98-519: Daqian ( Traditional Chinese : 大錢, "big cash") are large-denomination cash coins produced in the Qing dynasty starting from 1853 until 1890. Large denomination cash coins were previously used in earlier Chinese dynasties and had faced similar issues as 19th-century Daqian. The term referred to cash coins with a denomination of 4 wén or higher. Under the Xianfeng Emperor the government of
196-706: A new year's present. Traditional Chinese Traditional Chinese characters are a standard set of Chinese character forms used to write Chinese languages . In Taiwan , the set of traditional characters is regulated by the Ministry of Education and standardized in the Standard Form of National Characters . These forms were predominant in written Chinese until the middle of the 20th century, when various countries that use Chinese characters began standardizing simplified sets of characters, often with characters that existed before as well-known variants of
294-527: A 1000 wén cash coin which was produced by another mint. This lack of difference between the denominations was significant because most of its users were illiterate and could therefore not distinguish between them. Among the various mints that operated in China at the time, the Fuzhou mint was noted for casting a large number of varieties of these Daqian cash coins with local characteristics. The introduction of
392-539: A bank. However, Bank of England notes that are withdrawn from circulation generally cease to be legal tender but remain redeemable for current currency at the Bank of England itself or by post. All paper and polymer issues of New Zealand banknotes issued from 1967 onwards (and 1- and 2-dollar notes until 1993) are still legal tender; however, 1-, 2- and 5-cent coins are no longer used in New Zealand . A cashless society
490-509: A certain extent in South Korea , remain virtually identical to traditional characters, with variations between the two forms largely stylistic. There has historically been a debate on traditional and simplified Chinese characters . Because the simplifications are fairly systematic, it is possible to convert computer-encoded characters between the two sets, with the main issue being ambiguities in simplified representations resulting from
588-630: A currency value indicated on them which is far below the value of the metal the coin contains: these coins are known as non-circulating legal tender or NCLT . The Australian dollar , comprising notes and coins, is legal tender in Australia . Australian notes are legal tender by virtue of the Reserve Bank Act 1959 (Cth) s 36(1), without an amount limit. The Currency Act 1965 (Cth) similarly provides that Australian coins intended for general circulation are also legal tender, but only for
686-459: A formal monetary agreement with the EU, unilaterally adopted the euro in 2002 as their de facto domestic currency to ensure monetary stability and to continue to avoid the high/hyper inflation seen in preceding decades: this means that the euro is not a legal tender there, however it is treated as such by the government and the people. Legal tender was enacted the first time for gold and silver coins in
784-584: A number of other banks including the Bank of New Zealand , the Bank of New South Wales , the National Bank of New Zealand and the Colonial Bank of New Zealand were created by Acts of Parliament and authorized to issue bank-notes backed by gold, however these notes were not legal tender. The 1893 Bank Note Issue Act allowed the government to declare a bank's right to issue legal tender. This enabled
882-457: A period of time; only Ireland continues to do so. Legally, those coins and banknotes were considered non-decimal sub-divisions of the euro. When the so-called "Swiss" dinar ceased to be legal tender in Iraq , it still circulated in the northern Kurdish regions. Despite lacking government backing, it had a stable market value for more than a decade. This is also true of the paper money issued by
980-775: A replacement for the Indian rupee for circulation exclusively outside the country with the Reserve Bank of India Amendment Act of 1 May 1959. This creation of a separate currency was an attempt to reduce the strain put on India's foreign reserves by gold smuggling. Kuwait and Bahrain eventually replaced the Gulf rupee with their own currencies (the Kuwaiti dinar and the Bahraini dinar ) after gaining independence from Britain in 1961 and 1965, respectively. On 6 June 1966, India devalued
1078-722: A series of Hawaii overprint notes as an emergency issue after the attack on Pearl Harbor. The intent of the overprints was to easily distinguish United States dollars captured by the Imperial Japanese Armed Forces in the event of an invasion of Hawaii (which never happened) and render the notes worthless via demonetisation. Demonetisation is currently prohibited in the United States, and the Coinage Act of 1965 applies to all US coins and currency regardless of age. The closest historical equivalent in
