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Major “International” Currencies of China and Japan: The Use of Copper Coins, Silver Ingots and Paper Money

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Currencies of the Indian Ocean World

Part of the book series: Palgrave Series in Indian Ocean World Studies ((IOWS))

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Abstract

This chapter concentrates on Chinese and Japanese currencies that were used in “international maritime trade” in (South-)East Asia. It focuses on copper, silver and paper money and also briefly discusses gold, which played a less important role as an international currency in the East Asian Mediterranean than it did in Europe.

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Notes

  1. 1.

    This study is part of the MCRI (Major Collaborative Research Initiative) project “The Indian Ocean World—The Making of the First Global Economy in the Context of Human-Environment Interaction”, sponsored by the Social Sciences and Humanities Research Council of Canada and carried out at McGill University under the supervision of Gwyn Campbell. See, for example, Hans-Ulrich Vogel, ‘Cowry Trade and Its Role in the Economy of Yünnan: From the Ninth to the Mid-Seventeenth Century,’ Journal of the Economic and Social History of the Orient 36:3 (1993) 211–52.

  2. 2.

    Cf. Karl Marx, Capital. A Critique of Political Economy, Chapter III, Section 2, Online version available under https://www.marxists.org/archive/marx/works/1867-c1/ch03.htm#S2b (accessed December 22, 2015). Italics are mine.

  3. 3.

    For an excellent study of the role of zinc in Qing Chinese economy, see Chen Hailian, Zinc for Coin and Brass Bureaucrats, Merchants, Artisans, and Mining Laborers in Qing China, ca. 1680s–1830s [Monies, Markets, and Finance in East Asia, 1600–1900, vol. 11] (Leiden, E. J. Brill, 2018). The author argues that zinc played a far greater role in Qing economy than has hitherto been assumed.

  4. 4.

    Cf. Janet Abu-Lughod, Before European Hegemony: The World System A.D. 1250–1350 (Oxford, Oxford University Press, 1991).

  5. 5.

    Cf. Richard von Glahn, Fountain of Fortune. Money and Monetary Policy in China, 1000–1700 (Berkeley, Los Angeles, University of California Press, 1996) 53.

  6. 6.

    “The monetary system of Ming-Qing China conventionally is described as a type of ‘parallel bimetallism,’ in which uncoined silver and bronze coin were relatively discrete forms of money.” Richard von Glahn, Fountain of Fortune, 8.

  7. 7.

    Michael J. Seth, A Concise History of Premodern Korea: From Antiquity through the Nineteenth Century (London, Rowman & Littlefield, 2016) 70.

  8. 8.

    See Angela Schottenhammer, ‘The Role of Metals and the Impact of the Introduction of Huizi Paper Notes in Quanzhou on the Development of Maritime Trade during the Song Period,’ in The Emporium of the World. Maritime Quanzhou, 1000–1400 [Sinica Leidensia, 49], Angela Schottenhammer, ed. (Leiden, E. J. Brill, 2001) 95–176.

  9. 9.

    Although the term “Bosi” may also refer to Malay people, I would argue that we should probably understand the designation of Bosi as a diaspora with communities spread all over the Indian Ocean region, as Claudine Salmon has recently suggested. Personal communication 04.11.2008; cf. also Claudine Salmon “Srivijaya, la Chine et les marchands chinois (Xe–XIIe s.). Quelques réflexions sur la société de l’empire sumatranais”, Archipel 63 (2002) 57–78.

  10. 10.

    Angela Schottenhammer, Das songzeitliche Quanzhou im Spannungsfeld zwischen Zentralregierung und maritimem Handel. Unerwartete Konsequenzen des zentralstaatlichen Zugriffs auf den Reichtum einer Küstenregion (Wiesbaden, Otto Harrassowitz, 2000) 57. Arab merchants also reached Korea around 11024/25.

  11. 11.

    Edward H. Schafer, The Golden Peaches of Samarkand. A Study of T’ang Exotics (Berkeley, University of California Press, 1963) 257.

  12. 12.

    Gabriel Ferrand, Voyage du marchant arabe Sulayman en Inde et en China (Paris, Ed. Bossard, 1922), 37.

  13. 13.

