The banknotes of the Da-Qing Bank were intended to become the main form of paper money of the Qing dynasty following the bank's establishment in 1905. The Da-Qing Bank had branches throughout China and many of its branches outside of its headquarters in Beijing also issued banknotes.
These banknotes were stipulated to become the only legal tender paper money in China in 1910, but due to the fall of the Qing dynasty in 1911 the Chinese currency system reverted to its original chaotic state during the early Republican era and the Da-Qing Bank would be reorganized as the Bank of China in 1912, which would continue to produce banknotes in Mainland China until 1942 and its Hong Kong branch is still one of the official note-issuing banks for the banknotes of the Hong Kong dollar today.
The Da-Qing Bank was the first official financial institution in the history of China to fulfill the functions of a central bank.
During the transition from Ming to Qing the Manchu government issued banknotes to finance its expensive military campaigns, but following their conquest of China they abolished these banknotes. [1] [2] [3] [4] Under the reign of the Xianfeng Emperor the Great Qing Treasure Note (大清寶鈔) copper-alloy cash coins-based banknotes and Hubu Guanpiao (戶部官票) silver tael-based banknotes were introduced in response to the Taiping Rebellion, [5] [1] [6] [7] but these banknotes would suffer severe inflation due to mismanagement and were eventually abolished causing the Chinese populace to distrust government-issued paper money once again, [1] though private banknotes would continue to be trusted and to circulate. [1]
Following the opening up of many treaty port cities of China after its defeat during the First Opium War during the 1840s, a large number of major foreign banks entered China and started issuing their own banknotes there for local circulation. [8] During this same era provincial governments started setting up their own official banks to enhance their financial resources. The boom of financial institutions during this era meant that various forms of paper money, private banknotes, foreign banknotes, and many different kinds of local coinages circulated concurrently creating a very chaotic Chinese currency system. [9] During the later part of the Qing dynasty era there was a discussion on whether 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. [10] In order to unify the national currency system, in 1905, the government of the Qing dynasty established the "Great Qing Bank of the Ministry of Revenue" (大清戶部銀行) in Beijing, becoming the earliest officially opened national bank in China. [11] The newly established national bank had a dual nature of being both a central bank and a commercial bank. [12] 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. [1]
The Da-Qing Bank issued two different types of banknotes, one series was denominated in "tael" (兩), 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. [13]
In 1908, the Great Qing Bank of the Ministry of Revenue changed its name to the Da-Qing Bank (大清銀行) and the inscriptions of the banknotes issued by it had to be changed to reflect its new name. The banknotes issued before the name change were all printed by the Beiyang Newspaper. [14] Because there is no advanced engraving technology for banknotes in China at the time and the banknotes that were printed by the Beiyang Newspaper's commercial press were both expensive to make and easy to imitate, the government of the Qing dynasty had later commissioned the American Bank Note Company to print new banknotes for the Da-Qing Bank. [15]
The banknotes produced by the Da-Qing Bank printed by the American Bank Note Company featured an image of Li Hongzhang on their obverse sides and were subsequently known as "Li Hongzhang notes" (李鴻章像券) to the Chinese public. However, due to the turbulent situation that arose after the death of the Guangxu Emperor and the miscommunications the "Li Hongzhang notes" were printed in various forms and the circulation was chaotic. [12]
During this period, several employees of the Da-Qing Bank were sent to Japan to study modern printing technology and after these people returned to China, they would propose to the imperial court to adopt the Japanese method of copper engraving and some trial banknotes were made, but the proposition was ultimately not adopted by the government of the Qing dynasty. [16]
Following the Chinese tradition of issuing new money in a new reign, the Xuantong administration had the design of the official Da-Qing Bank paper notes somewhat changed to herald in the new emperor. [1] The new design was inspired by the designs of the banknotes of the United States dollar of this era. [1]
In the year 1910, the government of the Qing dynasty issued a new law to solve the chaotic currency situation of China at the time, this law made the banknotes issued by the Da-Qing Bank the only legal tender paper money in China. The law further stipulated that only the Da-Qing Bank can issue paper money and that its banknotes can be used for all payment activities and financial transactions across the country. The government of the Qing dynasty hired the American sculptor L. J. Hatch and several American technicians to train the banknote printing staff and they were set out to design a new version of Da-Qing Bank banknotes. [17] The obverse of these newly designed banknotes featured the face of Zaifeng, Prince Chun and were popularly known as "Da-Qing Dragon banknotes" (大清龍鈔) because they incorporated a Chinese dragon in their designs. The Da-Qing Bank had commissioned eighth trial banknotes based on these designs, they were in the denominations of 1 yuan, 5 yuan, 10 yuan, and 100 yuan. [18] Ultimately, the trial notes all featured a black obverse side and their reverse sides in different colours with the 1 yuan being green, the 5 yuan being purple, the 10 yuan being blue, and the 100 yuan being yellow, they were all printed by a branch of the Da-Qing Bank. Printing of the "Da-Qing Dragon banknotes" began on 1 March 1911. China also became one of the few countries in the world to adopt the technique of steel engraving. [19] These banknotes did not see circulation as in 1911 the Xinhai Revolution broke out which overthrew the Qing dynasty and only a handful of trial banknotes were ever printed. [12] [17] [20]