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#17327835383961176-457: A specific foreign currency as legal tender, at times as its exclusive legal tender or concurrently with its domestic currency. The term legal tender is from Middle French tendre (verb form), meaning to offer . The Latin root is tendere (to stretch out), and the sense of tender as an offer is related to the etymology of the English word extend (to hold outward). Demonetization
1274-502: A store of value, and because moving them was very heavy and expensive, copper-alloy cash coins were also not used that often for long-distance trade due to their inconvenience. This meant that when large-denomination cash coins were overvalued, the Chinese people were far more likely to melt them down for counterfeiting than try to export them to other regions. This also made it more likely for the copper-alloy cash coins that originated from
1372-623: A tax of 10%, per annum, on "all bank notes issued or re-issued by any bank in the Commonwealth after the commencement of this Act, and not redeemed". These Acts effectively put an end to the issue of notes by the trading banks and the Queensland Treasury. The Reserve Bank Act 1959 expressly prohibits persons and states from issuing "a bill or note for the payment of money payable to bearer on demand and intended for circulation". In general, Canadian dollar banknotes issued by
1470-444: A thousand-guilder bill, you have to be able to state how you came by it and provide proof. They can still be used to pay taxes, but only until next week. The five-hundred notes will lapse at the same time. Gies & Co. still had some unaccounted-for thousand-guilder bills, which they used to pay their estimated taxes for the coming years, so everything seems to be above board. Piet Lieftinck 's measure of demonetizing 100-guilder notes
1568-426: A view to curb counterfeiting, tax evasion and the parallel economy . The Reserve Bank of India outlined a scheme for holders of such banknotes to either deposit them into their bank accounts for full, unlimited value, or to exchange the banknotes for new, subject to a cap. New Zealand has a complex history of legal tender. English law applied, as applicable to local circumstances, either from 6 January 1840 (when
1666-482: A weight of 0.6 tael and their fineness was comparable to that of the Zhiqian (制錢, "standard cash coins"), this meant that the currency had been depreciated by about 50%. The introduction of the 10 wén cash coin was only reluctantly accepted by the Chinese market, and it introduction had caused rampant counterfeiting of it. These counterfeits did not weigh as much as the government issued 10 wén Daqian. Furthermore,
1764-577: A year of their introduction. Very briefly after its introduction, the 10 wén cash coins were only accepted at 30% their nominal value, this downward spiral continued until it had reached only 20% of its nominal value (2 wén ) on the Chinese market. Both the Daqian and paper currencies proved to be short-lived solutions for the government of the Qing dynasty, with the acceptance of the Daqian coinage having ended within three or four years from its inception. In
1862-617: Is Maundy money . Some currency issuers, particularly the Scottish banks, issue special commemorative banknotes which are intended for ordinary circulation (though no Scottish banknotes nor notes from Northern Ireland are legal tender in the United Kingdom). As well, some standard coins are minted on higher-quality dies as uncirculated versions of the coin, for collectors to purchase at a premium; these coins are nevertheless legal tender. Some countries issue precious-metal coins which have
1960-869: Is 産 (also the accepted form in Japan and Korea), while in Hong Kong, Macau and Taiwan the accepted form is 產 (also the accepted form in Vietnamese chữ Nôm ). The PRC tends to print material intended for people in Hong Kong, Macau and Taiwan, and overseas Chinese in traditional characters. For example, versions of the People's Daily are printed in traditional characters, and both People's Daily and Xinhua have traditional character versions of their website available, using Big5 encoding. Mainland companies selling products in Hong Kong, Macau and Taiwan use traditional characters in order to communicate with consumers;
2058-599: Is an economic state whereby financial transactions are not conducted with money in the form of physical banknotes or coins. Cashless societies have existed, based on barter and other methods of exchange. In modern usage, the term usually refers to financial transactions conducted by transfer of digital information (usually an electronic representation of money) between the transacting parties. Sometimes currency issues such as commemorative coins or transfer bills may be issued that are not intended for public circulation but are nonetheless legal tender. An example of such currency
