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Ingots: Assets, Adornments and Trading Currency

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Ingots: Assets, Adornments and Trading Currency Ingots have been in use as means of payment since about 2000 BC. They do not always consist of metal, but can be made from diverse materials – tea or salt, for instance. In Antiquity, ingots passed as money also in Europe; in Asia and Africa, diverse forms of ingots circulated well into the 20th century. 1 von 18 www.sunflower.ch Cantonal Bank of Zurich, Silver Ingot, 1 Kilogram of Fine Silver 999.0, Nr. 15796 Denomination: Silver Ingot Mint Authority: Cantonal Bank of Zurich Mint: Undefined Year of Issue: 2000 Weight (g): 1,000 Diameter (mm): Material: Silver Owner: Conzett Today, ingots serve in the first place to store value and regulate currencies. Their quantity is under national control in most countries, because it influences the stability of national currencies. To facilitate this control, modern ingots are of standardized weight and fineness. The fineness, is always indicated, together with the label of the producer and the serial number; the latter helps to identify every single ingot. 2 von 18 www.sunflower.ch India, Privat Issue of the Company Manilal Chimanlal & Co., 25 Tolas undated (1900-1950), Mumbai Denomination: 25 Tolas Mint Authority: Company Manilal Chimanlal & Co. Mint: Mumbai (Bombay) Year of Issue: 1900 Weight (g): 291.6 Diameter (mm): 596.0 Material: Silver Owner: Sunflower Foundation Storing precious metals has always been a popular hobby in India. This is why a multitude of smelters produce metal bars for retail sale there. These bars are not actual ingots, however, but rather a form of private piggy banks that can be exchanged into cash at any monetary institute and at any time. 3 von 18 www.sunflower.ch Chinese Empire, Sycee Yuan bao (Boat-Shape), Value 1/10 Tael, 19th century Denomination: Sycee 1/10 Tael Mint Authority: Undefined Mint: Undefined Year of Issue: 1800 Weight (g): 3.7 Diameter (mm): 21.0 Material: Gold Owner: Sunflower Foundation Gold never circulated as legal tender in China. In everyday life the Chinese used bronze coins and for larger transactions silver ingots or paper money. However, gold was known in China, of course. It served as reserve asset, just like silver, jade, silk or pearls. Small gold ingots like this one were popular presents. 4 von 18 www.sunflower.ch Chinese Empire, Sycee Silk-Shoe Shape, Value 1 Tael, 19th Century Denomination: Sycee 1 Tael Mint Authority: Undefined Mint: Undefined Year of Issue: 1800 Weight (g): 39 Diameter (mm): 30.0 Material: Silver Owner: Sunflower Foundation Chinese silver ingots formed part of the so-called sycee silver that circulated as trading currency in large areas of China and Indochina. The bars were generally made of very pure silver – their precious-metal content reaches up to 98 percent. The precious-metal content was confirmed by a stamp, and thanks to these stamps, Chinese ingots circulated in neighbouring countries as well. The name "sycee" (pronounced "sigh-see") is a Western attempt to pronounce the Chinese word "si-tsu," meaning "fine silk." "Si-tsu" referred to the fine circular lines that appeared on the surface of the silver after casting. 5 von 18 www.sunflower.ch Thailand/Burma/Laos, Silver Bangle, 19th century Denomination: Silver Bangle Mint Authority: Undefined Mint: Undefined Year of Issue: 1800 Weight (g): 95 Diameter (mm): 70.0 Material: Silver Owner: Sunflower Foundation Silver bangles are jewelry and stores of value at the same time. This is what they have always been used for, even though they are not standardized and have no guaranteed silver content. At one time, collectors used to classify bangles as currency, but most are now of the opinion that these bangles, as described in old Chinese novels, were part of the savings of any good housewife – they were the "nest egg" in the family budget, and were valued not only by weight but also according to their artistic quality. 