User:Donald Trung/Zhuangpiao (莊票)

This page serves as "the editing history" of the English Wikipedia article "Zhuangpiao", on privately issued banknotes in China (roughly) until the year 1952, and is preserved for attribution.  Published. --Donald Trung (talk) 07:19, 25 September 2019 (UTC).

Original draft

[[File:2 Tiao - Shun Xing He private bank (1912) Bonistika.net 01.png|thumb|right|An undated ''zhuangpiao'' (specifically named as a ''pingtie'') of 2 [[String of cash coins (currency unit)|tiao]] (in Jingqian) issued by the Shun Xing He private bank during the [[Republic of China (1912–1949)|early Republic of China]].]] The '''Zhuangpiao''' ([[Traditional Chinese]]: 莊票), alternatively known as ''Yinqianpiao'' (銀錢票, "silver money notes"), ''Huipiao'' (會票, "corporate notes"), ''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]] (or company [[scrip]]) made in [[China]] during the [[Qing dynasty]] and [[Republic of China (1912–1949)|early Republic of China]] periods issued by small private banks known as ''[[qianzhuang]]''. Other than banknotes ''qianzhuang'' also issued ''[[Tiexian]]'' (貼現, "discountable notes"). A ''qianzhuang'' would issue a ''zhuangpiao'' after receiving a deposit and these notes could generally also be cashed in at other ''qianzhuang'' after they were confirmed to be genuine specimens by checking the [[Banknote seal (China)|banknote seals]]. ''zhuangpiao'' served as ''[[de facto]]'' banknotes in China during periods when the government had long stopped issuing them and were an [[alternative currency]] when government banknotes such as the [[Da-Qing Baochao]] and [[Hubu Guanpiao]] were later introduced and abolished. Early ''zhuangpiao'' were generally denominated either [[Cash (Chinese coin)|cash coins]] (or [[String of cash coins (currency unit)|strings thereof]]) represented by the currency unit of ''[[Chinese cash (currency unit)|wén]]'' (文), or in the [[tael]] (兩) silver weight unit. Later ''zhuangpiao'' would also feature denominations such as the ''[[Yuan (currency)|yuan]]'' (元 / 圓) which was based on round silver coins. == Concept == ''Zhuangpiao'' were privately-produced notes issued by ''[[qianzhuang]]'' private banks (or "native banks").<ref name="ChinaKnowledgeQianzhuang">{{cite web|url= http://www.chinaknowledge.de/History/Terms/qianzhuang.html|title= ''qianzhuang'' 錢莊, private banks.|date=24 November 2015|accessdate=9 August 2019|author= Ulrich Theobald|publisher= [[Chinaknowledge]].de|language=en}}</ref> There were several differences between ''zhuangpiao'' and modern [[banknote]]s, the credit of modern banknotes come from the power of the state, but ''zhuangpiao'' served purely to convert metal coinages into paper money. An advantage which the ''zhuangpiao'' had for the [[Economic history of China before 1912|Chinese economy]] as it would save the amount of money that was circulating and help facilitate more cross-regional trade across China.<ref name="WangYanfenRiskControl">{{cite web|url= http://www.cscanada.net/index.php/ibm/article/view/10849|title= The Risk Control of Qianzhuang.|date=26 December 2018 |accessdate=16 September 2019|author= Wang Yanfen, Doctoral student. School of Economics, Central University of Finance and Economics, [[Beijing]], [[China]]. (Received 16 September 2018; accepted 22 November 2018) - [http://www.cscanada.net/index.php/ibm/article/view/10849/pdf .pdf]|publisher= Canadian Academy of Oriental and Occidental Culture and Canadian Research and Development Centre of Sciences and Cultures|language=en}}</ref> There issues associated with the ''zhuangpiao'' as faraway ''qianzhuang'' couldn't always verify them, it was more convenient for ''qianzhuang'' to let a ''zhuangpiao'' circulate in different places or in the same city and only be accepted and admitted by local ''qianzhuang'' there and these local ''qianzhuang'' needed a local place for exchange and debit within the city or region.<ref name="WangYanfenRiskControl"/> The [[Shanghai]] ''qianzhuang'' guild had an intricate system of exchanging ''zhuangpiao'' and the note would play its scale effect that was an equivalent to expanding the operating funds of the ''qianzhuang'', this effect was similar to the [[money multiplier]] effect of modernised [[commercial bank]]s in [[monetary economics]].<ref name="WangYanfenRiskControl"/> As a result of the transfer and rolling of accounts in this exchange, there had to be imbalances in expenditures, some ''qianzhuang'' need to pay the cash, and some ''qianzhuang'' was needed to recover the cash. If a ''qianzhuang'' did not have enough cash in its reserve to pay for the ''zhuangpiao'' and would need to borrow money from another ''qianzhuang'' in a short-term loan.