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#17327835383962156-612: Is at liberty to set the commercial terms upon which payment will take place before the contract for supply of the goods or services is entered into. If a provider of goods or services specifies other means of payment prior to the contract, then there is usually no obligation for legal tender to be accepted as payment. This is the case even when an existing debt is involved. However, refusal to accept legal tender in payment of an existing debt, where no other means of payment/settlement has been specified in advance, conceivably could have consequences in legal proceedings. Australia Post prohibits
2254-428: Is restored as legal tender. Coins and banknotes may cease to be legal tender if new notes of the same currency replace them or if a new currency is introduced replacing the former one. Examples of this are: Thousand-guilder notes are being declared invalid. That'll be a blow to the black marketeers and others like them, but even more to people in hiding and anyone else with money that can't be accounted for. To turn in
2352-808: Is the de facto legal tender currency in India . The Indian rupee is also legal tender in Nepal and Bhutan , but the Nepalese rupee and Bhutanese ngultrum are not legal tender in India. Both the Nepalese rupee and Bhutanese ngultrum are pegged with the Indian rupee. The Indian rupee used to be an official currency of several other countries, including the Straits Settlements (now Singapore and parts of Malaysia ), Iraq , Kuwait , Bahrain , Qatar ,
2450-411: Is the act of stripping a currency unit of its status as legal tender. It occurs whenever there is a change of national currency: The current form or forms of money is or are pulled from circulation and retired, often to be replaced with new notes or coins. Sometimes, a country completely replaces the old currency with new currency. The opposite of demonetization is remonetization, in which a form of payment
2548-493: The Chinese Commercial News , World News , and United Daily News all use traditional characters, as do some Hong Kong–based magazines such as Yazhou Zhoukan . The Philippine Chinese Daily uses simplified characters. DVDs are usually subtitled using traditional characters, influenced by media from Taiwan as well as by the two countries sharing the same DVD region , 3. With most having immigrated to
2646-544: The Bank of Canada and coins issued under the authority of the Royal Canadian Mint Act are legal tender in Canada . However, commercial transactions may legally be settled in any manner agreed by the parties involved with the transactions. For example, convenience stores may refuse $ 100 bank notes if they feel that would put them at risk of being counterfeit victims; however, official policy suggests that
2744-855: The Central Bank of Ireland and such persons as may be designated by the Minister by order, shall be obliged to accept more than 50 coins denominated in euro or in cent in any single transaction." The Decimal Currency Act, 1970 governed legal tender prior to the adoption of the euro and laid down the analogous provisions as in United Kingdom legislation (all inherited from previous UK law ), namely: coins denominated above 10 pence became legal tender for payment not exceeding £10, coins denominated not more than 10 pence became legal tender for payment not exceeding £5, and bronze coins became legal tender for payment not exceeding 20 pence. The Indian rupee
2842-598: The Confederate States of America during the American Civil War . The Confederate currency became worthless by its own terms after the war, since it could only be redeemed a stated number of years after a peace treaty was signed between the Confederacy and the United States (which never happened, as the Confederacy was defeated and dissolved ). During World War II the United States printed
2940-580: The Eurozone on 1 January 2002. Although one side of the coins is used for different national marks for each country, all coins and all banknotes are legal tender throughout the eurozone . Although some eurozone countries do not put 1 cent and 2 cent coins into general circulation (prices in those countries are by general understanding always rounded to whole multiples of 5 cent ), 1 cent and 2 cent coins from other eurozone countries remain legal tender in those countries. Council Regulation (EC) No 974/98 limits