At the eve of the Xinhai Revolution, there were 5,400,000 tael worth of Yinliang banknotes circulating in China, and 12,400,000 yuan in Yinyuan banknotes. [1]
In the year 1912, the Republic of China was established, and the Da-Qing Bank was reorganized into the Bank of China. In order to alleviate the financial crisis, a large number of "Li Hongzhang notes" were overstamped and changed to "Bank of China notes" (中國銀行兌換券) for circulation. [17]
The Bank of China would continue producing Chinese banknotes until 1942. [21] [22] After the Chinese Civil War ended in 1949, the Bank of China effectively split into two operations. Part of the bank relocated to Taiwan with the Kuomintang (KMT) government, and was privatised in 1971 to become the International Commercial Bank of China (中國國際商業銀行). In 2002, it merged with Chiao Tung Bank (交通銀行) to become the Mega International Commercial Bank. The Mainland operation is the current entity known as the Bank of China. The Hong Kong branch of the Bank of China still issues its own banknotes in Hong Kong today. [23] [24]
Banknotes of the Da-Qing Bank of the Ministry of Revenue (1906 issue) | ||||||
---|---|---|---|---|---|---|
Image | Value | Main Color | Description | Date of issue | ||
Obverse | Reverse | Obverse | Reverse | |||
1 dollar | 1906 | |||||
5 dollars | 1906 | |||||
10 dollars | 1906 | |||||
50 dollars | 1906 |
Banknotes of the Da-Qing Bank of the Ministry of Revenue (1907 issue) | ||||||
---|---|---|---|---|---|---|
Image | Value | Main Color | Description | Date of issue | ||
Obverse | Reverse | Obverse | Reverse | |||
1 dollar | 1907 | |||||
5 dollars | 1907 | |||||
10 dollars | 1907 |
Banknotes of the Da-Qing Bank (1908 issue) | ||||||
---|---|---|---|---|---|---|
Image | Value | Main Color | Description | Date of issue | ||
Obverse | Reverse | Obverse | Reverse | |||
10 dollars | 1908 |
Banknotes of the Da-Qing Bank (1909 issue) | ||||||
---|---|---|---|---|---|---|
Image | Value | Main Color | Description | Date of issue | ||
Obverse | Reverse | Obverse | Reverse | |||
1 dollar | 1909 | |||||
5 dollars | 1909 | |||||
10 dollars | 1909 | |||||
100 dollars | 1909 |
Banknotes of the Da-Qing Bank (1910 issue) | ||||||
---|---|---|---|---|---|---|
Image | Value | Main Color | Description | Date of issue | ||
Obverse | Reverse | Obverse | Reverse | |||
1 dollar | 1910 | |||||
5 dollars | 1910 | |||||
10 dollars | 1910 | |||||
100 dollars | 1910 |
Banknotes of the Da-Qing Bank (1911 issue) | ||||||
---|---|---|---|---|---|---|
Image | Value | Main Color | Description | Date of issue | ||
Obverse | Reverse | Obverse | Reverse | |||
1 tael | 1911 | |||||
2 taels | 1911 |
Tael, also known as the tahil and by other names, can refer to any one of several weight measures used in East Asia and Southeast Asia. It usually refers to the Chinese tael, a part of the Chinese system of weights and currency. The Chinese tael was standardized to 50 grams in 1959.
The Manchukuo yuan was the official unit of currency of the Empire of Manchuria, from June 1932 to August 1945.
The history of Chinese currency spans more than 3000 years. Currency of some type has been used in China since the Neolithic age which can be traced back to between 3000 and 4500 years ago. Cowry shells are believed to have been the earliest form of currency used in Central China, and were used during the Neolithic period.
The Yuan is the base unit of a number of former and present-day currencies in Chinese.
The history of banking in China includes the business of dealing with money and credit transactions in China.
The Imperial Bank of China was the first Chinese-owned bank modelled on Western banks and banking practices. It was founded in Shanghai by Mr. Sheng Xuanhuai in 1897 successfully operating until 1913 when it was renamed to the Commercial Bank of China. The "rebranding" was for political reasons following the overthrow of the last emperor Pu Yi by the Nationalists in 1911.
A cash seal is a type of seal used as an anti-counterfeiting measure on paper money or banknotes. The cash seal first appeared during the Song dynasty in China.
The 1 yen note (1円券) was a denomination of Japanese yen in seven different series from 1872 to 1946 for use in commerce. These circulated with the 1 yen coin until 1914, and briefly again before the notes were suspended in 1958. Notes from the Japanese government, known as "government notes," were the first to be issued through a company in Germany. Because they were being counterfeited, they were replaced by a new series which included the first portrait on a Japanese banknote. Almost concurrently, the government established a series of national banks modeled after the system in the United States. These national banks were private entities that also released their own notes which were later convertible into gold and silver. All three of these series came to an end due to massive inflation from the Satsuma Rebellion in 1877. National bank notes were re-issued as fiat currency before the national banks themselves were abolished. Both national bank and government one yen notes were gradually redeemed for Bank of Japan note starting in 1885. This redemption process lasted until all three series were abolished in 1899.