<ref name="WangYanfenRiskControl"/> To remedy this situation many local ''qianzhuang'' guilds set up interbank lending market systems to provide for things such as adjustment and allowed for member ''qianzhuang'' to have a buffer for the times that they wouldn’t have sufficient funds to pay out the ''zhuangpiao'' they had issued. This interbank lending system was of great convenience for the daily operations of a ''qianzhuang''.<ref name="WangYanfenRiskControl"/> == History == === Qing dynasty === {{See also|Paper money of the Qing dynasty}} Many ''[[qianzhuang]]'' issued their own [[scrip]] known as ''zhuangpiao'' (莊票) and (if denominated in [[silver]]) ''yinqianpiao'' (銀錢票, "silver money notes").<ref name="ChinaKnowledgeQianzhuang"/> This scrip was also accepted by proximate shops but to cash these out would take around 10–15 days after it was given to the shop, this was because couriers would have to liaise with the issuing shop in order to verify their authenticity and rule out fraudulent ''zhuangpiao'' notes.<ref name="HoreshQing">{{cite web|url= https://link.springer.com/referenceworkentry/10.1007%2F978-981-10-0622-7_54-1|title= The Monetary System of China under the Qing Dynasty.|date=28 September 2018|accessdate=29 July 2019|author= [[Niv Horesh]]|publisher= [[Springer Nature|Springer Link]]|language=en}}</ref> The ''qianzhuang'' had employed some rather strict rules and regulations on their negotiable instruments such as the ''zhuangpiao''.<ref name="WangYanfenRiskControl"/> An example would be that when the Shunkang Qianzhuang receives a banknote issued by the Hongsheng Qianzhuang, the first thing that the Shunkang Qianzhuang would do is to send the old secretary or apprentice to the Hongsheng Qianzhuang to confirm the authenticity of the banknote. When the secretary or apprentice delivers the bill he would hold return book, this book indicates the number of produced banknotes. After this the important staff members of the Hongsheng Qianzhuang check to see if there are no problems with the note, they check you see if the Hongsheng Qianzhuang stamps on the left or right corner of the note are correct. If a note has been authenticated the issuing bank must always cash it in.<ref name="WangYanfenRiskControl"/> To all ''qianzhuang'' a ''zhuangpiao'' is regarded the same as cash money (or a "promissory non-recogniser") and they had a very trustful relationship with each other.<ref name="WangYanfenRiskControl"/> When the [[Da-Qing Baochao]] (大清寶鈔) cash notes were suffering from inflation privately produced ''zhuangpiao'' cash notes were valued at double the [[nominal value]] of these government-issued cash notes, a number which increased to three and a half times as much before they were finally abolished in 1859.<ref name="Brill2015">[https://www.academia.edu/28400259/_Silver_Copper_Rice_and_Debt_Monetary_Policy_and_Office_Selling_in_China_during_the_Taiping_Rebellion_in_Money_in_Asia_1200_1900_Small_Currencies_in_Social_and_Political_Contexts_ed._by_Jane_Kate_Leonard_and_Ulrich_Theobald_Leiden_Brill_2015_343-395 “Silver, Copper, Rice, and Debt: Monetary Policy and Office Selling in China during the Taiping Rebellion,” in Money in Asia (1200–1900): Small Currencies in Social and Political Contexts, ed.] by Jane Kate Leonard and Ulrich Theobald, [[Leiden]]: Brill, 2015, 343-395.</ref> During this era Chinese banknotes had a lot of different currency units and almost every small region had their own regional currency with regional standards, Dr. Wen Pei Wei, in his 1914 book "The Currency Problem in China", stated "of a currency system it can be seen that China currently has none... No one single unit of currency in the Chinese system, if it can be called that, serves the function [of standard of value] for the country as a whole."<ref>Wen Pin Wei. “The Currency Problem in China” Columbia Studies in the Social Sciences. Ed. Yalman, Ahmet. [[New York City|New York]]: [[Columbia University Press]], 1914.</ref> This was reflected in the ''zhuangpiao'' by the fact that many different currency units were traded based on the market rates and their relation to each other rather than using a standardised currency system as is customary in other countries. In order to establish an intra-city remittance and lending market, ''qianzhuang'' guilds established inter-city and inter-bank remittance houses to support the ''zhuangpiao'' that were issued by other ''qianzhuang''.<ref name="WangYanfenRiskControl"/> During the late 19th century ''zhuangpiao'' banknotes were a common method of payment in the credit business of [[Shanghai]] and were both accepted by local and foreign banks.