    Edward H. Schafer, The Golden Peaches of Samarkand, 256, with reference to Han Yu 韓愈 (768–824), ‘Qian zhong wu qing zhuang’ 錢重物輕狀, in Quan Tangwen 全唐文, Dong Gao 董詰 et al., eds. (Beijing, Zhonghua shuju, 2001), 549.7b.

  14. 14.

    Edward H. Schafer, op.cit., with reference to Jiu Tangshu 舊唐書, by Liu Xu 劉煦 [887–946] (Beijing, Zhonghua shuju, 1977), 48.3272b. Accordingly, most imported silver came from Silla or Tibet.

  15. 15.

    Denis Twitchett and Janice Stargardt, “Chinese Silver Bullion in a Tenth-century Indonesian Shipwreck”, Asia Major, 3rd Series, 15:1 (2004) 23–72, 46.

  16. 16.

    Op. cit., 41.

  17. 17.

    See Angela Schottenhammer, ‘China’s Gate to the South: Iranian and Arab Merchant Networks in Guangzhou During the Tang-Song Transition (c.750–1050), PART II: 900–c.1050,’ AAS Working Papers in Social Anthropology/ÖAW Arbeitspapiere zur Sozialanthropologie 29 (2015) 1–30.

  18. 18.

    According to the dating of a bowl from the Changsha kilns, which was inscribed with a year equivalent to 826 on the bottom. Cf. Regina Krahl, John Guy, J. Keith Wilson and Julian Raby (eds.), Shipwrecked: Tang Treasures and Monsoon Winds (Washington and Singapore, Arthur M. Sackler Gallery and the National Heritage Board Singapore and Singapore Tourism Board, 2010) 19–20, 20 (fig. 12).

  19. 19.

    Angela Schottenhammer, ‘China’s Gate to the South,’ 13.

  20. 20.

    Francois Louis, ‘Metal Objects on the Belitung Shipwreck,’ in Shipwrecked, Regina Krahl, John Guy, J. Keith Wilson and Julian Raby, eds., 85–91.

  21. 21.

    Lê Tành Khôi, Histoire du Vietnam des origines à 1858 (Paris, Sudestasie, 1981) 142.

  22. 22.

    John Chaffee, ‘Song China and the Multi-state and Commercial World of East Asia,’ Crossroads: Studies on the History of Exchange Relations in the East Asian World 1/2 (2010) 33–54.

  23. 23.

    See Angela Schottenhammer, ‘The Emergence of China as a Maritime Power,’ in The Cambridge History of China, vol. 5, part Two, The Five Dynasties and Sung China, 960–1279, John W. Chaffee and Paul J. Smith, eds. (Cambridge, Cambridge University Press, 2014) 437–525, 464–5 et seq.

  24. 24.

    Jingkou qijiu zhuan 京口耆舊傳 (1844), 71.4b, in Shoushangge congshu 守山閣叢書; Ma Duanlin 馬端臨 [1254–1325], Wenxian tongkao 文獻通考 (completed c. 1308; reprint Taibei, Shangwu yinshuguan, 1987) 332.566.

  25. 25.

    The regions, in which circulated silver-denominated notes of account during Southern Song, could have been exceptions to this rule. Cf. Peng Xinwei, Zhongguo huobi shi. A Monetary History of China, translated by Edward H. Kaplan, Vol. 1. [East Asian Research Aids and Translations, vol. 5] (Western Washington University, 1993), 426 (Original, 502). This is a translation of Peng Xinwei 彭信威, Zhongguo huobi shi 中國貨幣史 (Shanghai: Shanghai renmin chubanshe, 1958).

  26. 26.

    For price examples, see Peng Xinwei, A Monetary History of China, 407 et seq. A qian originally seems to have indicated one metal piece of a hoe or a spade, for which there is evidence in the Books of Odes. See Yang Lien-sheng, Money and Credit in China: A Short History [Harvard Yen-ching Studies, vol. 20] (Cambridge, MA, Harvard University Press, 1952) 24.

  27. 27.

    See Song huiyao jigao 宋會要輯稿, by Xu Song 徐松 [1781–1848] et al. (comp.) (Taibei, Shijie shuju 1964), Shihuo 11.3a.

  28. 28.

    Peng Xinwei, A Monetary History of China; Robert S. Wicks, Money, Markets, and Trade in Early Southeast Asia. The Development of Indigenous Monetary Systems to A.D. 1400 (New York, Cornell Southeast Asia Program, 1992).

