unequal treaties]]" on the Qing demanding trade rights with several Chinese ports which became known as "[[treaty port]]s". Soon after these agreements were signed the leading merchant houses of British India, setting themselves up as private banks, pursued new sources of revenue in imperial China.<ref name="SandrockForeignBanknotes1"/> Both the central and provincial governments held very little restraint in printing paper money during the Xianfeng period, this made it so that [[the Bund]] in the foreign concessions of [[Shanghai]] was one of the few places in China where paper money had actually been standardised. This also made the Bund was one of the few places where paper money could actually be exchanged for silver trade dollars or silver bullion of quality that could be verified without regard to the outside political climate. This situation wasn't much different in the city of Shanghai until the first British banks established offices there.<ref name="HoreshQing"/>

The first of these, the [[Oriental Bank Corporation]], was quick to establish a branch in Qing territory. The Oriental Bank Corporation went bankrupt in 1884. The [[London]]-based [[Chartered Mercantile Bank of India, London and China]] opened branch in the [[British Hong Kong|British crown colony of Hong Kong]] in the year 1845 and some time after the establishment of this branch commenced issuing banknotes denominated in [[Spanish dollar|Spanish milled dollars]]. This series of paper notes was based upon the Carlos silver dollar, which at the time was the generally preferred [[medium of exchange]] among Chinese merchants. The Chartered Mercantile Bank of India, London and China later opened a branch in the [[British Concession (Shanghai)|British concession]] of the port city of Shanghai in October of the year 1854, where they issued both silver dollar and tael banknotes.<ref name="SandrockForeignBanknotes1"/>

Between the years 1845 and 1866 many other British banks that were based in [[India]] started setting up offices in cities along the [[coastline of China]] such as [[Guangzhou]] and Hong Kong along the [[Pearl River Delta]] and the city of Shanghai which lies along the [[Yangtze River Delta]]. Among these Indian-based banks were the [[Agra and United Services Bank]] (which was established in the year 1853, but went bankrupt in 1866), the [[Asiatic Banking Corporation]], the [[Chartered Mercantile Bank of India, London and China]] (which was established in the year 1853), the [[Bank of Hindustan, China and Japan]], and the [[Chartered Bank of India, Australia and China]] (which was established in the year 1857). The [[Comptoir d'Escompte de Paris]] from [[France]] also started operating in China during this era. These banks functioned as the main financiers of contemporary trade between the [[Far East]] (especially Qing China) and the West ([[Europe]], [[North America]], [[South America]], and [[Australia]]). By the year 1866 these early British banks had all opened up branches in the Chinese harbour towns of [[Hankou]], Hong Kong, and Shanghai, geographic position of the latter of these ports gave it a particularly advantageous position as it is located in the Yangtze River Delta and the [[Grand Canal]] meaning that goods that go through this port would be able to reach the entirety of China. The offices of these banks were all concentrated in an area of Shanghai known as the Bund.<ref>Ji, Zhaojin - A History of Modern Shanghai Banking, [[London]], 2003, M.E. Sharpe, Inc.</ref> In the beginning the need for the services of these foreign banks in China was restricted to only trade [[opium]] from British India into Chinese territory and exports of [[Chinese tea]] to markets across the entire world. Because the time that tea could be exported was a period that lasted for during the summer months and as opium imports became increasingly restricted by the government of the Qing dynasty, many of these early Anglo-Indian banks in China went bankrupt or had to be reorganised.<ref name="SandrockForeignBanknotes1"/>

The Oriental Bank Corporation which was the first foreign bank to conduct its business in China by opening a local branch also opened up a branch in the Bund where it then started issuing its own banknotes. The British-owned Chartered Mercantile Bank of India, London and China which issued the [[banknotes of the Hong Kong dollar]] from the year 1859 until 1892 was later reorganised as the Mercantile Bank of India and stopped operating in China. After the fall of the Qing dynasty and when the Republic of China's rule over [[Mainland China|the mainland]] came to an end the only British Indian bank still operating in China was the Chartered Bank of India, Australia and China.<ref name="SandrockForeignBanknotes1"/>

The [[Asiatic Banking Corporation]] had become dependent on its trade with the [[Confederate States of America]] (CSA) and eventually tied its fate to the success of this nation which lost its [[American civil war|war of independence]] in 1865.<ref name="SandrockForeignBanknotes1"/> At the time of the American Civil War the textile mills of the United Kingdom were wholly dependent upon cotton shipped from the Confederate States of America. However the Confederates did not wish to supply cotton to the British unless they were seen as a [[United Kingdom and the American Civil War#Possibility of recognizing Confederacy|recognised state]] which the British government refused, because of this the British decided to invest more into the [[History of cotton#British Empire|cotton industry of India]] and [[British Ceylon|Ceylon]] attempting to create a whole cotton raising culture overnight to make up for the lack of Confederate cotton. The price of cotton in the United Kingdom went up immensely as the demand could not be met with the supply. Speculation in cotton futures at the time started to run rife, of these futures the Asiatic Bank was the principal provider of capital.<ref name="SandrockForeignBanknotes1"/>

After the American Civil War ended with a decisive victory for the United States of America in 1865 the Asiatic Bank had to close its doors in 1866 as the cheap cotton from the [[Southern United States]] was freely available on the British market again ending the experiment with the production of cotton in British India and Ceylon. All banknotes issued by the Asiatic Bank to circulate in Qing China had an identical design but had different branch names on them.<ref name="SandrockForeignBanknotes1"/>

The banknotes issued by these early Anglo-Indian banks which did business in the Qing dynasty between the years 1845 and 1870 are today exceedingly rare to find and are only seldom offered making them beyond the reach of the average banknote collector due to their scarcity. The quantity of paper money channeled into Chinese monetary traffic by these Anglo-Indian banks was comparatively small and in some cases exceedingly minor which explains their current rarity.<ref name="SandrockForeignBanknotes1"/>

=== Later British banks ===

The second biggest British bank in China was during the Qing dynasty was the [[Chartered Bank of India, Australia and China]], which was originally formed in [[British India]] by a [[Royal Charter]] issued under the reign of [[Queen Victoria of the United Kingdom]] in the year 1857.<ref name="SandrockForeignBanknotes1"/> In 1858 the Chartered Bank of India, Australia and China opened an office in the British crown colony of Hong Kong and in 1861 the Chartered Bank of India, Australia and China was granted the right to issue banknotes for Hong Kong. Sizable portions of some of its early business involved the discounting of bills for the export of the narcotic opium from British India to the Qing dynasty which generated a significant number of profit.<ref name="SandrockForeignBanknotes1"/>