3038-742: The French Penal Code of 1807 (art. 475, 11°). In 1870, legal tender was extended to all notes of the Banque de France . Anyone refusing such coins for their whole value would be prosecuted (French Penal Code art. R. 642–3). According to the Economic and Monetary Union Act 1998 of the Republic of Ireland , which replaced the legal tender provisions that had been re-enacted in Irish legislation from previous British enactments, "No person, other than
Daqian - Misplaced Pages Continue
3136-641: The Hubu Guanpiao (戶部官票) silver tael -notes although the empire's silver reserves were woefully inadequate to back the new paper currency. The size and weight of the 1 wén Xianfeng Tongbao cash coins were reduced, this was done to save copper which was in short supply due to the supply lines from the copper mines of the Yunnan being disrupted by the wars that occurred in Southern China. The large denominations of copper-alloy cash coins cast during
3234-468: The Kensiu language . Legal tender Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt . Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in payment of a debt extinguishes the debt. There is no obligation on the creditor to accept the tendered payment, but
3332-653: The Ministry of Public Works Mint (寶源), the Ministry of Revenue Mint (寶泉), the Yunnan mint (寶雲), the Gansu mint (寶鞏), and the Suzhou mint (寶蘇). When the regnal name changed to Tongzhi, the government mints withdrew or destroyed the mother coins that contained the Qixiang inscriptions and then engraved new mother coins to produce cash coins with the inscriptions Tongzhi Tongbao (同治通寶) and Tongzhi Zhongbao (同治重寶). Both Tongzhi Tongbao and Tongzhi Zhongbao Daqian were cased. In
3430-543: The Ministry of Revenue made from an alloy of tin, iron, copper, silver, and gold. They contain the obverse inscriptions Tongzhi Zhongbao (同治重寶) or Guangxu Zhongbao (光緒重寶) and are all based on 10 wén Daqian. These special cash coins notably contain the mint marks of Fujian , Guangdong, Guangxi , Guizhou, Ili , Jiangsu, Jiangxi , Hubei, Hunan , Shanxi, Shaanxi , Sichuan, Yunnan , Zhejiang, and Zhili despite no Daqian from these periods being produced at any of these mints. These special cash coins were created to serve as
3528-598: The Reserve Bank , established in 1934, did not have the right to issue coins as legal tender. Coins had to be issued by the Minister of Finance .) The history of bank notes in New Zealand was considerably more complex. In 1840 the Union Bank of Australia started issuing bank notes under provisions of British law but these were not automatically legal tender. In 1844, ordinances were passed by NZ Parliament making
3626-522: The Ryukyu islands , and Nguyễn -period Vietnam. A large number of large-scale peasant uprisings, ethnic and religious minority revolts, as well as foreign invasions of China took place under the reign of the Xianfeng Emperor , including Nian , Miao , Panthay , Red Turban , Da Cheng , and Taiping rebellions , and the Second Opium War . These major events all had very devastating effects on
3724-640: The Shanghainese -language character U+20C8E 𠲎 CJK UNIFIED IDEOGRAPH-20C8E —a composition of 伐 with the ⼝ 'MOUTH' radical—used instead of the Standard Chinese 嗎 ; 吗 . Typefaces often use the initialism TC to signify the use of traditional Chinese characters, as well as SC for simplified Chinese characters . In addition, the Noto, Italy family of typefaces, for example, also provides separate fonts for
3822-691: The Trucial States (now the UAE ), Oman , Aden Colony and Aden Protectorate (now parts of Yemen ), British Somaliland , British East Africa , and Zanzibar . In 1837, the Indian rupee was made the sole official currency of the Straits Settlements, as it was administered as a part of India. In 1845, the British replaced the Indian rupee with the Straits dollar after administration of
3920-608: The Union Bank banknotes legal tender and authorizing the government to issue debentures in small denominations, thus creating two sets of legal tender. These debentures were circulated but were traded at a discount to their face value because of distrust of the colonial government amongst the settler population. In 1845 the British Colonial office disallowed the Ordinance, namely the Debentures Act 1844 (NZ), and
4018-500: The Xianfeng inflation . First was the introduction and gradual depreciation of the new monies which was followed by a financial crash in early 1857, when standard cash, or Zhiqian (制錢), started disappearing from the Chinese market ( Gresham's law ), and finally the new monies suffering a steeper depreciation which was linked to a high price inflation. Because copper-alloy cash coins had very little value, they were unlikely to be used as
Daqian - Misplaced Pages Continue
4116-479: The economy of the Qing dynasty as well as disabling the government of the Qing dynasty from collecting taxes. During the height of the Taiping Rebellion the government's access to its southern copper mines was cut of by rebel forces, this inability to access its copper reserves has a profound effect on the Qing dynasty coinage of this era. While initially like the preceding series of Qing era cash coins