<ref name="ChinaKnowledgeQianzhuang"/> The Qianzhuang would mobilise their domestic resources to an order of magnitude that would exceed the paid-up capital that they initially received several times over, this happened mostly through issuing banknotes and deposit receipts. [[United Kingdom of Great Britain and Ireland|British]] banks operating in China would often accept ''zhuangpiao'' as a security for the loans they gave out to ''qianzhuang''. This makes it plausible that chop loans originated because of the wildely used prevalence of ''zhuangpiao'' in China that British banks could simply not just to reject them when they were being offered to them by foreign merchants in China. During this era foreign banking companies tended to have an account at least one ''qianzhuang'', since only the guilds operated by them could clear the large number ''zhuangpiao'' forms that were circulating in the city of Shanghai, this happened through a rather elaborate daily mechanism which was dubbed ''Huihua'' (非匯, "draft exchange").<ref name="HoreshQing"/>{{sfn|McElderry|1976|p=8–10}} The ''huihuazhuang'' credit banks of Shanghai enjoyed special privileges over the smaller banks such as the right to both issue and to accept ''yinpiao'' (銀票, "silver notes") denominated in silver [[tael]]s and ''qianpiao'' (錢票, "cash notes") denominated in copper-alloy [[Cash (Chinese coin)|cash coins]]. The ''huihuazhuang'' credit banks also operated deposits and issued various types of paper money such as the discountable notes known as ''tiexian'' (貼現), furthermore they also issued their own banknotes (''zhuangpiao'') and [[bills of exchange]] (which were known as ''huapiao'' (匯票, "remittance notes").<ref name="ChinaKnowledgeQianzhuang"/> When the chop loan mechanism collapsed this severely affected the standing of ''zhuangpiao'', much like all the other organic, private-order arrangements were badly hit, in a negative way on the monetary Chinese market. These private arrangements often concerned the individual intermediaries which were employed by foreign banks and financial institutions to guarantee Chinese liabilities like the ''zhuangpiao'' notes, the intermediary business rose up during the mid-19th century in Chinese treaty ports in response to both language barriers and information deficits facing foreigners who wished to do business in local Chinese markets. These intermediaries were commonly known as "compradors" to Westerners or ''maiban'' in Mandarin Chinese.<ref name="HoreshQing"/>{{sfn|Ji Zhaojin|2002|p=54–57}} Compradors would personally guarantee the value of ''zhuangpiao'' issued by the ''qianzhuang'' and other Chinese liabilities before foreign institutions, but they did not actually have the leverage to guarantee any metallic money, such as the silver coins, disbursed by foreign institutions in the Chinese (monetary) marketplace.<ref name="ChinaKnowledgePaperMoney">{{cite web|url= http://chinaknowledge.de/History/Terms/papermoney.html|title= Paper Money in Premodern China.|date=10 May 2016|accessdate=27 March 2019|author= Ulrich Theobald|publisher= [[Chinaknowledge]]|language=en}}</ref> As China was suffering from a highly fractured monetary condition, this enabled the rise other highly specialised financial organisations precisely to that end, which were the ''gonguju'' and ''yinlu'' metal assayers.<ref name="HoreshQing"/>{{sfn|Wagel|1915|p=114–118}} Chinese historian [[Peng Xinwei]] stated that in the year 1900 privately-produced banknotes made up only 3% of the total volume of Chinese currency stock.{{sfn|Peng|1988|p=886–889}} The [[Hupeh Provincial Bank]] (湖北官錢局, ''Hubei Guan-Qianju''), a provincial government-owned ''qianzhuang'' issued their own banknotes which were known as the [[Hubei Guanpiao]] (湖北官票), these banknotes were denominated in [[tael]]s for silver and [[String of cash coins (currency unit)|strings]] for copper-alloy cash coins.<ref name="YunLiuHankouQianzhuang">{{cite web|url= https://www.researchgate.net/publication/328319998_A_City_of_Commerce_and_its_Native_Banks_Hankou_Qianzhuang_1800s-1952|title= A City of Commerce and its Native Banks: Hankou Qianzhuang (1800s-1952).|date=August 2013|accessdate=17 August 2019|author= Yun Liu|publisher= [[ResearchGate]]|language=en}}</ref> The Hubei Guanpiao had [[Banknote seal (China)|magistrate seals]] affixed on them as endorsements, as the ''zhuangpiao'' by the local ''qianzhuang'' formerly practiced. In March of the year 1901 Zhang Zhidong commanded his subordinates to repudiate those magistrate seals on the Hubei Guanpiao banknotes that were issued as Zhang forthrightly explained to them that his foreign-made printing machines applied anti-forgery techniques, and that acquiescing seals would hamper circulating and competing banknotes issued by modern banks in China.