From the year 1861 the [[Chartered Bank of India, Australia and China]] was granted the ability to produce "Notes Payable to Bearer on Demand" at all of their offices. The banknotes produced by the Chartered Bank of India, Australia and China were at all times within the safeguards obligated by the colonial British banking regulations and were generally met with great acceptance in Hong Kong and China, with the a notable exception being the city of Shanghai, where the local [[Han Chinese]] population was known for holding a prejudice against foreign produced paper money.<ref name="SandrockForeignBanknotes1"/> This negative perception of foreign paper money was in part because of the refusal of the imperial Chinese Customs House stationed there to accept them as valid currency in payment of dues. As a result of this negative bias by the authorities, there was never a large amount of foreign banknotes in circulation in Shanghai. With the sole exception of Shanghai, the [[fiat money]] issued by the Chartered Bank of India, Australia and China, which may have been circulating in small quantities, enjoyed being highly regarded by the Chinese public.<ref name="SandrockForeignBanknotes1"/><ref>"Foreign Note-Issuing Banks in China", Far Eastern Economic Review, [[Hong Kong]], Vol. XXV, June 1957.</ref>

The [[National Bank of China Limited]] was an institution of which today only very little is known. The very existence of this bank would not have been known if it weren't for the discovery of several salesman's samples in the beginning of the 21st century which mention its existence. It is known you have been operating in British Hong Kong with an additional branch in the city of Shanghai. [[Richard von Glahn]] reports that the National Bank of China Limited was established by the British in colonial Hong Kong in the year 1891 and disbanded in the year 1911. At the time of its disestablishment the National Bank of China Limited had a minor amount of paid up capital worth only [[British pound|£]]600,000.<ref name="SandrockForeignBanknotes1"/> The banknotes of this bank in circulation was always small in number. Upon closing its doors permanently all banknotes produced by the bank seemed to have been fully accounted for, which is a most unusual thing to happen in China, this explains the virtual non-existence of the National Bank of China Limited today.<ref name="SandrockForeignBanknotes1"/>

The central government of the Qing dynasty only attempted to regulate Chinese banks and its currency near the end of the dynasty, by the time that the Qing started finally implementing financial reforms China was beholden to mercy of foreign powers, because of this the issue of foreign banknotes in China and restrictions on foreign banking and foreign banks (including British banks) in general were generally not made.

=== The Hongkong and Shanghai Banking Corporation ===
[[File:5 Mexican Dollars - Hong Kong & Shanghai Banking Corporation, Shanghai Branch (01.11.1890 - 01.03.1897) 01.jpg|thumb|right|A banknote of 5 [[Mexican peso|Mexican dollars]] issued by the [[Shanghai]] branch of the [[Hongkong and Shanghai Banking Corporation]] during the 1890s.]]

The banknotes produced by the [[Hongkong and Shanghai Banking Corporation]] ([[HSBC]]) had seen extensive circulation in the territory of the Qing dynasty from the 1870s and later. In the year 1864 the Hongkong and Shanghai Banking Corporation was established by the [[Scotland|Scottish]] [[Thomas Sutherland (banker)|Thomas Sutherland]] to finance Far East trade and would later grow to become both the largest and most influential of all the foreign banks during the Qing dynasty era.<ref name="SandrockForeignBanknotes1"/> The [[Traditional Chinese characters]] for the Hongkong and Shanghai Banking Corporation were "匯豐銀行" (Huifeng Yinhang, which the British pronounced as "Wayfung"). These Chinese characters could be translated as "abundant remittances".<ref name="SandrockForeignBanknotes1"/>

Over the following years the HSBC became a banking leader in [[East Asia|East]] and [[Southeast Asia]]. This happened because the Hongkong and Shanghai Banking Corporation was a key player in many major events in the region, such as acting as banker for the [[Hong Kong government]] from 1880 onwards, establishing the first bank in the [[Kingdom of Siam]] in the year 1888 where it printed the first banknotes of the [[Thai baht|Siamese tical]], and overseeing the management of [[British Empire|British colonial]] government accounts in Qing China, [[Japan]], [[Singapore]], and other areas of influence.<ref name="SandrockForeignBanknotes1"/> In an advertisement in the [[North-China Herald]] of 17 February 1876 the Hongkong and Shanghai Banking Corporation reported to have a paid up capital of five million dollars and a reserved fund of one hundred thousand dollars while at the time it operated branches in eight different countries, while in China it had branches in [[Beijing]], [[Tianjin]], Shanghai, [[Hankou]], [[Fuzhou]], [[Yantai]], and [[Xiamen]].<ref name="SandrockForeignBanknotes1"/>

The quantity of banknotes of the Hongkong and Shanghai Banking Corporation made the amounts produced by other foreign banking corporations in China at the time look minuscule when compared. The Hongkong and Shanghai Banking Corporation produced the banknotes of the Hong Kong dollar during its colonial era.<ref name="SandrockForeignBanknotes1"/>

The Shanghai branch of the Hongkong and Shanghai Banking Corporation was established only briefly after the bank opened its headquarters in the British colony of Hong Kong. The General Manager of the Shanghai branch was a Scotsman named [[David MacLean (banker)|David MacLean]] who fulfilled his role between the years 1865 and 1873 and managed to convince the Chinese [[Imperial Maritime Customs]] to deposit all its incoming revenue with the Hongkong and Shanghai Banking Corporation which proved to be a very profitable endeavour for the British bank.<ref name="SandrockForeignBanknotes1"/> HSBC soon established new branches wherever the Imperial Maritime Customs had one of its local offices. Afterwards the Hongkong and Shanghai Banking Corporation would find itself branching out beyond customs as it would expand in the businesses of money deposits and lending money to the Chinese government, collect war indemnities on behalf of the British government, finance the construction of railways, and lending money to the [[military of the Qing dynasty]] which was fighting an expensive campaign against warlords in the north of China. The many branches of the bank issued their own banknotes which due to the position and positive reputation of the Hongkong and Shanghai Banking Corporation were in great demand across China.<ref name="SandrockForeignBanknotes1"/>

During the 19th century until the break out of [[World War I]] the United Kingdom closely cooperated with the [[German Empire]] in China to balance out the expansionist influences of the French and Russian spheres of interest in China, s the result the Hongkong and Shanghai Banking Corporation worked closely and very successfully with the [[Deutsch-Asiatische Bank]].<ref name="SandrockForeignBanknotes1"/> By the turn of the 20th century HSBC had become the most important foreign banking company in imperial China leading to a great variety of banknotes being issued by the bank during this era. As the shareholders of the Hongkong and Shanghai Banking Corporation had only very limited liability for the banknotes emissed by the company, HSBC was required to hold ⅓ specie reserve in their vaults at any given time. Thus resulted in the fact these banknotes were always secured to be paid out to the bearer and never faced being defaulted.<ref name="SandrockForeignBanknotes1"/>

The Hongkong and Shanghai Banking Corporation had effectively set the Shanghai foreign currency exchange rates are a fact which shows the extent of its sizable and growing dominant role in Chinese financial matters during the Qing dynasty and early Republican eras. The role of the Hongkong and Shanghai Banking Corporation as custodian of the official finds of the Chinese government would continue until this task was assumed by the [[Central Bank of China]] and responsibilities were handled by the Chinese themselves, this was done after the Chinese currency reform enacted in the year 1935.<ref name="SandrockForeignBanknotes1"/>

== Banknotes produced by French banks ==
[[File:10 Piastres (or Dollars) - Banque de l'Indo-Chine, Shanghai Branch (January 15th, 1902) Obverse and reverse.png|thumb|right|A [[trilingual]] banknote issued by the [[Banque de l'Indochine]] in [[French language|French]], [[English language|English]], and [[Mandarin Chinese]].]]