  29. 29.

    Li Dao 李燾, Xu zizhi tongjian changbian 續資治通鑑長編, 269.16a, reprinted in Siku quanshu, fasc. 318.

  30. 30.

    Song huiyao jigao, Shihuo 55.1b–2b; Xu wenxian tongkao, 7.8b.

  31. 31.

    Li Xinchuan 李心傳, Jianyan yilai chaoye zaji 建炎以來朝野雜記, (Originally 1202, 1216; reprint Beijing, Zhonghua shuju, 2000) 150.2422.

  32. 32.

    Bao Hui 包恢, Bizhou gaolue 弊帚稿略, 1.19b and 20a, reprinted in Siku quanshu zhenben sanji 四庫全書珍本三集 (Taibei, Shangwu yinshuguan) fasc. 246.

  33. 33.

    Bizhou gaolue, 1.19b and 20a.

  34. 34.

    Tuo Tuo (Toghto) 脫脫, et al., Songshi 宋史, (Beijing, Zhonghua shuju, 1985) 180.4396.

  35. 35.

    Lou Yue 樓鑰, Gongkui ji 攻媿集, 88.1200, in Wenyuange Siku quanshu 文淵閣四庫全書 [= Siku quanshu] (Taibei, Shanwu yinshuguan, 1984) fasc. 1152.

  36. 36.

    Jingkou qijiu zhuan 京口耆舊傳 (1844), 71.4b, reprinted in Shoushangge congshu 守山閣叢書; also Wenxian tongkao, 332.566; Gongkui ji, 88.1200.

  37. 37.

    Richard von Glahn, ‘The Ningbo-Hakata Merchant Network and the Reorientation of East Asian Maritime Trade, 1150–1350,’ Harvard Journal of Asiatic Studies 74:2 (2014) 249–79, 258.

  38. 38.

    Richard von Glahn, ‘The Ningbo-Hakata Merchant Network,’ 259.

  39. 39.

    Peng Xinwei, A Monetary History of China, 543.

  40. 40.

    Jeremy Green and Zae Geun Kim, ‘The Shinan and Wando Sites, Korea: Further Information,’ The International Journal of Nautical Archaeology and Underwater Explorations 18:1 (1989) 33–41; Carla M. Zainie, ‘The Sinan Shipwreck and Early Muromachi Art Collections,’ Oriental Art 25:1 (1979) 103–14. In Korea, copper was increasingly used as an equivalent of value, although, for example, on the domestic Korean markets rice and cloth remained as ever the medium of exchange and standard of value and doubtlessly barter was the chief means by which people traded with each other. M. Ichihara, ‘Coinage of Old Korea,’ Transactions of the Korea Branch of the Royal Asiatic Society, 4:2 (1913) 45–74, 54.

  41. 41.

    Richard von Glahn, Fountain of Fortune, 54.

  42. 42.

    Peng Xinwei, A Monetary History of China, 415–16.

  43. 43.

    Richard von Glahn, ‘The Ningbo-Hakata Merchant Network.’

  44. 44.

    Ōta Yukio 大田由紀夫, ‘12–15 seiki shotō Higashi Ajia ni okeru dōsen no ryufu: Nihon, Chūgoku o chūshin toshite’ 12–15 世紀初頭東アジアにおける銅錢 の流布:日本中國を中心として, Shakai keizaishi gaku 社會經濟史學 (1995) 61–2; Kuroda Akinobu, ‘Between Money and Material. Old Chinese Bronze Coins Dominated Medieval Japan,’ Paper presented at the international conference Currencies of Commerce in the Great Indian Ocean World, IOWC, McGill University April 24, 2015, 4.

  45. 45.

    Kuroda Akinobu, ‘Between Money and Material,’ 4, 6 and 7.

  46. 46.

    Shiba Yoshinobu 斯波義信, Sōdai shōgyōshi kenkyū 宋代商業史研究 (Tōkyō, Kazama shobō, 1968) 78–132.

  47. 47.

    See Yang Lien-sheng, Money and Credit in China, 52 et seq.; Peng Xinwei, A Monetary History of China, 368–71 discusses the character of these exchange notes.

  48. 48.