4214-399: The Chinese monetary system and wanted to ban all non-religious usage of precious metals like gold and silver. The most influential proposals turned out to be the ones advocating for both the debasement of the copper coinage and the introduction of high denomination copper-alloy cash coins. Furthermore, some proposals recognised the difficulty of establishing multiple exchange rates between all
4312-494: The Coinage Act authorized a specific New Zealand coinage and removed legal-tender status from British coins. In the same year the Reserve Bank of New Zealand was established. The bank was given a monopoly on the issue of legal tender. The Reserve Bank also provided a mechanism through which the other issuers of legal tender could phase out their bank notes. These banknotes were convertible into British legal tender on demand at
4410-578: The Daqian and guan-hao qianpiao were calculated using the Jingqian (京錢) unit of account, but they were complicated by the fact that the nominal value of these government banknotes denominated the debt owed to be satisfied by the payment of cash coins. To finance their enormous military expenditures the government took several monetary initiatives, the government introduced the Great Qing Treasure Note (大清寶鈔) copper-alloy cash-notes and
4508-457: The Daqian and the guan-hao qianpiao did not reflect reality, as for example in the year 1861 one would get only 7,500 wén in cash coins (or 750 10 wén cash coins) when cashing in government-issued cash notes of 15,000 wén . Furthermore, unlike physical cash coins, the "string of cash coins" currency unit , or diào (吊), was used to represent 1000 wén in government documents, but only 500 physical cash coins were paid out per paper string. In
4606-419: The Daqian were all intended to circulate side-by-side with the already existing currencies in China, and then be accepted at face value and the older coinage wasn't collected by the government for re-melting. Eventually the weight of the 10 wén cash coins was reduced to only 0.22 taels. In the year 1854 new Daqian were introduced, these had denominations ranging from 5 wén to 1000 wén . During this same time
4704-607: The Eurozone. For example, the Netherlands, Italy, Belgium, Finland, and Ireland have de jure or de facto removed the use of 1 cent and 2 cent coins and adopted cash rounding to the nearest multiple of 5 cents. National laws may also impose restrictions as to maximal amounts that can be settled by coins or notes. Kosovo and Montenegro , which are not members of the European Union and the Eurozone and do not have
4802-676: The Governor of New South Wales by proclamation annexed New Zealand) or from 14 January 1840 (when Captain Hobson (of the Royal Navy) was sworn in as Lieutenant-Governor of New Zealand). The English Laws Act 1858 subsequently confirmed that English legislation passed prior to 14 January 1840 was and had been the law of New Zealand, as applicable to local circumstances. The (UK) Coinage Act 1816 therefore applied and British coins were confirmed as legal tender in New Zealand . (Unusually, until 1989,
4900-555: The People's Republic of China, traditional Chinese characters are standardised according to the Table of Comparison between Standard, Traditional and Variant Chinese Characters . Dictionaries published in mainland China generally show both simplified and their traditional counterparts. There are differences between the accepted traditional forms in mainland China and elsewhere, for example the accepted traditional form of 产 in mainland China
4998-486: The Qing dynasty faced large crises, most notably the Taiping Rebellion , which had heavily burdened the government's expenditures, as a response the government had introduced a large number of monetary reforms including the introduction of cash coins with high nominal values , while their intrinsic values were significantly lower. These cash coins were not well received by the Chinese public and their circulation
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#17327835383965096-597: The Straits Settlements separated from India earlier in that same year. After partition of India and Pakistan in 1947 , the Pakistani rupee came into existence, initially using Indian coins and Indian currency notes simply overstamped with the word "Pakistan". New coins and banknotes were issued in 1948. The Gulf rupee , also known as the Persian Gulf rupee (XPGR), was introduced by the Government of India as
