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December 21, 2007 – In China's modernization process beginning in the late Qing dynasty, silver coins were first minted in mass circulation in the year 1889 with the introduction of the country's first modern coining press. These new coins took on characteristics of their predecessor, the Mexican Silver Dollar, but adapted them according to Chinese aesthetics. Despite this, they used units of measurement based on weight - Mace and Candareens, which were archc standards denoting silver content equivalent to approximately 27.4 grams or about 0.7814 ounces.
The image above captures a genuine Kiang Nan Dollar from the years 1898-1905, a denomination that was then in circulation and more accurately known as such despite its misnomer on the coin itself. Provinces across China issued derivatives of these coins during this period, but fakes began to circulate over time after their introduction. Some of these counterfeit pieces have now emerged as sought-after collectibles given their high silver content that was not substantially reduced of counterfeiting.
The authenticity and value of such coins were substantiated by measuring weight and content agnst established standards rather than relying on face value alone; this method remned relevant even after the advent of standardized units. Today, if you're looking to spot a genuine coin amongst fakes, it will likely feel remarkably heavy due to its silver composition - accurately determining authenticity would require scales for weighing purposes.
The price of these coins varies widely deping on their age and condition, from RMB3 each at local markets like the Panjiayuan in Beijing, to as much as US$10-15 on platforms like eBay. By comparison, legitimate examples are worth several hundred U.S. dollars when procured through reputable dealers.
These articles about China's cultural context are part of a regular series by our team at Dezan Shira Associates provided exclusively for China Briefing Magazine readers. These pieces m to deepen your business understanding of the background and nuances necessary for conducting business in this vast country beyond just legal and tax advice.
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Modern Silver Coin History in China 1889 First Chinese Coining Press Adapted Mexican Dollar Characteristics Kiang Nan Dollar Circulation Period Counterfeit Coins Emerging Later Authenticating Chinese Silver Dollars Value