The paper money of the Qing dynasty was periodically used alongside a bimetallic coinage system of copper-alloy cash coins and silver sycees; paper money was used during different periods of Chinese history under the Qing dynasty, having acquired experiences from the prior Song, Jin, Yuan, and Ming dynasties which adopted paper money but where uncontrolled printing led to hyperinflation. During the youngest 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, the Qing government was forced to issue paper money again.
The Great Qing Treasure Note or Da-Qing Baochao refers to a series of Qing dynasty banknotes issued under the reign of the Xianfeng Emperor issued between the years 1853 and 1859. These banknotes were all denominated in wén and were usually introduced to the general market through the salaries of soldiers and government officials.
The Hubu Guanpiao is the name of two series of banknotes produced by the Qing dynasty, the first series was known as the Chaoguan (鈔官) and was introduced under the Shunzhi Emperor during the Qing conquest of the Ming dynasty but was quickly abandoned after this war ended, it was introduced amid residual ethnic Han resistance to the Manchu invaders. It was produced on a small scale, amounting to 120,000 strings of cash coins annually, and only lasted between 1651 and 1661. After the death of the Shunzhi Emperor in the year 1661, calls for resumption of banknote issuance weakened, although they never completely disappeared.
Qianzhuang were local independent Chinese banks in the early modern period, as distinguished from the nation-wide bank networks headquartered in Shanxi province called the "Shanxi banks". Also known by a variety of regional names, such as qiansi (錢肆), qianpu (錢鋪), yinhao (銀號), duihuan qianzhuang (兌換錢莊), qiandian (錢店), qianzhuo (錢桌), duidian (兌店), qianju (錢局), yinju (銀局), or yinpu (銀鋪) in Mandarin Chinese, and translated as money shops, native banks, private Chinese banks, or old-style banks in English, qianzhuang banks first sprung up during the Ming dynasty but greatly expanded during the Qing dynasty. Unlike the Shanxi banks, the qianzhuang tended to have much more risky business practices.
The Zhuangpiao, alternatively known as Yinqianpiao, Huipiao, Pingtie (憑帖), Duitie (兌帖), Shangtie (上帖), Hupingtie (壺瓶帖), or Qitie (期帖) in different contexts, refer to privately produced paper money made in China during the Qing dynasty and early Republic of China periods issued by small private banks known as qianzhuang. Other than banknotes qianzhuang also issued Tiexian.
Piaohao, also known as piaozhuang (票莊), huihao (匯號), or huiduizhuang (匯兌莊), in Mandarin Chinese, or Shanxi banks (山西票號) or Shansi banks in English, were a type of bank that existed in China during the Qing dynasty until approximately 1952.
The Great Qing Copper Coin, also known as the Qing Dynasty Copper Coin or Da-Qing Tongbi, officially the Tai-Ching-Ti-Kuo Copper Coin, refers to a series of copper machine-struck coins from the Qing dynasty produced from 1906 until the fall of the Qing dynasty in 1911. These coins were intended to replace the earlier cast cash coins and provincial coinages, but were welcomed to mixed receptions.
The Great Qing Gold Coin, also known as the Qing Dynasty Gold Coin or Da-Qing Jinbi, was the name of an unissued series of gold coins produced under the reign of the Guangxu Emperor of the Manchu-led Qing dynasty. These coins were produced in the scenario that the government of the Qing dynasty would adopt the gold standard, as was common in most of the world at the time.
The Da-Qing Bank was a state-controlled entity established by the Qing dynasty in 1905 to serve as Imperial China's first central bank. It issued banknotes that were intended to unify the Qing dynasty's currency system. In 1912 following the Xinhai Revolution, the Bank of China was created to take over the role of the Da-Qing Bank, which was liquidated in an orderly manner.
Daqian are large-denomination cash coins produced in the Qing dynasty starting from 1853 until 1890. Large denomination cash coins were previously used in earlier Chinese dynasties and had faced similar issues as 19th-century Daqian. The term referred to cash coins with a denomination of 4 wén or higher.
The 5 yen note (5円券) was a denomination of Japanese yen in twelve different series from 1872 to 1955 for use in commerce. Only those from the "A series", which was issued from 1946 to 1955 are legal tender today.
Qiang tie is a Chinese folk name for banknotes of the Russian ruble issued by the Russian Empire and later by the White Army. The main regions of ruble transactions in China were concentrated along the Chinese Eastern Railway and Harbin in Manchuria and Ili and Tacheng in Xinjiang. Russian currency in China began circulating in the 1860s and were withdrawn due to severe depreciation in the mid-1920s. There were many qiang tie sources, including the State Bank of the Russian Empire, the Russian Provisional Government, Omsk bonds issued by the Provisional All-Russian Government, the Russo-Chinese Bank, and the administration of the Eastern Railway.