Taiwan's modern monetary history is undoubtedly a magnificent epic, which closely interweaves the context of Taiwan's history and political changes, reflects each other, and jointly interprets the changes in this land.
This article attempts to show the vicissitudes and glorious history of this beautiful island through the circulation and replacement of currencies in Taiwan from the perspective of Taiwan's modern currency changes.
1. The period of Dutch and Spanish colonial rule
During the Dutch and Spanish colonial rule (1624 - 1662), the island of Taiwan was divided between these two European powers, with the southern part becoming the Dutch sphere of influence and the northern part falling into the hands of the Spaniards.
Spanish COB silver coin
Spanish COB silver coin
During this period, Spanish COB silver coins were widely circulated in northern Taiwan, and this kind of silver coins in lille units were distinguished by their different forms due to their hand-cutting. Even the southern regions ruled by the Dutch accepted the silver coin as a currency of circulation, which stems from the deep historical ties between the Netherlands and Spain. Although Taiwan's trade and international exchanges were active at that time, and merchants from many countries gathered, COB silver coins still held the throne of the mainstream currency.
[It is worth mentioning that the Netherlands established their colonial rule in southern Taiwan as early as 1624. Due to the relatively inferior agricultural conditions in northern Taiwan, the Dutch influence in Taiwan gradually expanded. In order to unify Taiwan, the Netherlands and Spain secretly engaged in fierce competition, and even did not hesitate to block trade routes in order to cut off the connection between China, Japan and the Philippines.
The Spaniards stationed in Keelung, under pressure from the huge imbalance between input and output, made the decision in 1637 to reduce the number of troops in Taiwan, and most of the troops were evacuated to the Philippines. However, just as the Spanish forces were retreating, the Dutch seized the opportunity and launched a surprise attack on Keelung, and a frontal war between the Dutch and Spain broke out. In 1642, the Dutch army reloaded and launched another onslaught, the Spanish defenders had no choice but to surrender, and the Dutch finally took control of the entire island of Taiwan, and Spanish rule in Taiwan came to an end. 】
2. Zheng Chenggong's expulsion of the Dutch colonists, during the Southern Ming regime
Zheng Chenggong expelled the Dutch colonists, and after successfully recovering Taiwan, he established the Yongli regime of the Southern Ming Dynasty, and Taiwan began to issue Yongli Tongbao.
Yongli Tongbao
Yongli Tongbao
It is necessary to write down Zheng Chenggong's great achievement of recovering Taiwan with more pen and ink:
[Zheng Chenggong began the expulsion of Dutch colonists on April 21, 1661.] He led a large army to set sail from Liuluo Bay in Kinmen, and Ling Bo crossed the sea to recover Taiwan. Immediately after landing, he besieged the military stronghold of Chichicheng (present-day Tainan) and engaged in fierce battles with the Dutch colonial army, eventually succeeding in recovering Chichicheng. After eight months of heroic fighting, the Dutch colonists were in a desperate situation. The Dutch governor surrendered on February 1, 1662, and Taiwan was liberated.
Taiwan's Southern Ming period can be counted from 1662, when Zheng Chenggong recovered Taiwan, an event that marked the beginning of the Southern Ming regime's de facto control of Taiwan. As for the end time, there can be two views:
One view marks the end of 1681, when the last emperor of the Southern Ming Dynasty, Yongli Emperor Zhu Youlang, was hanged by Wu Sangui in Kunming. This event marked the final demise of the Nanming regime on the mainland, and although actual control of Taiwan may have shifted before then, the death of the Yongli Emperor is still seen as an important symbol of the end of the Nanming regime.
Another view marks the end of 1683, when the Qing Dynasty officially regained Taiwan. In this year, the Qing army occupied Taiwan, the Ming and Zheng forces were overthrown, and Taiwan was officially included in the rule of the Qing Dynasty. This point in time more concretely reflects the actual changes in Taiwan's political situation. 】
3. The reign of the Qing Dynasty
With the occupation of Taiwan by the Qing army in 1683, the rule of the Nanming regime in Taiwan ended, and Nanming currencies such as Yongli Tongbao were gradually withdrawn from circulation. After the Qing Dynasty ruled Taiwan, in order to unify the monetary system and strengthen economic management, it began to issue the currency of the Qing Dynasty.