    For a detailed analysis see Karl Marx, Capital, vol. 1, Chapter III, Section 1, especially 125–30 (coin and symbols of value): “The fact that the currency of coins itself effects a separation between their nominal and their real weight, creating a distinction between them as mere pieces of metal on the one hand, and as coins with a definite function on the other—this fact implies the latent possibility of replacing metallic coins by tokens of some other material, by symbols serving the same purposes as coins” (p. 126).

  49. 49.

    See Richard von Glahn, Fountain of Fortune, 35.

  50. 50.

    “If the paper money exceed its proper limit, which is the amount in gold coins of the like denomination that can actually be current, it would, apart from the danger of falling into general disrepute, represent only the quantity of gold, which, in accordance with the laws of the circulation of commodities, is required, and is alone capable of being represented by paper”. Karl Marx, Capital, vol. I, 128.

  51. 51.

    See: Lu Jiuyuan 陸九淵, Xiangshan xiansheng quanji 象山先生全集, in Sibu congkan, fasc. 1159–68.

  52. 52.

    Richard von Glahn, ‘The Ningbo-Hakata Merchant Network,’ 262.

  53. 53.

    See Richard von Glahn, ‘The Ningbo-Hakata Merchant Network,’ 251, 262, 269, who quotes Yamauchi Shinji 山內晉, a Japanese historian who forged the term “sulphur road” in the context of contemporary Sino-Japanese trade (p. 269).

  54. 54.

    Richard von Glahn, ‘Myth and Reality of China’s Seventeenth-Century Monetary Crisis,’ The Journal of Economic History 56:2 (1996) 429–54, here 433–4.

  55. 55.

    Richard von Glahn, op.cit., 434–5.

  56. 56.

    For the production of gold and silver in early Tokugawa Japan, see Kobata Atsushi, ‘The Production and Uses of Gold and Silver in Sixteenth- and Seventeenth-Century Japan,’ The Economic History Review 18:2 (1965) 245–66.

  57. 57.

    Richard von Glahn, Fountain of Fortune, 8; cf. also Angela Schottenhammer, “Chūgoku keizaishi no kenkyū ni okeru kahei to kahei seisaku: futatsu no jiri to sore ni kansuru kenkai 中国経済史の研究における貨幣と貨幣政策: 二つの事例とそれに関する見解” (Money and Monetary Policy in the Study of Chinese Economic History: Two Examples and Some Related Observations), in 宋銭の世界』 [The World of Song Money], Ihara Hiroshi, ed. (Tōkyō, Bensei shuppansha, 2009) 219–50.

  58. 58.

    Bizhou gaolue, 1.20b.

  59. 59.

    Cf., for example, Yokkaichi Yasuhiro 四日市康博, ‘Chinese and Muslim Diasporas and the Indian Ocean Trade Network under Mongol Hegemony,’ in The East Asian Mediterranean—Maritime Crossroads of Culture, Commerce, and Human Migration [East Asian Maritime History, 6], Angela Schottenhammer, ed. (Wiesbaden, Otto Harrassowitz, 2008) 73–102.

  60. 60.

    Robert P. Blake, ‘The Circulation of Silver in the Moslem East Down to the Mongol Epoch,’ Harvard Journal of Asiatic Studies 2 (1937) 291–328.

  61. 61.

    Richard von Glahn, Fountain of Fortune, 113 et seq.

  62. 62.

    According to the Hong Kong South China Morning Post (27 February 1958); Peng Xinwei, A Monetary History of China, 414–15, and note 28.

  63. 63.

    Cf. the examples introduced by Hans-Ulrich Vogel in his Marco Polo Was in China New Evidence from Currencies, Salts and Revenues [Monies, Markets, and Finance in East Asia, 1600–1900] (Leiden, Brill, 2013).

  64. 64.

    Lo Jung-pang, China as a Sea Power, 1127–1368, edited with commentary, by Bruce A. Elleman (Hong Kong, Hong Kong University Press, 2011) 316–17.

  65. 65.

    Marco Polo etc., The Travels of Marco Polo (New York, Liveright Publication Corporation, 1953) Book II, 159–60.

  66. 66.

    Richard von Glahn, Fountain of Fortune, 127–8.

  67. 67.