6 von 18 www.sunflower.ch Laos, Kingdom of Luang Prabang, Lat Money (Tiger- Tongue Money) worth 1 1/2 Tamlung, 18th Century Denomination: Lat Money at 1 1/2 Tamlung Mint Authority: Undefined King of Luang Prabang Mint: Undefined Year of Issue: 1707 Weight (g): 89 Diameter (mm): 105.0 Material: Silver Owner: Sunflower Foundation Such bars are called lat money and known among collectors as "tiger-tongue coins." They originated in Lan Xang, a kingdom in what is now Laos and eastern Thailand. The tiger tongues were issued from the late 16th to the early 18th century. In 1707, Lan Xang split into diverse kingdoms which adopted the lat currency. In the kingdom of Lan Xang and its successor states, bronze ingots representing smaller denominations circulated alongside the silver tiger tongues. They were of the same shape as the tiger tongues but had a smooth surface and are accordingly known as boat or canoe money. 7 von 18 www.sunflower.ch Laos, Kingdom of Luang Prabang, Lat Money (Boat Money), 1707-1889 Denomination: Lat Money Mint Authority: Undefined King of Luang Prabang Mint: Undefined Year of Issue: 1707 Weight (g): 79 Diameter (mm): 97.0 Material: Bronze Owner: Sunflower Foundation This so-called boat or canoe money is of bronze, unlike tiger tongue money, the silver ingots in the same currency area. Tiger tongues were issued from the 16th to the 18th century in Lan Chang, a kingdom on the Mekong River in the border area between present-day Laos and eastern Thailand. In 1707, Lan Chang split into diverse kingdoms which adopted the traditional currency. The succession state Luang Prabang additionally introduced such bronze boat ingots in 1707. 8 von 18 www.sunflower.ch Kingdom of Lanna, Tok Chiang Mai Worth 1 Tamlung, 1615 to 1768 Denomination: Tok Chiang Mai Mint Authority: Undefined King of Lanna Mint: Chiang Mai Year of Issue: 1615 Weight (g): 75 Diameter (mm): 55.0 Material: Silver Owner: Sunflower Foundation The kingdom of Lanna in the North of today's Thailand was founded in the 13th century and soon developed an elaborate coinage system. It consisted of little silver ingots in various shapes. This piece is called tok Chiang Mai, since it derives from the town of Chiang Mai in the north of Lanna. 9 von 18 www.sunflower.ch Malaysia, Sultanate of Perak, Fish Money, 17th Century Denomination: Fish Money Mint Authority: Sultanate of Perak Mint: Undefined Year of Issue: 1600 Weight (g): 2.04 Diameter (mm): 2.4000000953674316 Material: Others Owner: Sunflower Foundation This fish money from the Sultanate of Perak in modern Malaysia is not a real coin, but rather a little ingot. It is made of tin, which is to no surprise, since Perak is renowned for its rich tin deposits. Tin money was in circulation in Perak since the 15th century, and was often cast in form of animals. The beasts are always molded in great detail; besides fishes there are crocodiles, elephants, turtles and crabs, goats, grasshoppers and roosters – animals thus that were popular trading goods in Perak. 10 von 18 www.sunflower.ch Tibet/China/Mongolia/Burma/Siberia, Tea Brick, 20th century Denomination: Tea Brick Mint Authority: Undefined Mint: Undefined Year of Issue: 1900 Weight (g): 11,620 Diameter (mm): 235.0 Material: Others Owner: Sunflower Foundation Tea has been used since immemorial times as a currency. In China, tea was, just like salt, for centuries a monopoly of the state and hence a secure currency – not liable to major fluctuations in value. And if tea would for once not have been saleable, it could always be drunk. Slabs of tea were used as money in China, Mongolia, Tibet, Burma, and in parts of Russia, and in some places they are still in use. This slab is modern, since the perishability of the material means that genuine old slabs rarely survive in good condition. 11 von 18 www.sunflower.ch Ethiopia, Two Amole Salt Bars, until Mid-20th Century Denomination: 2 Amole Salt Bars Mint Authority: Undefined Mint: Undefined Year of Issue: 1800 Weight (g): Diameter (mm): 23.5 Material: Others Owner: Schenkung Salt bars, the so-called amoles, were used as means of payment in Ethiopia since ancient times. The oldest reference to their use as money goes back to the Greek traveler Cosmas, who visited the empire of Axum, today's Ethiopia, in the year 525 BC. Salt bars were still in use in Ethiopia at the beginning of the 20th century: In 1903, the tax authorities of the Ethiopian Empire took in amoles worth 907,000 birr (taler), which amounted to 27 percent of total revenues. 