Prior to the outbreak of the first world war the [[France|French]] operated two banking corporations in China which were granted banknote issue rights by the Chinese government, these were the [[Banque de l'Indochine]] and the [[Banque Industrielle de Chine]].<ref name="SandrockForeignBanknotes2"/>

=== Banque de l'Indochine ===

The Banque de l'Indochine was created in the year 1898 to serve as the financial arm of France in [[Southeast Asia]] and more particularly in [[French Indochina]]. After the turn of the century in 1900 the business interests of the Banque de l'Indochine was shifted from India to focus more on the Chinese market, particularly in Southern China. In China the Banque de l'Indochine collected war indemnities for the Boxer Rebellion on behalf of the French government, where it served as the sole French representative in handling the Boxer indemnity.<ref name="SandrockForeignBanknotes2"/> After "the French sphere of influence" established in China as southern China, the Banque de l'Indochine was tasked with taking over international trade between the French Republic and all of Qing China. In addition to its monopoly on issuing banknotes in French Indochina the Banque de l'Indochine also circulated its banknotes in neighbouring Chinese provinces, most notably in the provinces of [[Yunnan]] and [[Guizhou]].<ref name="SandrockForeignBanknotes2"/> The Banque de l'Indochine assigned a possition of priority in the financing of the infrastructure of the [[French concession]] in Shanghai's International Settlement, where some if its notable accomplishments include the [[Shanghai Electric Power Company]] and the [[Shanghai Tramways]].<ref name="SandrockForeignBanknotes2"/>

The Banque de l'Indochine opened its first branch in China in 1899 in Shanghai and quickly opened more branches in Beijing, Hankou, [[Kunming]], and Tianjin. All of these branches produced banknotes denominated in "dollars" for local circulation in China. At the Shanghai branch the French had made an attempt at issuing banknotes denominated in "taels" but this programme was almost immediately abandoned as non-remunerative.<ref name="SandrockForeignBanknotes2"/> The banknotes produced by the Banque de l'Indochine were tri-lingual, printed in the [[French language|French]], [[English language|English]], and [[Mandarin Chinese]] languages making them the only foreign bank to employ three languages on their paper money in China.<ref name="SandrockForeignBanknotes2"/> Denominations on banknotes produced by the Banque de l'Indochine were described in both [[French franc]]s and [[Mexican peso|Mexican piastres]]. These banknotes circulated in relatively small quantities in China until the year 1940, and consequently tend to be quite rare today.<ref name="SandrockForeignBanknotes2"/>

== Banknotes produced by Japanese banks ==
[[File:1 Yuan - Bank of Taiwan, Foochow Branch (1906) Obverse & Reverse.jpg|thumb|left|A [[specimen banknote]] of 1 yuan issued by the [[Fuzhou]] branch of the [[Bank of Taiwan]] in the year [[Guangxu Emperor|Guangxu]] 32 (1906).]]

=== Bank of Taiwan ===

After the [[First Sino-Japanese War]] ended the Chinese were forced to give up the island of [[Taiwan]] to the Japanese as a part of the [[Treaty of Shimonoseki]]. [[Taiwan under Japanese rule|Under Japanese rule]] the island was being run as a colony and soon Japanese institutions were being established for the benefit of the [[Empire of Japan]]. In the year 1899 the [[Bank of Taiwan]] was established and had a starting [[Capital (economics)|capital]] of [[Japanese yen|¥]] 5,000,000.<ref name="SandrockForeignBanknotes2"/> The goals of the Bank of Taiwan were to provide capital for the export of Taiwanese raw materials to Japan proper and to expand Japanese trade with China through its branch offices in [[Mainland China]].<ref name="SandrockForeignBanknotes2"/> The first mainland Chinese branch of the Bank of Taiwan was opened in Shanghai where in 1905 it issued a series of banknotes denominated in "Silver dollars". The issuing of these paper notes required also permission from the [[Government of Japan|imperial Japanese government]].<ref name="SandrockForeignBanknotes2"/> In 1906 a series of banknotes were issued consisting of the denominations 1 [[Japanese yen|gold yen]], 5 gold yen, 10 gold yen, 50 gold yen, and 100 gold yen.<ref name="SandrockForeignBanknotes2"/>

The designs of the banknotes of the Bank of Taiwan were not uniform nor were their sizes, the designs of these banknotes seems to have been dictated by local Chinese customs.<ref name="SandrockForeignBanknotes2"/> Some had a vertical design such as the banknotes produced by the [[Xiamen]] (Amoy) and [[Shantou]] (Swatow) branches, while those produced at the [[Guangzhou]] (Canton), [[Hankou]], [[Jiujiang]], Shanghai, and [[Fuzhou]] branches were all horizontal, although the general shape of the banknotes and their design patterns also differ between branches.<ref name="SandrockForeignBanknotes2"/>

An approximate 10% of all banknotes produced by the the Japanese Bank of Taiwan were circulating on mainland China at any given time.<ref name="SandrockForeignBanknotes2"/>

=== Yokohama Specie Bank ===

The only truly Japanese banking company to circulate its own banknotes in Qing dynasty era China was the [[Yokohama Specie Bank]]. The Yokohama Specie Bank was established in the year 1880 for the international trade Japan had recently [[Opening of Japan|been opened to]], the bank primarily did business in discounting [[bills of exchange]], handling in the Japanese foreign exchange market, and in promoting trade with the Chinese Empire. In the year 1893 the Yokohama Specie Bank opened an office in the Chinese trade port of Shanghai.<ref>[https://ift.tt/2M9Mk6d The Yokohama Specie Bank Building – built in 1924 (No. 24, The Bund)] Liquid error: wrong number of arguments (1 for 2)</ref><ref name="SandrockForeignBanknotes2"/>

During the early years of the Yokohama Specie Bank it had survived an [[economic recession]], after which the Yokohama Specie Bank received loans from the imperial Japanese government and permission to issue its own paper notes.<ref name="SandrockForeignBanknotes2"/> At first the bank used the [[silver standard]] was used to back the banknotes it put into circulation but, due to global depreciation of silver during the late 19th century, the [[Meiji period]] imperial Japanese government had turned to use the [[gold standard]] for [[Japanese currency|its currency]] in the year 1897, using the war indemnity money due to them after the defeat of the Qing dynasty in the First Sino-Japanese War as backing for the new gold yen banknotes.<ref name="SandrockForeignBanknotes2"/>

After the first Sino-Japanese and Russo-Japanese Wars the Yokohama Specie Bank shifted its focus northwards to [[Manchuria]] where it first took over the grain trade from the Chinese and later the railroad activities from the Russians. The branch offices of the Yokohama Specie Bank tasked with producing banknotes in Manchuria were located at [[Dairen]], [[Harbin]], [[Yingkou]] (Newchwang), [[Tsinan]], [[Liaoyang]], [[Mukden]], and [[Tiehling]], these offices were initially established in support of Japanese military personnel stationed in Manchuria. Additional branches of the Yokohama Specie Bank in China were located in Beijing, Tianjin, Qingdao, Shanghai, and Hankou.<ref name="SandrockForeignBanknotes2"/> Although the issues of paper money by the bank were small and managed in a good manner, the banknotes principally served the Japanese population in China and Manchuria, as the Chinese people rejected them due to resentments they harboured over the Japanese encroachment in their country.<ref name="SandrockForeignBanknotes2"/>