    Kobata Atsushi, ‘The Production and Uses of Gold and Silver in Sixteenth and Seventeenth Century Japan,’ Economic History Review 18:2 (1965), 245–66; Richard von Glahn, Fountain of Fortune, 115.

  68. 68.

    Richard von Glahn, Fountain of Fortune, 54.

  69. 69.

    Cao Renhu 曹仁虎, Qinding xu wenxian tongkao 欽定續文獻通考, 10.1a, in Siku quanshu, fasc. 62; Gu Yanwu 顧炎武, Rizhi lu 日知錄, “Qianfa zhi bian” 錢法之變, 11.30b, in Siku quanshu, fasc. 858.

  70. 70.

    Gu Yanwu, Fujian 福建, Tianxia junguo libing shu 天下郡國利病書, 26.121a, in Xuxiu Siku quanshu 續修四庫全書 (hereafter Xuxiu) (Shanghai, Shanghai guji chubanshe, 2002) fasc. 597.

  71. 71.

    Taizong shilu 太祖實錄, in Ming shilu 明實錄 (Taibei, Zhongyang yanjiu yuan, 1966), 48.3b. This reference stems from Geoff Wade, translator, Southeast Asia in the Ming Shi-lu: An Open Access Resource, Vol 10 (Singapore, Asia Research Institute and the Singapore E-Press, National University of Singapore) 734.

  72. 72.

    Zhang Tingyu 張廷玉, et al., Mingshi 明史, (Beijing, Zhongua shuju, 1974) 81.7a.

  73. 73.

    Helen Wang, Michael Cowell, Joe Cribb and Sheridan Bowman, ‘Metallurgical Analysis of Chinese Coins at the British Museum,’ British Museum Research Publication Number 152 (2005) i–v, 1–61, 3, cf. https://www.britishmuseum.org/pdf/RP%20152%20Metall%20Analysis%20Chinese%20coins-Prelims-Appendix.pdf (accessed October 30, 2015). See also Hailian Chen, Zinc for Coin and Brass.

  74. 74.

    Op. cit., 6.

  75. 75.

    Mingshi, 81.6b.

  76. 76.

    For the importation of copper into China, see, for example, Angela Schottenhammer, ‘Brokers and ‘Guild’ (huiguan 會館) Organizations in China’s Maritime Trade with her Eastern Neighbours during the Ming and Qing Dynasties,’ Crossroads—Studies on the History of Exchange Relations in the East Asian World 1/2 (2010) 99–150, esp. 126 et seq.

  77. 77.

    Dennis O. Flynn and Arturo Giráldez, ‘Born with a ‘Silver Spoon’: The Origin of World Trade in 1571,’ Journal of World History 6:2 (1995) 201–21, 212.

  78. 78.

    Li Kangying, ‘A Study on the Song, Yuan and Ming Monetary Policies within the Context of Worldwide Hard Currency Flows during the 11th–16th Centuries and Their Impact on Ming Institutions,’ in The East Asian Maritime World 1400–1800. Its Fabrics of Power and Dynamics of Exchange, Angela Schottenhammer, ed. (Wiesbaden, Otto Harrassowitz, 2007) 99–136, 123, with reference to Tianxia junguo libing shu, 17b (原編七冊); Mingyi daifang lu, 26b.

  79. 79.

    Gu Yanwu, Tinglin wenji 亭林文集, 1.13a–13b, in Xuxiu, fasc. 1402.

  80. 80.

    Sun Chengze 孫承澤, Chunming mengyu lu 春明夣餘錄, 47.9b, in Siku quanshu, fasc. 868.

  81. 81.

    Quan Hansheng 全漢昇, ‘“Ming Zhongye hou taicang suiru yinliang de yanjiu” 明中葉後太倉歲入銀兩的研究, Zhongguo wenhua yanjiusuo xuebao 中国文化研究所学报’ 1 (1972) 136–39; William S. Atwell, ‘International Bullion Flows and the Chinese Economy, circa 1530–1650,’ Past and Present 95:1 (1982) 68–90, 80–1.

  82. 82.

    See Table 23 in Richard von Glahn, Fountain of Fortune, 232.

  83. 83.