<ref name="YunLiuHankouQianzhuang"/> In the year 1906 the regulations of the North and South city money industry reorganisation stipulated that when ''zhuangpiao'' expired that if unfamiliar people would request their ''zhuangpiao'' to be [[cashed in]], the ''qianzhuang'' would refuse to pay into 12:00 [[post meridiem]], this was in accordance to the general rules and regulations of the Chinese financial market at the time.<ref name="WangYanfenRiskControl"/> If the note was discounted as an unexpired ''zhuangpiao'', all of the brought in notes would need to be carefully identified.<ref name="WangYanfenRiskControl"/> === Republic of China === [[File:1 Tiao (98 Jingqian) - Yonghe Residence Co., Ltd. (深縣城內永和居兌換券) issue (民國三年, 1915).png|thumb|left|A 1915 (民國三年) ''zhuangpiao'' of 1 [[String of cash coins (currency unit)|tiao]] (or 98 Jingqian) issued by the Yonghe Residence Co., Ltd.]] Most private Chinese banks (including ''qianzhuang'' and ''piaohao'') during the early Republic of China period issued their own banknotes until 1935, these were redeemable in the traditional currencies of China.<ref name="FEEHyperinflationOrigins1988">{{cite web|url= https://fee.org/articles/origins-of-the-chinese-hyperinflation/|title= Origins of the Chinese Hyperinflation.|date=1 September 1988|accessdate=19 September 2019|author= Mr. Habegger is a student at the University of Colorado in Boulder. He was a summer intern at FEE in 1986.|publisher= [[Foundation for Economic Education]] (FEE)|language=en}}</ref> These banknotes all circulated freely on the Chinese market without the Chinese government interfering in their exchange or imposing any regulations.<ref name="FEEHyperinflationOrigins1988"/> These banknotes were all ''[[de facto]]'' different currencies. One of the built-in defences a free banking system had against [[inflation]] is that if the banknotes from one bank will suffer from deprecation, then the customers can simply go to a competing bank's currency.<ref name="FEEHyperinflationOrigins1988"/> This inherent defense system makes inflation within a free banking system like that of China's during this era extremely rare.<ref>Mitsutaro Araki, “Economic Trends and Problems in the Early Republican Period,” in Report on the Currency System of China ([[New York City|New York]]: [[Garland Publishing]], Inc., 1980), p. 18.</ref><ref name="FEEHyperinflationOrigins1988"/> In the year 1927 the [[Kuomintang]] (KMT) [[Nationalist government|took over the Chinese government]] and slowly started taking steps to replace the Chinese free banking system with a more centralised banking system.<ref name="FEEHyperinflationOrigins1988"/> Instead of immediately seizing all private banks they took slow steps aimed at gaining complete control over the [[History of Chinese currency|Chinese currency]] by getting both the financial and political support of the largest banks in China by making these dependent on the Nationalist Chinese government. The final step in this process was to completely bring every bank in China under the control or influence of the Chinese government.<ref name="FEEHyperinflationOrigins1988"/> The Hubei Guanpiao was abolished in 1927 with the bankruptcy of the Hubei Guan-Qianju. After the Hubei Guan-Qianju filed for [[bankruptcy]] in 1927 35 million strings in Hubei Guanpiao banknotes, which accounted for about half of the total of Hubei Guanpiao issued, were lost in the lengthy recall process by the defunct banks, as these banknotes had become completely worthless.<ref name="YunLiuHankouQianzhuang"/> The final blow to the autonomy of private banking in China and their ability to issue their own private banknotes was dealt largely by external factors, developments in the [[United States]] lead to the Chinese Nationalist government to enact reforms that ended autonomous Chinese private banking altogether.<ref name="FEEHyperinflationOrigins1988"/> In 1933 the [[government of the United States]] had begun purchasing substantial amounts of silver, and the following year in June 1934 it passed the [[Silver Purchase Act (1934)|Silver Purchase Act]], which stipulated that the [[United States Treasury]] should purchase silver from all over the world until the global price was higher than [[United States dollar|$]]1.29 per [[ounce]], or until the total monetary value of the American silver stock would reach ⅓ of the monetary value of its gold stock.<ref name="FEEHyperinflationOrigins1988"/> The original intent of the United States Silver Purchase Act was to be a commodity support programme for American silver producers, but it would have to prove many [[unintended consequences]] for the Chinese banking sector.