The 1903 silver yen notes produced by the Niuzhuang branch played an important role in financing local [[soy bean]] production in the region of Manchuria.<ref name="SandrockForeignBanknotes2"/> By the year 1907 the Yokohama Specie Bank's paper notes enjoyed circulation throughout all of Manchuria. These banknotes were circulated by the branch in the port city of Dairen. Peak circulation of the Yokohama Specie Bank's paper notes was reached in the year 1911 when a total 7,200,000 dollars its banknotes were paid out.<ref name="SandrockForeignBanknotes2"/>

Over its many years of operating in China the Yokohama Specie Bank issued a large variety of paper notes. At different times it issued banknotes that were denominated in taels, dollars, silver yen, gold yen, big money, small money, local currency and even fractional small denominational sen notes. All banknotes produced by the Yokohama Specie Bank were printed by the [[Printing Bureau of the Imperial Japanese Government]].<ref name="SandrockForeignBanknotes2"/>

Today all banknotes produced by the Yokohama Specie Bank during the late Qing dynasty period between 1902 and 1911 are rare and bring exceedingly high prices on the private collectors market, the sole exception to this rule being the 1 dollar banknote which was issued in 1902, this banknote occasionally becomes available to collectors.<ref name="SandrockForeignBanknotes2"/> In general Yokohama Specie Bank varieties provide private collectors with a rather wide field from which they could build up a notaphilic collection. The problem many collectors of banknotes today face is that, due to tight management by the Japanese and a near total banknote redemption, very few of these paper notes remained unredeemed making them relatively rare today.<ref name="SandrockForeignBanknotes2"/>

== Banknotes produced by Russian banks ==

=== Russo-Chinese Bank ===

The [[Russo-Chinese Bank]] (華俄道勝銀行) was founded on December 5, 1895 in the Russian Embassy in [[Paris]] as a [[joint-venture]],<ref name=Questia></ref> from Russian and [[France|French]] [[Capital (economics)|capital]].<ref>[https://ift.tt/2KAxjah Issue in focus: Russian Bankers to Return to U.S. West Coast] Liquid error: wrong number of arguments (1 for 2)</ref> Approximately a year after it was established the Russo-Chinese Bank received a contract from the government of the Qing dynasty for the construction of the [[Chinese Eastern Railway]] in the three provinces making up Manchuria. This venture into Manchurian railways proved to be so successful that by the end of the year 1902 the Russo-Chinese Bank had achieved the status of being the 2nd largest foreign banking corporation in all of the Chinese Empire.<ref name="SandrockForeignBanknotes1"/> The total of all British bank investment in the year 1902 (including the Hongkong and Shanghai Banking Corporation), added up to 33% of the investments from foreign banks into the Chinese economy, while the Russo-Chinese Bank by itself managed to account for as much as 31.3%. The different branches of the Russo-Chinese Bank each fulfilled different roles as the Beijing office was basically exclusively engaged in political affairs with the imperial Chinese government while the Shanghai office was mostly invested in the mercantile exchange business.<ref name="SandrockForeignBanknotes1"/>

The Russo-Chinese bank enjoyed a large amount of prosperity from its Manchurian railroad charter which allowed the bank to issue two series of banknotes, in the year 1901 it issued banknotes denominated in "[[Mexican peso|Mexican dollars]]" and a second series was issued in the year 1907 denominated in "[[Tael]]s".<ref name="SandrockForeignBanknotes1"/> After the Chinese Eastern Railway started opening up for business the Russo-Chinese Bank collected the fares for both passengers and goods in Mexican pesos. However after the railway was fully operational the company preferred to exclusively handle fees in [[Russian ruble]]s.<ref name="SandrockForeignBanknotes1"/> As an effect of the [[Russo-Japanese War]] the Russo-Chinese Bank lost a majority of its funds as it had invested heavily into the [[Military history of the Russian Empire|Russian military]] leading it to merge with various other imperial Russian banking companies operating in China and the [[Banque du Nord]] in 1910 becoming the Russo-Asiatic Bank.<ref name="watson">Liquid error: wrong number of arguments (1 for 2)</ref><ref name="SandrockForeignBanknotes1"/>

=== Russo-Asiatic Bank ===

The [[Russo-Asiatic Bank]] was created in the year 1910 out of a series of mergers of the Russo-Chinese Bank with other banks during a reorganisation. This change was fundamentally only a rename as all of its outstanding assets and its business, after the deduction of its war losses, remained completely intact.<ref name="SandrockForeignBanknotes1"/> Under the Russo-Chinese Bank name the bank never enjoyed a large paper note circulation, which is attested by the fact that according to the bank's final balance sheet, published by the bank's [[St. Petersburg]] headquarters, showed the number of banknotes remaining in circulation, outstanding, and unredeemed to be total of only 146,177 banknotes in dollars and 13,766 banknotes in taels. Banknotes that still had the old name of the bank (Russo-Chinese Bank) in circulation had the name crossed out by hand by employees of the bank.<ref name="SandrockForeignBanknotes1"/> After the [[Bolshevik]]s took Russia by [[October revolution|revolution]] in the year 1918, they nationalised all of the Russo-Asiatic Bank's properties in the country partially because the bank had supported the [[White Russian]]s against the [[Russian Soviet Federative Socialist Republic|Bolshevik state]]. After this the bank moves its headquarters to [[Paris]] where it would go bankrupt in 1926 after losing [[Pound sterling|£]] 5,000,000 while speculating in foreign currency at the Paris financial markets. The Paris branch office then sent out a notification to the Shanghai branch office to close the doors of the establishment forever ending the Russo-Asiatic Bank's operations in China.<ref name="SandrockForeignBanknotes1"/><ref>Mihailoff, I. A. - North Manchurian and Chinese Eastern Railway, [[Harbin]], [[China]], 1924, C.E.R. Printing Office.</ref>

Banknotes produced by the [[East Turkestan]] branches of the Russo-Asiatic Bank ([[Kashgar]], [[Yining]], and [[Changuchak]]) during the Republican period circulating between the years 1913 and 1924 still prominently depicted imperial Chinese symbols such as the five-fingered dragon on both sides. They were the distinguished from banknotes produced by other foreign banking corporations because they were denominated in fixed weights of pure gold, rather that specific monetary units. The banknotes from this era were printed by [[Bradbury Wilkinson and Company]] in London, United Kingdom.<ref name="SandrockForeignBanknotes1"/>