Specifically, the Qing Dynasty's issuance of currency in Taiwan dates back to the 27th year of the Kangxi Reign (1688). In this year, the Qing court opened the Baotai Bureau and minted money in Taiwan, that is, "Kangxi Tongbao". This move marked the official circulation of the Qing Dynasty currency in Taiwan.
Kangxi Tongbao front (picture from the Internet)
Kangxi Tongbao's face text is "Kangxi Tongbao" four characters, the back perforation left and right each have a "Taiwan" ("Taiwan" is the traditional Chinese character of "Taiwan", as a Ji minting place, that is, this coin is minted in Taiwan) words, left Manchu, right Chinese, to Ji cast. This currency was widely circulated in Taiwan at that time and played an important role in promoting the development and stability of the local economy.
Kangxi Tongbao is a currency issued during the Kangxi period of the Qing Dynasty (1662-1722), minted by 20 mints across the country, and all of them are circulated throughout the country. The 20 mints include Datong and Taiyuan in Shanxi, Fuzhou in Fujian, Jiangning and Suzhou in Jiangsu, Xuanhua and Jizhou in Hebei, Nanchang in Jiangxi, Changsha in Hunan, Kaifeng in Henan, Nanjing in Jiangsu, Guangzhou in Guangdong, Hangzhou in Zhejiang, Taiwan in Fujian, Guilin in Guangxi, Xi'an in Shaanxi, Kunming in Yunnan and Zhangzhou in Fujian.
Kangxi Tongbao back ("臺" is the traditional Chinese character for "Taiwan", that is, it was cast by Taiwan)
From the first year of Kangxi (1662) to 1895, when Taiwan was occupied by Japan, the Qing Dynasty mainly passed through the era currency of Kangxi Tongbao, Yongzheng Tongbao, Qianlong Tongbao, Jiaqing Tongbao, Daoguang Tongbao, Xianfeng Tongbao, Tongzhi Tongbao and Guangxu Tongbao. These currencies were issued one after another with the change of the Qing Dynasty era and were circulated in Taiwan for 233 years.
Fourth, during the Daoguang period, my husband was silver
Taiwan minted and used old silver during the Daoguang period (1838-1850). At that time, due to the influx of opium and the outflow of silver, the price of silver rose, and the value of foreign silver dollars soared.
In order to raise military salaries and stabilize prices, the local government of Taiwan decided to mint its own silver cake, that is, the old man's silver. The front of this kind of silver cake has the pattern of the birthday star, engraved with the words "Dao Guangnian casting" and "Ku Ping Qi Er" and "foot pattern silver cake", and the reverse pattern is a three-legged Ding furnace, which indicates that it is a government coin. The minting of the old man's silver marked a change in Taiwan's monetary system and was one of the earliest die-minted coins for inflation in China.
5. The period of Japanese colonial rule
After Japan launched the First Sino-Japanese War and captured the Penghu Islands, the Qing government was forced to sign the Treaty of Shimonoseki and cede them to Japan. From then on, Taiwan became Japan's first overseas colony, beginning a period of 50 years of colonial rule (1895-1945).
The general height of the Japanese during the Qing Dynasty (Edo period in Japan).
By the way, during that period, according to the Swiss newspaper Post, the average height of Japanese men during the Qing Dynasty was 155 centimeters, and the average height of women was 143 centimeters. These data show that the average height of Japanese during the Qing Dynasty was generally shorter.
Every time I see such a photo, I wonder what kind of arrogance and where does I have the confidence to shout "Great Japan"!
During the Japanese colonization of Taiwan, Taiwan's currency was mainly "Taiwan bank bills". This currency became the main currency used by the common people in Taiwan during the Japanese occupation era. Although there were also currencies such as "Japanese Auxiliary Currency", "Auxiliary Currency Bills", and "Bank of Japan Bills" during the same period, their proportion was relatively low and their impact was not significant.
Taiwan bank bills
Taiwan bank bills
Taiwan bank bills
Taiwan bank bills were originally on the silver standard and later changed to the gold standard in 1904. From 1900 to 1945, when Japan was defeated and surrendered, the actual service life of Taiwanese bank bills in Taiwan reached 45 years.