    Lin Man-houng, ‘The Shift from East Asia to the World: The Role of Maritime Silver in China’s Economy in the Seventeenth to Late Eighteenth Centuries,’ in Maritime China in Transition 1750–1850, Wang Gungwu and Ng Chin-Keong, eds. (Wiesbaden, Otto Harrassowitz, 2004) 77–96, 96.

  84. 84.

    Kenneth Pomeranz and Roy Bin Wong, ‘China and Europe, 1500 to 2000 and Beyond: Was it “Modern?”,’ http://afe.easia.columbia.edu/chinawh/web/s5/s5_4.html (accessed on March 29, 2015).

  85. 85.

    Ibid., 154–92; Anthony Reid, Southeast Asia in the Age of Commerce 1450–1680, vol. 2 (New Haven, Yale University Press, 1993) 22–3.

  86. 86.

    “The wide nine-rail state avenues in Nanjing were often encroached on by bazaars”, see Xie Zhaozhi 謝肇制, Wu zazu 五雜組, 3.23a, in Jinhui, zi 子, fasc. 37; “Peasants in Guangdong put down their hoes and got on boats for overseas trade”, see Qu Dajun 屈大均, Guangdong xinyu 廣東新語, 14.1a-2a, in Xuxiu, fasc. 73.

  87. 87.

    Tianxia junguo libing shu, Fujian, 100. Much of the silver that entered China behaved more like a commodity than “a disembodied form of money”, observes Richard von Glahn in his Fountain of Fortune, 244.

  88. 88.

    Su Chengze 孫承澤, Chunming menyu lu 春明夢餘錄, 42.41a-b, in Siku quanshu, fasc. 868.

  89. 89.

    Robert L. Innes, The Door Ajar: Japan’s Foreign Trade in the Seventeenth Century. PhD dissertation. University of Michigan, 1980; Ronald P. Toby, State and Diplomacy in Early Modern Japan: Asia in the Development of the Tokugawa Bakufu (Princeton, Princeton University Press, 1984).

  90. 90.

    Hamashita Takeshi, China, East Asia and the Global Economy. Regional and Historical Perspectives [Critical Asian Scholarship, Asia’s transformations], Linda Grove and Mark Selden, eds. (London, New York, Routledge, 2008) 51.

  91. 91.

    Cf. Bettina Gramlich-Oka, ‘Shogunal Administration of Copper in the Mid-Tokugawa Period (1670–1720),’ in Metals, Monies, and Markets in Early Modern Societies: East Asian and Global Perspectives, Thomas Hirzel, Nanny Kim, eds. (Berlin, LitVerlag, 2008) 65–105, 95, 98; Bunka, vol. 17. The shōgunate, for example, began to purchase a proportion of copper directly from the mines and sent it to the refiners in Ōsaka.

  92. 92.

    John E. Wills, ‘China’s Farther Shores: Continuities and Changes in the Destination Ports of China’s Maritime Trade, 1680–1690,’ in Emporia, Commodities and Entrepreneurs in Asian Maritime Trade, c. 1400–1750, Roderich Ptak and Dietmar Rothermund, eds. (Stuttgart, Franz Steiner Verlag, 1991) 53–77, 73.

  93. 93.

    Bettina Gramlich-Oka, ‘Shogunal Administration of Copper,’ 82.

  94. 94.

    Helen Dunstan, ‘Safely Duping with the Devil: The Qing State and its Merchant Suppliers of Copper,’ Late Imperial China 13:2 (1992) 42–81, here 44 and 47.

  95. 95.

    Cheng Wing-cheong (Zheng Yongchang) 鄭永昌, ‘Mingmo Qingchu de yingui qianjian xianxiang yu xiangguan zhengzhi jingji sixiang 明末清初的銀貴錢賤現象與相關政治經濟思想,’ Taiwan Shifan daxue lishi yanjiu yuan zhuankan 台灣師範大學歷史研究院專刊, no. 24 (1994) 65 (MA thesis 1993); Hans-Ulrich Vogel, ‘Chinese Central Monetary Policy, 1644–1800,’ Late Imperial China 8:2 (1987) 1–52.

  96. 96.