== Deutsch-Asiatische Bank ==

The [[Deutsch-Asiatische Bank]] was created on 15 May 1889 and was notable for being the first major non-British foreign banking corporation in China during the Qing dynasty period, and was notable for being the only German bank with the right to issue its own notes in China. The main priority for the Deutsch-Asiatische Bank was to finance imperials loans requested by the Qing government with a special focus on both railways and mining operations within the sphere of interest held by the [[German Empire]] in the province of [[Shandong]]. The initial [[Capital (economics)|capital]] the Deutsch-Asiatische Bank paid up to the government of the Qing dynasty numbered at 5,000,000 [[tael]]s, a number which would steadily increase as time goes by.<ref name="SandrockForeignBanknotes2"/> In the year 1896 the Deutsch-Asiatische Bank entered a cooperation with the Hongkong and Shanghai Banking Corporation (HSBC) to underwrite Chinese government loans aggregating [[British pound|£]]32,000,000. The money for these government loans was secured by collectig the revenue of the [[Imperial Maritime Customs]] and taxes collected on Chinese salt. The project, which cost 54,000,000 [[German gold mark|gold mark]], lead to the construction of 255 miles of railways from the city of [[Qingdao]], [[Kiautschou Bay concession|German Kiautschou]] to [[Tsinan]].<ref name="SandrockForeignBanknotes2"/> Additionally it paid 12,000,000 gold mark for the establishment of new mining operations in Shandong. The Deutsch-Asiatische Bank was later also involved with British, French and Russian interests to build railways outside of the German sphere of interest. The banknotes issued by the Deutsch-Asiatische Bank were denominated in silver taels and silver dollars.<ref name="SandrockForeignBanknotes2"/> The paper money that the back was allowed to bring into circulation was tightly controlled by the German imperial government in [[Berlin]] and it was always in small quantities. The initial emission of banknotes occurred in the year 1907 and was strictly controlled by the German government, well managed, and in great demand. The second issue occurred during the Republic of China in the year 1914 after the banknotes arrived shortly before the Japanese invasion during World War I. Because of the war only a small number of banknotes actually entered circulation. Although the banknotes of the DAB had no printer's imprint on them, it was generally believed that they were the produced in the [[Leipzig]] plant of the German printer company [[Giesecke+Devrient]]. All banknotes produced by this bank depict German national personification [[Germania (personification)|German]] alongside the imperial [[German eagle]] and a [[Chinese dragon]] prominently displayed on them.<ref>Keller, Arnold - Das Papiergeld der Deutsches Kolonien, [[Münster]], [[West Germany]], 1967, Numismaticscher Verlag H. Dombrowski. (in [[German language|German]]).</ref><ref name="SandrockForeignBanknotes2"/>

After the outbreak of [[World War I]], the Deutsch-Asiatische Bank was forced to suspend its operations in China. At the time that it had to cease operating in China an amount of 2,595,968 taels worth of banknotes was circulating at the time.<ref name="SandrockForeignBanknotes2"/> In the year 1917 the Chinese republican government revoked the bank's privilege to produce its own paper notes for the Chinese market.<ref name="SandrockForeignBanknotes2"/>

== International Banking Corporation ==
[[File:10 Dollars - International Banking Corporation - Rejoined banknote (01-01-1910).jpg|thumb|right|A rejoined banknote of 10 dollars issued by the [[International Banking Corporation]], note that the serial numbers on the top and bottom don't match.]]

The sole [[United States|American]] bank to operate in imperial China was the [[New York City]] based [[International Banking Corporation]], which was founded on 1 December of the year 1901 for the purpose of promoting foreign trade with the United States in China and had two series of banknote issued during both the Qing dynasty and early Republican periods.<ref name="SandrockForeignBanknotes2"/> As the [[flag of the United States]] flew over the bank's several branch offices in China, the Chinese people began referring to the red, white, and blue coloured standard as "Hua-qi" (華旗, "colourful flag"), and it wasn't long before the International Banking Corporation itself was referred to as "Huaqi Yinhang" (華旗銀行, "colourful flag bank") by the people of China.<ref name="SandrockForeignBanknotes2"/>

American banking companies did not do business in the Chinese banking field until the very beginning of the 20th century. With none of their own banks in imperial China, all trade remittances of the United States had to go through British banks operating in the country. [[United States Secretary of State|American Secretary of State]] [[John Hay]] advocated for the Americans to get involved into the Chinese market and obtain a share of it.<ref name="SandrockForeignBanknotes2"/> As the United States had joined the eight-power alliance to put down the [[Boxer Rebellion]] in 1900, Americans felt it only right that they also participate in their share of the Boxer indemnities awarded to foreign powers in China.<ref name="SandrockForeignBanknotes2"/> The first branch office of the International Banking Corporation in China was opened in Shanghai in 1902. In addition to dealing with the Boxer indemnities, the International Banking Corporation was active in granting loans to the government of the Qing dynasty, the largest of these loans being the [[Huguang Railway]] loan of 1911.<ref name="SandrockForeignBanknotes2"/> In the year 1915 the [[National City Bank of New York]] had acquired a majority of shares in the International Banking Corporation. On 1 January 1927 the International Banking Corporation was to be entirely superseded by the National City Bank of New York, who took over all branch offices and would continue to operate them under its own brand name.<ref name="SandrockForeignBanknotes2"/>

The banknotes issued by the International Banking Corporation were denominated in "local currency" and were released in the denominations of 1 dollar, 5 dollars, 10 dollars, 50 dollars, and 100 dollars in the year 1907. All banknotes featured a pair of globes depicting both the [[Eastern hemisphere|eastern]] and [[western hemisphere]]s, an [[American eagle]], and the [[scales of Justice]].<ref name="SandrockForeignBanknotes2"/> In the first year of its business the International Banking Corporation issued banknotes into circulation worth 202,474 dollars, later increasing this amount to 477,760 at the end of the Qing dynasty period by 1912.<ref name="SandrockForeignBanknotes2"/> During the early Republican era a series of banknotes was released in 1918 which were denominated in "taels".<ref name="SandrockForeignBanknotes2"/>

The old paper notes issued by the International Banking Corporation were very popular in China and in great demand, and were always redeemed by the bank without being discounted as was very common for other institutions.<ref name="SandrockForeignBanknotes2"/> When called in, the banknotes were canceled by the bank by cutting them in half. Many banknotes of the International Banking Corporation today found in collections were altered by gluing the two halves together and tend to bear mismatched [[serial numbers]] as a result, these banknotes are worth very little when compared to unaltered specimens found today.<ref name="SandrockForeignBanknotes2"/>

== Netherlands Trading Society ==

The [[Netherlands Trading Society]] ([[Dutch language|Dutch]]: ''Nederlandsche Handel-Maatschappij'' or ''NHM'') created its first branch office in China in the year 1903 on [[the Bund]] in the port city of Shanghai.<ref name="SandrockForeignBanknotes2"/> In comparison with other foreign banking corporations operating in China the Netherlands Trading Society was not a large banking company. However the bank handled a large variety of different trade businesses with the Chinese.<ref name="SandrockForeignBanknotes2"/> While the Netherlands Trading Society's presence in China was small or served as a training base for the future generation of Chinese bankers, many of these native businessmen later went on to form their own private banking companies during the Qing and Republican eras.<ref name="SandrockForeignBanknotes2"/>

