The corner of history: when copper coins meet gold and silver coins

When the first globalization came after the discovery of geography, the two types of monetary systems in the East and the West met. Why is the Western gold and silver coin replacing the oriental copper coin, not the other way around? This result is the result of silver as a precious metal as a transnational trade currency. But in fact, silver has a long-term process of being a currency in China.

The ancient East and West currency system is two completely different systems. In the East, it is a China-led base metal currency system with copper as its main currency. In addition to China, it also includes vast areas in the Far East. The Western monetary system is the precious metal monetary system dominated by ancient Greece and Rome. Its scope covers not only Europe but also North Africa and West Asia. Hicks said in Economic History Theory: "The Chinese (historical) monetary system is the only major exception to this practice that is different from the Greek ancestors. China's monetary system developed during the same long period of time. (It’s incredible), but its characteristics are obviously different, completely unique.” Japanese economic history scholar Kuroda said: “In China, talking about currency means copper coins. From the Mediterranean to the Western European world, when it comes to currency, Gold and silver coins.” In China, the copper-based currency system was maintained until the Ming Dynasty. After the discovery of geography, Western colonists discovered a lot of gold and silver in the Americas. They found a kind of large-scale commodity exchange that can be compared with China. Silver. Since then, American silver has begun to flow into China on a large scale, and the original copper money standard of the East has been integrated into the precious metal standard currency system.

We must know that China used bronze as a currency in the pre-Qin period. Since the formation of a centralized and unified country in the Qin Dynasty, the copper coins of round square holes have been used as the local currency for more than two thousand years. This monetary system has experienced many dynasties. There has been no change in the change, but a revolutionary change has taken place in the corner of history. Moreover, in the next four hundred years, until the National Government implemented "legal currency reform" in 1935, silver has been replacing copper coins as the main currency. This raises an interesting question: When the first globalization came, why was the Western gold and silver replacing China's copper money in the international monetary system at the time, not the other way around?

We know that the international monetary system refers to the rules governing the monetary relations of various countries, as well as a series of arrangements and practices on which various transactions and payments are made internationally. The academic world usually regards the "international gold standard" from the end of the 19th century to the first world war as the first international monetary system in history. This is a gold-based currency and is arranged in a UK-led monetary system. After the rise of the United States after World War II, the international monetary system entered the era of the Bretton Woods system dominated by the United States. This is essentially the dollar-centered gold exchange standard system. After 1973, the Bretton Woods system collapsed, and the US hegemonic position determined that the US dollar is still the most important world currency. The history of international finance tells people that world currencies are basically determined by an economically dominant country. If we follow this theory to examine the history of the discovery of geography, there is a paradox: the comprehensive national strength of the Ming Dynasty was unique in the world at that time. Why did gold and silver replace Chinese copper coins when the Eastern and Western currency systems met?

The first thing to clarify is that the Ming Dynasty had a certain silver circulation basis before the inflow of silver in the Americas. In other words, the West has transformed the silver from the Americas into the monetary system of the East, not a currency revolution that took place out of thin air. In China, silver was “not for the currency” in the early days, and later became a “treasure goods” and became a currency recognized by the national law, eventually becoming the standard currency. This process has quietly changed the ancient Chinese monetary system before the inflow of American silver. The famous currency historian and numismaticist Peng Xinwei believes that the development of ancient Chinese currency is basically not affected by foreign culture. Unlike the currencies of Western countries, they adopt each other's systems. This view is unquestionable for copper coins. If it is silver, it is debatable. The reason why silver has become the main currency in China is precisely because of foreign influences. However, this process is too long and almost impossible to be aware.

Silver was still only used as a treasure in the decoration of the Six Kingdoms, and it was not used as currency. The same was true in the early Western Han Dynasty, but at that time the Chinese knew that silver was widely used in the surrounding Central Asian countries. In the history books, there were records about the use of silver by the rest of the country (Persia), Shizhi, Yubin, and Daqin (Rome). After Zhang Yutong passed the Western Region, the Silk Road opened, and the trade between the Han Dynasty and the Western countries became more frequent. At that time, the Western Region used silver, and the Hexi counties naturally began to use silver money. After the opening of maritime trade between the East and the West, gold and silver were also used in the Jiaozhi and Guangzhou areas. This is also a direct result of overseas trade. Since the Tang Dynasty, the function of silver as a currency has been further highlighted. This is because the relationship between the Tang Dynasty and the Western Region is closer than that of the previous generation. In the Lingnan area, money and gold and silver tusks are used as currency. The monetary nature of silver was further enhanced in the Song Dynasty. In addition to rewards, bribery, etc., silver was also used for government expenditures, taxation by the people, and for payment of compensation, loans, and exchange of banknotes. The Jin Dynasty, which was established in parallel with the Northern Song Dynasty, was cast in 1197 as the earliest silver coin in the history of Chinese coins. The Yuan Dynasty issued banknotes, and the main preparation for exchange was silver. Although the court prohibited the use of gold and silver by the court, the people still use silver in large quantities. The Ming Dynasty inherited the former dynasty in the monetary system. At the beginning, it also promoted the banknote system. However, the silver transaction could not be banned by the people, and it gradually became a general trend. In 1436, Ming Yingzong ordered the transfer of Jiangnan rent to silver and cloth, and the release of the bureaucrats in Beijing. In fact, the court legalized silver as a currency.

It is precisely because silver has a long-term process as a currency, so when the American gold and silver flowed into the Ming Dynasty, silver became a major currency. This result, first of all, is because silver is a precious metal and is universally accepted in the world. Secondly, silver is relatively more valuable and non-copper is comparable. Third, silver reserves are relatively abundant, not as rare as gold, and have a supply. elasticity. Looking at all aspects of the situation, silver is suitable as a transnational trade currency. Of course, silver became the main currency after the Ming Dynasty, and it was also the result of the rise of Western countries on behalf of emerging economies. Although the Ming Dynasty has a strong national strength, the initiative in maritime trade is already in the hands of Western countries.

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