    For the Sino-Japanese copper trade see also my ‘Brokers and “Guild” (huiguan 會館) Organizations in the Sino-Japanese Copper Trade during the Qing Dynasties,’ in 明清時期江南市場經濟的空間、制度與網絡 The Market Economy of the Lower Yangzi Delta in Late Imperial China: Space, Institutions and Networks, Billy So Kee Long et al., eds. (London, Routledge, 2011), 278–99; and ‘Brokers and ‘Guild’ (huiguan 會館) Organizations in China’s Maritime Trade with her Eastern Neighbours during the Ming and Qing Dynasties,’ Crossroads—Studies on the History of Exchange Relations in the East Asian World 1/2 (2010) 99–150.

  97. 97.

    Liu Hsü-feng (Liu Xufeng) 劉序楓, ‘Qing Kangxi~Qianlong nianjian yangtong de jinkou yu liutong wenti’ 清代康熙乾隆年間洋銅的進口與流通問題, in Zhongguo haiyang fazhanshi lunwenji 中國海洋發展史論文集, vol. 7, j. shang., T’ang Hsi-yung (Tang Xiyong) 湯熙勇, ed. (Taibei, Nankang, 1999) 93–144, 138–9, 140–1 (3b). (3); Liu Xufeng, “Qingdai de Zhapu gang yu ZhongRi maoyi” 清代的乍浦港與中日貿易, in Zhongguo haiyang fazhanshi lunwenji 中國海羊發展史論文集, vol. 5, Chang Pin-ts’un 張彬村, Liu Shih-chi 劉石吉, eds. (Taibei, Zhongyang yanjiuyuan, 1993) 187–244, 219–21. The figures in brackets are taken from Chinese sources.

  98. 98.

    Shimada Ryuto, The Intra Asian Trade In Japanese Copper by the Dutch East India Company During the Eighteenth Century [TANAP] (Leiden, E. J. Brill, 2006).

  99. 99.

    Zhapu xuzhi 乍浦續志, compiled and edited by Xu He 許河, Xiangzhen zhi zhuanji 鄉鎮志專輯 [Zhongguo difangzhi jicheng 中國地方志集成] (Shanghai, Shanghai shudian, 1992) 1.5a–b (484).

  100. 100.

    Various studies have been written on this subject. Cf. amongst others Yan Zhongping 嚴中平 Qingdai Yunnan tongzheng kao 清代雲南銅政考 (Beijing: Zhonghua shuju, 1957); Quan Hansheng 全漢昇, ‘Qingdai Yunnan tongkuang gongye’ 清代雲南銅礦工業, Xianggang Zhongwen daxue Zhongguo wenhua yanjiusuo xuebao 香港中文大學中國文化研究所學報 7:1 (1974) 155–82; Hans Ulrich Vogel, ‘Chinese Central Monetary Policy, 1644–1800.’

  101. 101.

    Shimada Ryuto, The Intra Asian Trade in Japanese Copper, 142–3.

  102. 102.

    For details see Richard von Glahn, Fountain of Fortune, 113 et seq.

  103. 103.

    Cf. for example, Dennis O. Flynn and Arturo Gíraldez, ‘Born with a ‘Silver Spoon’: The Origins of World Trade in 1571,’ Journal of World History 6:2 (1995) 201–21; also in Metals and Monies in an Emerging Global Economy, Dennis O. Flynn and Gíraldez, Arturo, eds. (Aldershot, Variorum Books, 1997); ‘Asia is the center of the world economy at this time and China, a ‘sink’ for silver. (The British eventually found a way to reverse this trade pattern with the introduction of opium in the 1800s),’ Asia for Educators, Key Points of Developments in East Asia, 1450–1750 China: The Ming (1368–1644) and the Qing (1644–1912), http://afe.easia.columbia.edu/main_pop/kpct/kp_ming.htm (accessed December 14, 2015).

  104. 104.

    Lin Man-houng, ‘The Shift from East Asia to the World,’ 85.

  105. 105.

    See, for example, the argumentation of Dennis O. Flynn or of Charles P. Kindleberger, Spenders and Hoarders, The World Distribution of Spanish American Silver, 1550–1750 (Singapore, Institute of Southeast Asian Studies, 1989).

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    Angela Schottenhammer

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Schottenhammer, A. (2019). Major “International” Currencies of China and Japan: The Use of Copper Coins, Silver Ingots and Paper Money. In: Serels, S., Campbell, G. (eds) Currencies of the Indian Ocean World. Palgrave Series in Indian Ocean World Studies. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-20973-5_2

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