The number of banknotes produced by the Netherlands Trading Society in circulation in China was at all times relatively small in quantity because [[Law of the Netherlands|Dutch law]] had a substantial requirement for reserves to be held to back up the paper money issued that went into circulation. In the year 1909 the Netherlands Trading Society issued banknotes with the denominations 1 dollar, 5 dollars, and 10 dollars and later under the Republic of China government in 1922 banknotes with the denominations of 100 dollars and 500 dollars were issued.<ref name="SandrockForeignBanknotes2"/> All banknotes issued by the Netherlands Trading Society in China had a principal vignettes that depicted a Chinese warrior bearing a sword, clad in Chinese armour, and an ancient stone bridge.<ref name="SandrockForeignBanknotes2"/>

== Denominations used on paper money during the late Qing period ==
[[File:湖北省 1 Yuan (7 Mace 2 Candareens) - Hupeh Government Mint (1899) 01.jpg|thumb|left|A banknote of 1 [[Yuan (currency)|dayuan]] or 7 [[Mace (unit)|mace]] and 2 [[candareen]]s issued by the [[Hupeh Government Mint]] in 1899, note that this banknote depicts the coin it was worth.]]

The denominations of the [[Qing dynasty coinage|contemporary coinage]] was extremely chaotic with different standards being used across regions making it a confusing mess to exchange between areas due to the wide range of systems and denominations used to categorise the many coinages of the Qing, there was likewise a wide range of types of paper notes. The traditional copper-allow cash was reflected in cash notes (錢票), some of these banknotes used the traditional government mandated exchange rate of 1,000 ''[[Chinese cash (currency unit)|wén]]'' per [[Cash (Chinese coin)#Stringing of cash coins|string of cash coins]] (吊), while others used differing local exchange rates, like the Eastern cash or ''Dongqian'' (東錢) of the [[Liaoning|Fengtian province]], with 160 cash coins per string, or the ''metropolitan cash'' (京錢) from [[Beijing]] which had an exchange rate of 500 cash coins per string. Local banknotes usually reflected local exchange rates.<ref name="QingPaperMoney"/>

On the local markets, the exchange rates even deviated from the fixed denominations, as had been the case with cash coins of substandard quality for an extended amount of time. The [[silver]] currency was reflected in silver notes (銀票), and also in other types of paper money, there were great differences in the conversion rate depending on the region where the banknotes were traded or used in. In Beijing, the imperial [[Kuping tael]] (庫平兩) exchange rate was used side by side with the local ''metropolitan rate'' which was known as the Jingping Liang (京平兩), while the [[Shanghai tael]] (上海紋銀) was used on banknotes issued by both the [[Huifeng Bank]] (匯豐銀行) and the [[Shanghai Tongshang Yinhang]] (上海通商銀行).<ref name="QingPaperMoney"/> The banknotes of the Hongkong and Shanghai Banking Corporation were principally denominated in "Chinese dollars"; however, the tael, [[Mexican peso|Mexican dollar]], and various currencies based upon the local Chinese dollar were also employed as denominations.<ref name="SandrockForeignBanknotes1"/>

The denominations on the silver [[Yuan (currency)|yuan]] banknotes (銀元票) were the most standardised, but exchange rates still differed on the individual Chinese markets where they circulated, depending on the local value of the silver yuan coins. The imperial government attempted to clarify this chaotic situation with the Statutes for Paper Bills (通用銀錢票章程) decreed in the year 1909.<ref name="QingPaperMoney"/>

== Denominations on banknotes of foreign banks in Qing China ==

List of note issuing foreign banks in imperial and early republican China:<ref name="SandrockForeignBanknotes1"/><ref name="SandrockForeignBanknotes2"/>