<ref name="FEEHyperinflationOrigins1988"/> This legislation by the United States federal government would cause the global price of silver to rise by 75% in 1933 alone and two years later this price would triple. As almost all banknotes that circulated in China were on the [[silver standard]], China's many private currencies were experiencing a lot of [[deflation]]. China was soon experiencing a rise in imports and a decline in exports, this also meant that silver started flowing out of the country.<ref name="FEEHyperinflationOrigins1988"/> As a result, private Chinese banks would sell their silver reserves outside of China while slowing down the production and issuance of new banknotes as they were withdrawing more of their older banknotes from circulation.<ref name="FEEHyperinflationOrigins1988"/> This caused the supply of circulating banknotes to decline and those still left in circulation saw their [[purchasing power]] rise.<ref name="FEEHyperinflationOrigins1988"/> In the year 1933 the [[government of the Republic of China]] abolished the ancient silver-based currency unit, the tael and completely replaced it with the [[Yuan (currency)|yuan]] in a process known as the ''fei liang gai yuan'' (廢兩改元). During this time the Republican government cleared all banknotes denominated in the ancient tael currency, making all bills which used this currency unit obsolete.<ref name="ChinaKnowledgeQianzhuang"/> Following the [[Currency reform of 1935 (Republic of China)|1935 currency reform]] the [[Nationalist government|government of the Republic of China]] introduced the ''fabi'' (法幣, "[[legal tender]]"), from November of the year 1935 to December of 1936, the 3 officially sanctioned note-issuing banks issued the new paper currency, the ''fabi'' was completely detached from the [[silver standard]]. The Central Government of the Republic of China had enacted these currency reforms to limit currency issuance to three major government controlled banks: the [[Bank of China]], [[Central Bank of China]], [[Bank of Communications]], and later the [[Farmers Bank of China]]. Chinese people were required by government mandate to hand in all of their current silver reserves in return for the newly introduced ''fabi'', this was primarily done by the government in order to supply the silver that the Chinese government owed to the [[United States]]. The Chinese government and the [[Central Bank of the Republic of China (Taiwan)|central bank]] were careful to do a controlled release of about 2,000,000,000 [[Yuan (currency)|yuan]] worth of new ''fabi'' banknotes, this was done in order to prevent [[inflation]], and the government had taken many precautions to distribute these banknotes both gradually and fairly. In the first few months following the release of the ''fabi'' banknotes, the Chinese government did this to wait to see whether the Chinese public would place their trust in the new, unified Chinese currency.<ref name="DukeEastAsiaNexusChinese1935CurrencyReform">{{cite web|url= http://www.dukenex.us/noah-elbot-chinas-1935-currency-reform.html|title= China's 1935 Currency Reform: A Nascent Success Cut Short By Noah Elbot.|date=2019|accessdate=15 September 2019|author= Noah Elbot|publisher= Duke East Asia Nexus ([[Duke University]]).|language=en}}</ref><ref>Chang, H.: The Silver Dollars and Taels of China. [[Hong Kong]], 1981 (158 pp. illus.). Including Subsidiary Notes on “The Silver Dollars and Taels of China” Hong Kong, 1982 (40 pp. illus.). {{OCLC|863439444}}.</ref> The banknotes that were issued by private banks, such as the ''zhuangpiao'', were allowed to continue circulating on the Chinese market in fixed amounts, and later they were to be gradually phased out completely.<ref name="FEEHyperinflationOrigins1988"/> All private institutions and individuals who owned silver were ordered by the Chinese Nationalist government to exchange their silver for the new national currency within a period six months.<ref name="FEEHyperinflationOrigins1988"/> == How ''qianzhuang'' dealt with missing or stolen ''zhuangpiao'' == If someone reported the loss or theft of one of their ''zhuangpiao'' to a ''qianzhuang'' the ''qianzhuang'' would stop issuing payments out to that note.<ref name="WangYanfenRiskControl"/> This is because if the ''qianzhuang'' would pay for the ''zhuangpiao'' at sight the customer would have lost their money, but on the other hand if the ''qianzhuang'' would refuse to pay out a banknote without any conclusive evidence then this can easily lead to the loss of credit for ''qianzhuang''.<ref name="WangYanfenRiskControl"/> Because of the associated risks the ''qianzhuang'' had created a large number of detailed provisions specifically for the situation where they would have to suspend paying out a ''zhuangpiao'' because its loss had been reported.