Chinese Coins - from the ancient to the modern

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Chinese coins were being produced at around the same time as coins were being struck in the states of ancient Europe, and possibly even earlier. Rudimentary Chinese coins were cast in bronze and uniquely assumed the shapes of valuable everyday items like spades and knives.

Years later the shaped coins made way for a more traditional style coin: the round copper coin with a square hole inside would be used in China for over 2000 years. Thought to have been based on the shape of a wheel, the hole inside the coins was used to string them together. The old copper coins produced in the first century B.C. were used for trade along the Silk Road, an important route for traders travelling between the east and west. Through the centuries different dynasties, emperors and regions all produced widely varying versions of Chinese currency.

Chinese and Mexican coins intermingled

Interestingly Mexican coins were used widely in China throughout the 1800s. The coins entered into the country through international trade. In 1823 Mexico declared its independence from Spain and produced their own Mexican Eagle Silver Dollars, which circulated in China for 30 years as a monetary unit for bookkeeping.

The Republic of China was founded in 1912 after rebels forced the Emperor off the throne. Yuan Shih Kai assumed presidency of the new republic and quickly issued his own series of western-style coins. They were extremely common with around 750 million pieces issued, and were later minted as Tibetan currency in the 1950s.

Chinese Gold Panda Bullion Coin

Wanting to stake a claim in the world’s prospering bullion markets, China released the famous Gold Panda Bullion Coin in 1982. A beautiful coin commemorating the country’s national animals, the Gold Panda was unique amongst annually released bullion coins. Every year the panda appears in a different pose or setting, and the yearly mintage numbers remain very low which increases demand from collectors.

Modern Chinese Coins

Modern Chinese coins have been in circulation since the establishment of the People’s Republic of China in 1949. Chinese currency is officially dubbed ‘Renminbi’ (loosely translated as ‘the people’s currency’), although it is written as ‘yuan’ and pronounced as ‘’kuai’. One yuan is equal to 10 jiao and 100 fen. Coins are available in 1, 2 and 5 fen as well as one yuan and one and five jiao. Over the years China has released proof coins for collectors valued at up to 200 yuan.

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© The Pink Fridge Online Magazine 2009 - Coin Collecting UK

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