After the Japanese occupation of Taiwan, this currency was issued and forced to be exchanged and used by the Taiwanese people, so as to loot the wealth in the hands of the Taiwanese people. It was also an economic tool of Japanese colonial rule.
6. Old Taiwan Dollar
Old Tai Fan
After Japan's defeat and surrender in 1945, Taiwan was liberated, and due to the unstable financial situation of the mainland after the war, the Nationalist Government did not promote the mainland's "legal tender" to Taiwan, but issued a new currency in Taiwan, the "Taiwan dollar".
Old Tai Fan
Originally issued was the "Taiwan Dollar Exchange Voucher", which later became known as the "Old Taiwan Dollar". The currency issuance and reform during this period marked a new chapter in Taiwan's monetary system. From Japan's defeat and withdrawal from Taiwan in 1945 to the retreat of the Kuomintang to Taiwan in 1949, Taiwan used the "old Taiwan dollar" during this period.
Old Tai Fan
In 1946, the Nationalist Government authorized the Bank of Taiwan to issue "Taiwan Dollar Exchange Certificates" to replace the Taiwan Bank Bills issued by the Japanese government, and the original Taiwan Bank Bills were redeemed and destroyed at a ratio of 1:1.
7. New Taiwan Dollar
During the period of the old Taiwan dollar, the main reasons for the serious inflation in Taiwan were:
First of all, after the Kuomintang government took over Taiwan, it issued the Taiwan dollar (old Taiwan dollar) and liberalized price controls at the same time. This led to the inflation rate in Taiwan starting to skyrocket, and the price index rose sharply in a short period of time.
Second, as a large number of Kuomintang military and political personnel and their families retreated to Taiwan, the demand for goods soared, and the supply was insufficient, which further pushed up prices. This imbalance between supply and demand makes the inflation problem even more serious.
New Taiwan Dollar
In addition, the issuance of the old Taiwan dollar has also increased significantly. From 1948 to June 1949, the issuance of the old Taiwan dollar increased from 142 billion yuan to more than 527 billion yuan, an increase of 87.8 times from the beginning of the issuance in 1946. This large money supply has undoubtedly exacerbated the extent of inflation.
New Taiwan Dollar
After the Kuomintang government retreated to Taiwan, in order to implement a new monetary policy and economic management in Taiwan, and also to control inflation, it began to issue and circulate the new Taiwan dollar on June 15, 1949. The conversion rate of the new Taiwan dollar to the old Taiwan dollar is set at the old Taiwan dollar 40,000 yuan to the new Taiwan dollar 1 yuan.
Conclusion
Taiwan's modern monetary history profoundly reflects Taiwan's political changes and cultural integration in modern history. From the colonial rule of the Netherlands and Spain, to the expulsion of the Dutch by Zheng Chenggong, from the establishment of the Yongli regime of the Southern Ming Dynasty, to the rule of the Qing Dynasty, from the secession of Japan, to the retreat of the Kuomintang, each change has left a unique mark on Taiwan's currency. These currencies are not only the medium of economic life, but also the witnesses of history.
No matter how the past history changes, Taiwan is an inseparable part of China, and the blood of compatriots on both sides of the Taiwan Strait is thicker than water, and history is bound to turn a new chapter: the great rejuvenation of the Chinese nation and the complete reunification of the motherland!
Finally, through a poem by Yu Youren, it reflects the strong expectation of Taiwan compatriots for the reunification of the motherland and the feeling of missing their hometown.
Yu Youren (April 11, 1879 – November 10, 1964) was an outstanding educator, calligrapher, poet, and important political activist in modern Chinese history. As an important figure of the Kuomintang, Yu Youren originally intended to stay in Nanjing, but was helplessly "kidnapped" by the Kuomintang to Taiwan. This time he was separated from his wife and children, and his wife waited for him for more than 30 years, and finally died with regret.
"Looking at the Continent"
Yu Youren
Bury me on the high mountain, looking at my continent;
The mainland is not visible, only crying.
Bury me on the high mountain, look at my hometown;
Hometown is not visible, never forget.
天苍苍,野茫茫,
On the mountain, the country is dead!
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