<ref name="WangYanfenRiskControl"/> {{Quote box | quote ="when the dealer come to Qianzhuang with the intention to ask for suspension of payment by reporting loss, if the ticket has been paid, or has been used to buy goods, or has been discounted, and there are accounts to be recorded, and goods to be pointed out, then we can be sure that ticket entries into others’ hands, or is stolen by self-theft, or there are other situations, no matter when, Qianzhuang shall not agree to any suspension of payment by reporting the loss of the ticket." | source = - Pan Liangui, The History of Shanghai Money (Second Edition), Shanghai People's Publishing House, 2015. | width = 50% | align = center }} If the ''zhuangpiao'' was in fact truly irretrievable because of situations like water damage, fire, or theft, then the customer who had lost their ''zhuangpiao'' was obligated to issue a certificate confirming the fact and then give this certificate to the local ''qianzhuang'' to apply for a suspension.<ref name="WangYanfenRiskControl"/> Afterwards the person who lost their ''zhuangpiao'' had to report on it and declare it publicly in a famous local [[newspaper]] and one abroad as well as to report its loss to the local authorities such as the government, this would temporarily suspend payment of the lost ''zhuangpiao''. The money owed would then be send to the local ''qianzhuang'' [[guild]] where it would be kept safe. If 100 days had passed and no credible objections had been made against the loss the loser would then receive their money.<ref name="WangYanfenRiskControl"/> == Seals, overprints, and endorsements == {{See also|Da-Qing Baochao#Seals, overprints, and endorsements|Hubu Guanpiao#Seals, overprints, and endorsements}} [[File:1000 Cash (文) - Da-Qing Baochao (大清寶鈔) Cash-note (Xianfeng Period) Auction World 04.jpg|thumb|right|The names of various ''[[qianzhuang]]'' stamped on the reverse side of a [[Da-Qing Baochao]] (大清寶鈔) banknote, such endorsements were common on ''zhuangpiao''.]] Three kinds of stamps were used on Chinese banknotes including ''zhuangpiao'', these were [[Banknote seal (China)|"seals", "overprints", and "endorsements"]].<ref name="SandrockCopperCashNotes">{{cite web|url= http://thecurrencycollector.com/pdfs/Ching_Dynasty_Copper_Cash_Notes_-_Part_II.pdf|title=IMPERIAL CHINESE CURRENCY OF THE TAI'PING REBELLION - Part II - CH'ING DYNASTY COPPER CASH NOTES by John E. Sandrock.|date=1997|accessdate=20 April 2019|author= John E. Sandrock|publisher= The Currency Collector.|language=en}}</ref> In general, seals were affixed by the issuing office or private bank. Overprints were added later after the banknote had already been placed into general circulation, overprints were the products of semi-officials who had some nominal form of authority the merchant class did not have. Endorsements represent acceptance of Chinese banknotes banknote as genuine and were generally placed on the reverse side (or blank side) of the banknote by the many ''qianzhuang'' (such as "cash shops", T'ien shops, and money changers) through whose hands they would pass. The official seals which were placed on Qing dynasty era banknotes tended to serve a large variety of purposes.<ref name="SandrockCopperCashNotes"/> == Gallery == {| role="presentation" class="wikitable mw-collapsible mw-collapsed" | <strong>Gallery</strong> |- | <gallery> Image:1000 Cash (仟文) - Tongfa Money Shop (統發號肆) issue (乾隆四十七年 - 1782年) Zhuokearts.png|A banknote of 1000 ''[[Chinese cash (currency unit)|wén]]'' issued by the Tongfa Money Shop in the year [[Qianlong Emperor|Qianlong]] 47 (1782). Image:2000 Cash (貳千文) - Fengsheng Money Shop (豐盛錢局) issue (乾隆四十九年 - 1784年) Zhuokearts.jpg|A banknote of 2000 ''wén'' issued by the Fengsheng Money Shop in the year Qianlong 49 (1784). Image:Fushengxing (複盛興) issue (嘉庆年) Zhuokearts.jpg|A blank and undated banknote from the Qianlong era. Image:1068 Cash (壹千六十八文) - Lake Tai ancestral temple (太湖祠收票) issue (嘉庆十年 - 1805年) Zhuokearts.jpg|A ''Zhuangpiao'' banknote of 1068 ''[[Chinese cash (currency unit)|wén]]'' issued by the [[Lake Tai ancestral temple]] in the year [[Jiaqing Emperor|Jiaqing]] 10 (1805). Image:1000 Wén - Guang Yuan Hao (廣源號) issue (同治八年 (1871年) 九月 一日) 九藏閣.jpg|A banknote of 1000 ''wén'' issued by the Guang Yuan Hao in the year [[Tongzhi Emperor|Tongzhi]] 8 (1871). Image:1 Diào wén (壹吊文) - Foo Ju Tai & Company (Shāndōng Yāntái Fú Jù Tài Jì Qiánzhuāng - 山東煙台福聚泰記錢莊) issue (清代晚期) Yang Ming Auction.jpg|A banknote of 1 ''[[String of cash coins (currency unit)|diào wén]]'' (吊文) issued by the Foo Ju Tai & Company from the [[Shandong province]] under the