12 von 18 www.sunflower.ch Congo, Katanga Cross, until early 20th Century Denomination: Katanga Cross Mint Authority: Undefined Mint: Katanga Year of Issue: 1800 Weight (g): 600 Diameter (mm): 200.0 Material: Copper Owner: Sunflower Foundation Katanga crosses are among the best-known African forms of currency. They are copper bars in the shape of a cross or an H, which were produced as means of payment in the copper-rich areas of southern Congo (formerly Katanga) and in central parts of Zambia (formerly Northern Rhodesia). The area in which they circulated was considerably larger, however: along the trade routes, katanga crosses circulated as far as to the coasts of western and southern Africa. Their average weight lay around 800 grams (28.2 ounces), but could diverge considerably. 13 von 18 www.sunflower.ch Nigeria, Manilla Denomination: Mondua Copper Ring Bar Mint Authority: Undefined Mint: Undefined Year of Issue: 1600 Weight (g): 1,250 Diameter (mm): 150.0 Material: Copper Owner: Sunflower Foundation Manillas are a typical African currency too. These copper bars served as bracelets and were at the same time a store of value.
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    The Changing Significance of Latin American Silver in the Chinese Economy, 16Th–19Th Centuries

    THE CHANGING SIGNIFICANCE OF LATIN AMERICAN SILVER IN THE CHINESE ECONOMY, 16TH–19TH CENTURIES RICHARD VON GLAHN University of Californiaa ABSTRACT The important role of Chinese demand for silver in stimulating world- wide silver-mining and shaping the first truly global trading system has become commonly recognised in the world history scholarship. The com- mercial dynamism of China during the 16th-19th centuries was integrally related to the importation of foreign silver, initially from Japan but princi- pally from Latin America. Yet the significance of imports of Latin American silver for the Chinese economy changed substantially over these three centuries in tandem with the rhythms of China’s domestic economy as well as the global trading system. This article traces these changes, including the adoption of a new standard money of account— the yuan—derived from the Spanish silver peso coin. Keywords: silver, money supply, peso, coinage, international trade JEL Code: N15, N16 RESUMEN El importante papel de la demanda china de plata para estimular la extracción de plata en todo el mundo y dar forma al primer sistema de comercio verdaderamente global se ha reconocido comúnmente por los a University of California, Los Angeles, History. [email protected] Revista de Historia Económica, Journal of Iberian and Latin American Economic History 553 Vol. 38, No. 3: 553–585. doi:10.1017/S0212610919000193 © Instituto Figuerola, Universidad Carlos III de Madrid, 2019. This is an Open Access article, distributed under the terms of the Creative Commons Attribution licence (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted reuse, distribution, and reproduction in any medium, provided the original work is properly cited.
  • The World's Coinage in Our Hands

    The World's Coinage in Our Hands

    The world’s coinage in our hands The world’s leading export mint Supplying approximately 5 billion coins and blanks to over 40 countries each year, The Royal Mint is the world’s leading export mint. We are the trusted partner of more governments and central banks than any other mint, delivering high-quality products that help our customers achieve more value from their currency. Redefining currency As cash cycles evolve, we’re helping customers all over the world to redefine how coins and currency are designed and manufactured, ensuring each currency system meets the needs of its economy. The world’s authority on coins and currency The Royal Mint is a 21st-century business backed by more than 1,100 years of experience and continuous improvement. We continue to define the minting industry, delivering the world’s best currency to our partners around the globe. Security and reliability “The new £1 coin has been designed to be fit for the future, using security features that aim to safeguard our currency, and currencies around the world, for years to come. Staying ahead of sophisticated counterfeiters remains a constant challenge and this coin helps in that battle.” Adam Lawrence Chief Executive of The Royal Mint As the creator of the most secure coin in the world – the new UK 12-sided £1 coin – we can offer our customers the highest levels of security expertise. From design and manufacture through to storage and distribution we’re always looking for ways to enhance currency security. Durability like no other Our longer-lasting mono-ply technology is the cost-effective alternative to more expensive currency options.