{|class="wikitable"
|-
! Foreign bank !! Country of origin !! Branche(s) in China<br>(or [[British Hong Kong|Hong Kong]] or [[Portuguese Macau|Macau]]) !! Date(s) of issue !! Denominations
|-
| [[Agra and United Services Bank]] || [[United Kingdom of Great Britain and Ireland|United Kingdom]] || [[Hong Kong]] || 1862 || 100 [[Spanish dollar|dollars]], 200 dollars, 300 dollars, 500 dollars
|-
| [[Asiatic Banking Corporation]] || United Kingdom || [[Shanghai]] || 18xx || 10 [[tael]]s, 25 taels
|-
| [[Chartered Mercantile Bank of India, London and China]] || United Kingdom || [[Hankou]],<br>Hong Kong,<br>Shanghai || 18xx,<br>1881 || 5 taels, 10 taels, 25 taels, 50 taels, 100 taels, 1000 taels,<br>1 [[Mexican peso|Mexican dollar]], 5 Mexican dollars, 10 Mexican dollars, 50 Mexican dollars
|-
| [[Chartered Bank of India, Australia and China]] || United Kingdom || Hankou,<br>Hong Kong,<br>Shanghai,<br>[[Tianjin]] || 18xx,<br>1881,<br>1898–1911,<br>19xx,<br>19xx,<br>1863–1930 || 5 taels, 10 taels, 25 taels, 50 taels, 100 taels,<br>1 Mexican dollar, 5 Mexican dollars, 10 Mexican dollars, 50 Mexican dollars,<br>1 Mexican dollar, 5 Mexican dollars, 10 Mexican dollars, 50 Mexican dollars, 100 Mexican dollars,<br>100 taels, 500 taels,<br>5 [[Hongping tael]]s, 10 Hongping taels,<br>1 dollar, 5 dollars, 10 dollars, 25 dollars, 50 dollars, 100 dollars, 500 dollars
|-
| [[Comptoir d'Escompte de Paris]] || [[French Third Republic|France]] || Shanghai || 1866 || 5 taels
|-
| [[Bank of Hindustan, China and Japan]] || United Kingdom || Hong Kong || 1863 || Unknown denominations
|-
| [[Hong Kong and Shanghai Banking Corporation]] ([[HSBC]]) || United Kingdom || [[Xiamen]] (Amoy),<br>[[Yantai]] (Chefoo),<br>[[Fuzhou]],<br>Hankou,<br>Hong Kong,<br> [[Beijing]],<br>Shanghai,<br>Tianjin || 18xx,<br>1894–1897,<br>1874–1899,<br>1884–1923 || 1 taels, 5 taels, 10 taels,<br>1 Mexican dollars, 25 Mexican dollars, 50 Mexican dollars, 100 Mexican dollars,<br>1 tael, 5 taels, 10 taels, 50 taels, 100 taels,<br>1 dollar, 5 dollars, 10 dollars, 25 dollars, 50 dollars, 100 dollars
|-
| [[National Bank of China]] || United Kingdom || Xiamen (Amoy),<br>Hong Kong || 1892–1911 || 5 dollars, 10 dollars, 50 dollars, 100 dollars, 500 dollars
|-
| [[Oriental Bank Corporation]] || United Kingdom || Hong Kong,<br>Shanghai,<br>[[Victoria, Hong Kong|Victoria]] || 1865,<br>1866–1883 || 5 taels, 10 taels, 50 taels, 100 taels, 500 taels,<br>5 dollars, 25 dollars, 50 dollars, 100 dollars
|-
| [[Russo-Chinese Bank]] || [[Russian Empire|Russia]] || Hankou,<br>[[Yingkou]] (Newchwang),<br>Beijing,<br>Shanghai,<br>Tianjin || 1898,<br>1898–1907,<br>1903–1914,<br>1901–1909 || 100 [[Chinese cash (currency unit)|cash]], 300 cash,<br>1 tael, 3 taels, 5 taels, 10 taels, 50 taels, 100 taels, 500 taels,<br>1 dollars, 5 dollars, 10 dollars, 50 dollars,<br> 1 Mexican dollar, 5 Mexican dollars, 10 Mexican dollars, 50 Mexican dollars, 100 Mexican dollars
|-
| [[Russo-Asiatic Bank]] || Russia || Harbin,<br>[[Yining]] (Kuld'sha),<br>[[Changuchak]],<br>[[Kashgar]],<br>Yingkou (Newchwang),<br>Beijing,<br>Shanghai,<br>Tianjin || 1910–1917,<br>1917,<br>1913–1924,<br>1914,<br>1917 || 1 dollar, 5 dollars, 10 dollars, 50 dollars, 100 dollars, 500 dollars,<br>50 kopeks, 1 [[Ruble#Imperial ruble (14th century – 1917)|rouble]], 3 roubles, 10 roubles, 100 roubles,<br>1 gold [[Chinese units of measurement#Ancient Chinese units|fen]], 2 gold fen, 10 gold fen, 50 gold fen, 100 gold fen,<br>1 Mexican dollar, 5 Mexican dollars, 10 Mexican dollars, 50 Mexican dollars, 100 Mexican dollars,<br>500 roubles, 1000 roubles
|-
| [[Sino-Belgian Bank]] <br>([[Banque Sino-Belge]]) || Belgium || Hankou,<br>Shanghai,<br>Tianjin || 1902–1912,<br>1908–1912 || 1 dollar, 5 dollars, 10 dollars, 50 dollars,<br>5 Mexican dollars, 10 Mexican dollars
|-
| [[Bank Belge Pour l'Etranger]]<br>(Banque Sino-Belge) || [[Belgium]] || Hankou,<br>Beijing,<br>Shanghai,<br>Tianjin || 1912,<br>1913 || 1 dollar/piastre, 5 dollars/piastres, 10 dollars/piastres, 50 dollars/piastres, 100 dollars/piastres,<br>5 Mexican dollars
|-
| [[British and Belgian Industrial Bank of China]] || United Kingdom,<br>Belgium || [[Changsha]] || 1912 || 5 taels, 10 taels
|-
| [[Deutsch-Asiatische Bank]] || [[German Empire|Germany]] || Hankou,<br>Beijing,<br>Shanghai,<br>Tianjin,<br>[[Qingdao]] ([[Kiautschou Bay concession]]) || 1907,<br>1907,<br>1914,<br>1914 || 1 tael, 5 taels, 10 taels, 20 taels,<br>1 dollar, 5 dollars, 10 dollars, 25 dollars, 50 dollars,<br>100 dollars, 200 dollars,<br>50 taels, 100 taels, 500 taels
|-
| [[International Banking Corporation]] || [[United States]] || [[Guangzhou]] (Canton),<br>Hankou,<br>[[Harbin]],<br>Beijing,<br>Shanghai,<br>Tianjin || 1909–1919,<br>1918 || 1 dollar, 5 dollars, 10 dollars, 50 dollars, 100 dollars,<br>1 tael, 5 taels, 10 taels, 50 taels, 100 taels
|-
| [[Banque de l'Indochine]] || France || Guangzhou (Canton),<br>[[Shamian]],<br>Shanghai || 1901–1902 || 1 dollars/[[French Indochinese piastre|piastres]], 5 dollars/piastres, 10 dollars/piastres, 100 dollars/piastres
|-
| [[Banco Nacional Ultramarino]] || [[Portugal]] || [[Portuguese Macau|Macau]] || 1905–1942,<br>1920–1942 || 1 [[Macanese pataca|pataca]], 5 patacas, 10 patacas, 25 patacas, 50 patacas, 100 patacas,<br>1 avo, 5 avos, 10 avos, 20 avos, 50 avos
|-
| [[Netherlands Trading Society]] || [[The Netherlands]] || Shanghai || 1909,<br>1922 || 1 dollar, 5 dollars, 10 dollars,<br>50 dollars, 100 dollars
|-
| [[Bank of Taiwan]], Ltd. || Japan || Xiamen (Amoy),<br> Guangzhou (Canton),<br>Fuzhou,<br>Hankou,<br>[[Jiujiang]],<br>Shanghai,<br> [[Shantou]] (Swatow) || 1905–1911,<br>1906–1921,<br>1911–1917 || 1 [[Japanese yen|silver yen]], 5 silver yen, 10 silver yen, 50 silver yen,<br>1 [[Japanese yen|gold yen]], 5 gold yen, 10 gold yen, 50 gold yen,<br>1 dollar, 5 dollars, 10 dollars, 50 dollars
|-
| [[Yokohama Specie Bank]], Ltd. || Japan || [[Dalian]],<br>Hankou,<br>Harbin,<br>Yingkou (Newchwang),<br>Beijing,<br>Shanghai,<br>Tianjin,<br>[[Jinan]] || 1902,<br>1913–1917,<br>1918,<br>1902–1937 || 5 taels, 10 taels, 50 taels, 100 taels,<br>1 gold yen, 5 gold yen, 10 gold yen, 100 gold yen,<br>10 sen, 50 sen,<br>1 dollar, 5 dollars, 10 dollars, 50 dollars, 100 dollars
|}

== Banknotes as a percentage of the Chinese money stock during the late Qing dynasty ==

Chinese historian [[Peng Xinwei]] stated that in the year 1900 privately-produced banknotes made up only 3% of the total volume of Chinese currency stock. This number would (according to [[Niv Horesh]]) be unlikely to surpass 6% if banknotes denominated in silver currencies were taken into account (these banknotes were produced by government banks and modern banking corporations). Foreign banks operating in China generally did not disclose the volume of banknotes issued by them circulating in China proper, the fact that they did not openly disclose this resulted in inflated estimates thereof over the years. For this reason Horesh states that it would be very implausible to assume that the ratio of all banknotes as part of the entirety of the Chinese money stock was any significant number higher than 10% even as late as 1900.

Meanwhile during this same period the [[Cash (Chinese coin)|traditional cast copper-alloy cash coins]] would only make up 17.78% of the total Chinese currency stock, the percentage representing cash coins would only decrease from this point onwards. Meanwhile Peng estimated that foreign trade dollars circulating in China (which mostly included the silver [[Mexican peso]]) made up 25% of the total Chinese currency stock by the 1900s. This trend was actually the opposite in the [[Western world]] and [[Japanese Empire|Japan]] where the global introduction of government steam-minted coinages halted the spread of [[Mexico|Mexican]]-mined silver pesos, this effect was most notable in [[North America|North]] and [[South America]] as well as the [[Philippines]]. At the same time silver was being diffused from the [[gold standard]] and there were major discoveries of large silver deposits in the [[United States]] and [[West Africa]].