reign of the [[Guangxu Emperor]]. Image:壹吊文 - 山東錢莊票3種詳分（煙台）聚源湧錢莊1916年壹仟文（牟平）Wan Ju Qianzhuang (萬聚錢莊) issue 市錢 Yang Ming Auction.jpg|Private banknotes issued by Shandong private banks in 1916. Image:1 Chuàn wén (壹串文) - Wan Fen Zhen Money Shop (萬豐禎號 - 鄖邑·將軍河) 銅元 (民國年) Yang Ming Auction - Obverse & Reverse.jpg|A Chinese ''zhuangpiao'' banknote of 1 ''[[String of cash coins (currency unit)|chuàn wén]]'' (串文) issued by the Wan Fen Zhen Money Shop. Image:1 Diao 1925 of Huan Shan (Shandun Province).jpg|A banknote of 1 Tiao (吊) issued by the Huan Shan in the year 1925. Image:5 Chuàn wén - Zhang Qing Long (張隆慶) private banknote (1928) barracuda0628 01.jpg|A private Chinese banknote of 5 ''chuàn wén'' (串文) issued by the Zhang Long Qing in the year 1928. Image:1 Chuàn wén & 1 Yuan (壹串文，壹圓) - Jimin Bank (濟民銀號) issue (民國十七年 - 1928年) Yang Ming Auction.jpg|Private banknotes of 1 ''chuàn wén'' (串文) and 1 [[Yuan (currency)|yuan]] (圓) issued by the Jimin Bank in the year 1928. Image:5 Diào wén (五吊文) - Teng Xian Lin Money Shop (滕縣臨泉店) issue (民國年月).jpg|A banknote of 5 ''diào wén'' (吊文) Teng Xian Lin Money Shop. </gallery> |} == References == {{Reflist}} == Sources == * Cheng Linsun (2003) ''Banking in modern China: entrepreneurs, professional managers and the development of Chinese banks.'' [[Cambridge University Press]], [[New York City|New York]], pp 1897–1937. * Hamashita Takeshi (濱下武志) (1980) ''Chūgokutsūshōginkō no setsuritsu to Honkon Shanhaiginkō'' (中国通商銀行の設立と香港上海銀行). Hitotsubashironsō. (in [[Japanese language|Japanese]]). * Huang Da (黃達), Liu Hongru (劉鴻儒), Zhang Xiao (張肖), ed. (1990). ''Zhongguo jinrong baike quanshu'' (中國金融百科全書) ([[Beijing]]: Jingji guanli chubanshe), Vol. 1, 228. (in [[Mandarin Chinese]]). * Huang Jianhui (黃鑒暉) (1994) ''Zhongguo yinhangyeshi'' (中國銀行業史). Shanxi jingji chubanshe, [[Taiyuan]]. (in [[Mandarin Chinese]]). * Ji Zhaojin (2002) ''A history of modern Shanghai banking.'' M.E. Sharpe, Armonk. * Kang Guohong (康國宏) (1997). "Qianzhuang (錢莊)", in Men Kui (門巋), Zhang Yanjin (張燕瑾) (ed.), ''Zhonghua guocui da cidian'' (中華國粹大辭典) ([[Hong Kong]]: Guoji wenhua chuban gongsi), 102. (in [[Mandarin Chinese]]). * Kwan Man Bun (2001) ''The salt merchants of Tianjin: state-making and civil society in late Imperial China.'' [[University of Hawaii Press]], [[Honolulu]], [[Hawai]]. * McElderry, A.L. (1976) ''Shanghai old-style banks (Ch’ien- Chuang), 1800–1925: a traditional institution in a changing society.'' Center for Chinese Studies, [[University of Michigan]], [[Ann Arbor, Michigan|Ann Arbor]], [[Michigan]]. * McLean D (1976) ''Finance and ‘informal empire’ before the first world war.'' Economic History Revue. * Pan Liangui (潘連貴) (2004) ''Shanghai huobishi'' (上海貨幣史). Shanghai renminchubanshe, [[Shanghai]]. (in [[Mandarin Chinese]]). * [[Peng Xinwei]] (彭信威) (1954 [2007]). ''Zhongguo huobi shi'' (中國貨幣史) ([[Shanghai]]: Qunlian chubanshe), pp. 580-581, 597-605. (in [[Mandarin Chinese]]). * Peng Xinwei (彭信威) (1994) ''A monetary history of China'' (translated by Edward H. Kaplan). [[Western Washington University]] ([[Bellingham, Washington|Bellingham]], [[Washington (state)|Washington]]). * Wagel, S.S. (1915) ''Chinese currency and banking.'' [[North China Daily News|North China Daily News and Herald]], [[Shanghai]]. * Wang, Y. F. (2017). ''The Risk Control of Qianzhuang. International Business and Management'', 14 (2), 38-47. * Wu Chengxi (吴承禧). ''Zhongguo de Yinhang'' (中國的銀行). [[Shanghai]]: Shangwu yinshuguan, 1934. (in [[Mandarin Chinese]]). * Yao Enquan (姚恩權) (1993). "Qianzhuang (錢莊)", in Shi Quanchang (石泉長), ed. ''Zhonghua baike yaolan'' (中華百科要覽) ([[Shenyang]]: Liaoning renmin chubanshe), 86. (in [[Mandarin Chinese]]). * Ye Shichang (葉世昌) (2003) ''Gudai Zhongguo jingji sixiangshi'' (古代中國經濟思想史). Fudan daxue chubanshe, [[Shanghai]]. (in [[Mandarin Chinese]]). * Zhang Guohui (張國輝) (1992). "Qianzhuang (錢莊)", in ''Zhongguo da baike quanshu'' (中國大百科全書), ''Zhongguo lishi'' (中國歷史) ([[Beijing]] / [[Shanghai]]: Zhongguo da baike quanshu chubanshe), Vol. 2, 775. (in [[Mandarin Chinese]]). * Zhang Guohui - ''Wan Qing qian zhuang he piao hao yan jiu'' (in [[Mandarin Chinese]]). * Zhang Guohui (張國輝) (1988). "Qianzhuang (錢莊)", in ''Zhongguo da baike quanshu'' (中國大百科全書), Jingjixue (經濟學), Vol. 2, 729. (in [[Mandarin Chinese]]). * Zhao Yulin (趙玉林), Wang Huazhong (王化中), ed. (1990). ''Jingjixue cidian'' (經濟學辭典) ([[Beijing]]: Zhongguo jingji chubanshe), 702. (in [[Mandarin Chinese]]). {{Banks of the Qing dynasty|state=collapsed}} {{Chinese paper money|state=collapsed}} {{Qing dynasty currency|state=collapsed}} {{Chinese currency and coinage|state=collapsed}} [[:Category:Banknotes of China]] [[:Category:Qing dynasty]] [[:Category:Chinese numismatics]] .