== Gallery ==

{| role="presentation" class="wikitable mw-collapsible mw-collapsed"
| <strong>Gallery</strong>
|-
| <gallery>
Image:100.000 Wén (Cash) - Dà Qīng Bǎo Chāo (大清寶鈔) Ministry of Interior and Finance, Ch'ing Dynasty (1857) 01.jpg|A Da-Qing Baochao (大清寶鈔) banknote of 100.000 ''[[Chinese cash (currency unit)|wén]]'' issued in 1857.
Image:永順號取大錢壹千伍百文莊票 (光緒元年、貳年).jpg|Banknotes from 1875.
Image:臺灣省 Tai-nan Official Silver Note - 1 Dollar (1895) 02.jpg|A [[Taiwan under Qing rule|Taiwanese]] banknote of 1 dollar issued in [[Tainan]].
Image:Hupeh Provincial Bank 1899 Qing Dynasty banknote.jpg|A banknote of 1 ''[[Cash (Chinese coin)#Stringing of cash coins|chuàn wén]]'' (串文, "String of cash coins") issued by the Hupeh Provincial Bank in 1899.
Image:7 Mace and 2 Candareens Hupeh Government Mint banknote.jpg|A banknote of 7 [[Mace (unit)|mace]] and 2 [[candareen]]s issued by the Hupeh Government Mint.
Image:廣東省 5 Dollars - Kwangtung Province, Currency Bureau (1905) 01.jpg|A banknote of 5 dollars issued by the province of [[Guangdong]] in 1905.
Image:北洋 500 Coppers - Pei Yang Currency Bureau (1905) 01.jpg|A banknote of 500 [[Copper coin (currency unit)|copper coins]] issued by the Pei Yang Currency Bureau in 1905.
Image:大清帝國 5 Dollars - Sin Chun Bank of China (1907) 01.jpg|A banknote of 5 dollars issued by the Sin Chun Bank of China in 1907.
Image:1 Dollar - The National Commercial Bank, Shanghai Branch (04.07.1907) 02.jpg|A 5 dollar banknote issued by the [[Shanghai]] branch of [[The National Commercial Bank]] in 1907.
Image:湖南省 1 Tael - Hunan Government Bank (1908) 01.jpg|A 1 tael banknote issued by the [[Hunan Government Bank]] in 1908.
Image:吉林省 3 Tiao - Yung Heng Provincial Bank, Kirin (1908).jpg|A 3 [[Tiao (currency unit)|tiao]] banknote issued by the [[Jilin|Kirin]] branch of the [[Yung Heng Provincial Bank]] in 1908.
Image:廣東省 International Banking Corporation 1909 series.gif|Banknotes issued by the [[International Banking Corporation]] in 1909 for circulation in [[Guangdong]].
Image:安徽省 1000 Cash - Anhwei Yu Huan Bank (1909) 01.jpg|A 1000 ''wén'' banknote issued by the [[Anhwei Yu Huan Bank]] in 1909.
Image:Ta-Ching Government Bank 1910 series of banknotes 01.jpg|Banknotes issued by the [[Ta-Ching Government Bank]] depicting [[Zaifeng, Prince Chun]] issued in 1910.
Image:北洋天津市 1 Tael - Pei Yang Tientsin Bank (1910) 02.jpg|The reverse of a 1 [[tael]] banknote issued by the Pei Yang Tientsin Bank in 1910.
Image:直隸 5 Taels - Commercial Guarantee Bank of Chihli (1912) 01.jpg|A 5 tael banknote issued by the [[Commercial Guarantee Bank of Chihli]] in 1912.
</gallery>
|}

== See also ==

* [[Economic history of China before 1912]]
* [[History of banking in China]]
* [[Manchukuo yuan]]

== Notes ==


== References ==


== Sources ==

* Dai Zhiqiang (戴志強), ed. (2008). ''Zhongguo qianbi shoucang jianshang quanji'' (中國錢幣收藏鑒賞全集) ([[Changchun]]: Jilin chuban jituan). (in [[Mandarin Chinese]]).
* [[Albert Feuerwerker|Feuerwerker, A.]] (1958) ''China's early industrialization: sheng Hsuan-huai (1844–1916) and the mandarin enterprise.'' Publisher: [[Harvard University Press]], [[Cambridge, Massachusetts|Cambridge]], [[Massachusetts]].
* Gabrisch, Karl (1990). ''Geld aus Tibet: Sammlung Dr. Karl Gabrisch; Ausstellung des Münzkabinetts der Stadt Winterthur'' ([[Winterthur]]: Departement für Kulturelles; Rikon: Tibet-Institut). (in [[German language|German]]).
* Helleiner, E. (2003) ''The making of National Money: territorial currencies in historical perspective.'' [[Cornell University Press]], [[Ithaca, New York|Ithaca]], [[New York (state)|New York]].
* Huang Jianhui (黃鑒暉) (1994) ''Zhongguo yinhangyeshi'' (中國銀行業史). Shanxi jingji chubanshe, [[Taiyuan]]. (in [[Mandarin Chinese]]).
* Meng Pengxing (孟彭興) (1998). "Cong feiqian dao jiaozi huizi (從"飛錢"到"交子"、"會子"), in Zhang Dainian (張岱年), ed. Zhongguo wenshi baike (中國文史百科) ([[Hangzhou]]: Zhejiang renmin chubanshe), Vol. 1, 414. (in [[Mandarin Chinese]]).
* Pan Liangui (潘連貴) (2004) ''Shanghai huobishi'' (上海貨幣史). Shanghai renminchubanshe, [[Shanghai]]. (in [[Mandarin Chinese]]).
* [[Peng Xinwei]] (彭信威) (1954 [2007]). Zhongguo huobi shi (中國貨幣史) ([[Shanghai]]: Qunlian chubanshe), 580-581, 597-605. (in [[Mandarin Chinese]]).
* Peng Xinwei (彭信威) (1994) ''A monetary history of China'' (translated by Edward H. Kaplan). [[Western Washington University]] ([[Bellingham, Washington|Bellingham]], [[Washington (state)|Washington]]).
* Xie Tianyu (謝天宇), ed. (2005). ''Zhongguo qianbi shoucang yu jianshang quanshu'' (中國錢幣收藏與鑒賞全書) ([[Tianjin]]: Tianjin guji chubanshe), Vol. 2, 508. (in [[Mandarin Chinese]]).
* Zhou Fazeng (周發增), Chen Longtao (陳隆濤), Qi Jixiang (齊吉祥), ed. (1998). ''Zhongguo gudai zhengzhi zhidu shi cidian'' (中國古代政治制度史辭典) ([[Beijing]]: Shoudu shifan daxue chubanshe), Pages 372, 375, 380, 381, 382. (in [[Mandarin Chinese]]).








[[Category:Banknotes of China]]
[[Category:Qing dynasty]]
[[Category:Chinese numismatics]]

August 10, 2019 at 04:50AM