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• <ref name="SandrockSilverTaelNotes">{{cite web|url= http://thecurrencycollector.com/pdfs/Ching_Dynasty_Silver_Tael_Notes_-_Part_III.pdf|title=IMPERIAL CHINESE CURRENCY OF THE TAI'PING REBELLION - PART III - CH'ING DYNASTY SILVER TAEL NOTES by John E. Sandrock.|date=1997|accessdate=29 June 2019|author= John E. Sandrock|publisher= The Currency Collector.|language=en}}</ref>
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• <ref name="CambridgeInflation">{{cite web|url= https://www.cambridge.org/core/journals/bulletin-of-the-school-of-oriental-and-african-studies/article/hsienfeng-inflation/54A8F1ADDC871CC18F4DCFA828730DEB|title= The Hsien-Fêng Inflation (Published online by Cambridge University Press: 24 December 2009).|date=October 1958|accessdate=28 July 2019|author= Jerome Ch'ên|publisher= [[SOAS University of London]]|language=en}}</ref>
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• <ref name="Brill2015">[https://www.academia.edu/28400259/_Silver_Copper_Rice_and_Debt_Monetary_Policy_and_Office_Selling_in_China_during_the_Taiping_Rebellion_in_Money_in_Asia_1200_1900_Small_Currencies_in_Social_and_Political_Contexts_ed._by_Jane_Kate_Leonard_and_Ulrich_Theobald_Leiden_Brill_2015_343-395 “Silver, Copper, Rice, and Debt: Monetary Policy and Office Selling in China during the Taiping Rebellion,” in Money in Asia (1200–1900): Small Currencies in Social and Political Contexts, ed.] by Jane Kate Leonard and Ulrich Theobald, [[Leiden]]: Brill, 2015, 343-395.</ref>
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• <ref name="HoreshQing">{{cite web|url= https://link.springer.com/referenceworkentry/10.1007%2F978-981-10-0622-7_54-1|title= The Monetary System of China under the Qing Dynasty.|date=28 September 2018|accessdate=29 July 2019|author= [[Niv Horesh]]|publisher= [[Springer Nature|Springer Link]]|language=en}}</ref>
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• <ref name="WangYanfenRiskControl">{{cite web|url= http://www.cscanada.net/index.php/ibm/article/view/10849|title= The Risk Control of Qianzhuang.|date=26 December 2018 |accessdate=16 September 2019|author= Wang Yanfen, Doctoral student. School of Economics, Central University of Finance and Economics, [[Beijing]], [[China]]. (Received 16 September 2018; accepted 22 November 2018) - [http://www.cscanada.net/index.php/ibm/article/view/10849/pdf .pdf]|publisher= Canadian Academy of Oriental and Occidental Culture and Canadian Research and Development Centre of Sciences and Cultures|language=en}}</ref>
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• <ref name="FEEHyperinflationOrigins1988">{{cite web|url= https://fee.org/articles/origins-of-the-chinese-hyperinflation/|title= Origins of the Chinese Hyperinflation.|date=1 September 1988|accessdate=19 September 2019|author= Mr. Habegger is a student at the University of Colorado in Boulder. He was a summer intern at FEE in 1986.|publisher= [[Foundation for Economic Education]] (FEE)|language=en}}</ref>
  • * <ref name="FEEHyperinflationOrigins1988"/>

Redirects

• #REDIRECT [[Zhuangpiao]]

1. Zhuang piao.
2. 莊票.
3. Yinqianpiao.
4. 銀錢票.
5. Huipiao
6. 會票.
7. Pingtie.
8. 憑帖.
9. Duitie.
10. 兌帖.
11. Shangtie.
12. 上帖.
13. Hupingtie.
14. 壺瓶帖.
15. Qitie.
16. 期帖.
17. Qianzhuang banknote.
18. Qianzhuang banknotes.
19. Qianzhuang note.
20. Qianzhuang notes.
21. Qianzhuang ticket.
22. Qianzhuang tickets.
23. Qianzhuang coupon.
24. Qianzhuang coupons.