5194-620: The UK (Scotland and Northern Ireland) are not legal tender, but one of the criteria for legal protection under the Forgery and Counterfeiting Act is that banknotes must be payable on demand, therefore withdrawn notes remain a liability of the issuing bank without any time limits. In the case of the euro, coins and banknotes of former national currencies were in some cases considered legal tender from 1 January 1999 until various dates in 2002. Most countries continued to exchange pre-euro notes and coins for
5292-679: The US, other than Confederate money, was from 1933 to 1974, when the government banned most private ownership of gold bullion , including gold coins held for non- numismatic purposes. Now, however, even surviving pre-1933 gold coins are legal tender under the 1964 act. Banknotes and coins may be withdrawn from circulation, but remain legal tender. United States banknotes issued at any date remain legal tender even after they are withdrawn from circulation. Canadian 1- and 2-dollar bills remain legal tender even if they have been withdrawn and replaced by coins, but Canadian $ 1,000 bills remain legal tender even if they are removed from circulation as they arrive at
5390-419: The United States during the second half of the 19th century, Chinese Americans have long used traditional characters. When not providing both, US public notices and signs in Chinese are generally written in traditional characters, more often than in simplified characters. In the past, traditional Chinese was most often encoded on computers using the Big5 standard, which favored traditional characters. However,
5488-497: The Xianfeng Tongbao was only produced with the denomination of 1 wén , the government was soon forced to produce higher denominations to continue financing its large military expenditures. After the Taiping rebels took Nanjing in 1853 , serious debates about the monetary policy of the government of the Qing dynasty as the occupation of Southern China by the Taiping Heavenly Kingdom it cut off from several sources of revenue, including tax revenues, southern provincial grain tributes,
5586-685: The act of tendering the payment in legal tender discharges the debt. It is generally only mandatory to recognize the payment of legal tender in the discharge of a monetary debt from a debtor to a creditor. Sellers offering to enter into contractual relationship, such as a contract for the sale of goods, do not need to accept legal tender and may instead require payment using electronic methods, foreign currencies or any other legally recognized object of value. Coins and banknotes are usually defined as legal tender in many countries, but personal cheques , credit cards , and similar non-cash methods of payment are usually not. Some jurisdictions may include
5684-410: The areas where they circulated, in fact, upon rumour, would cause the closure of local money shops and was behind a capital flight out of the capital city of Beijing. Public distrust in China towards these new monies even worsened when in the end, governmental agencies refused to accept "big cash" as a form of payment. Peng Zeyi has distinguished three distinct phases of the Inflationary cycle during
5782-401: The banknotes it had issued were all declared to be inconvertible shortly after their issuance. The debasement of the copper content was commenced on 24 April of the year 1853 with the introduction of the Daqian (大錢, "big money"). Starting in April of the year 1853 two metropolitan mints commenced the production of the Daqian, the first series had a nominal value of 10 wén , these cash coins had
5880-408: The capital Beijing, this change would simply translate into a permanent nominal adjustment in the units of accounts used within the city, with a one-time jump in the nominal price level increasing it fivefold based on the Daqian units. Both the inflationary policy of debasing the copper currencies and the issuance of inconvertible paper money were also largely confined to the Beijing capital region and
5978-420: The case of coins of a denomination greater than $ 10, a payment is a legal tender for no more than the value of a single coin of that denomination. Where more than one amount is payable by one person to another on the same day under one or more obligations, the total of those amounts is deemed to be one amount due and payable on that day. In the People's Republic of China, the official currency renminbi serves as
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#17327835383966076-467: The debentures were recalled, not without first causing a panic among holders. In 1847, the Colonial Bank of Issue became the only issuer of legal tender. In 1856, however, the Colonial Bank of Issue was disbanded; and through the Paper Currency Act 1856 the Union Bank was confirmed once again as an issuer of legal tender. The Act also authorized the Oriental Bank to issue legal tender - but this bank ceased operations in 1861. Between 1861 and 1874,
6174-451: The early years of the Tongzhi Emperor he used the reign title "Qixiang" (祺祥) and 10 wén Daqian continued to be produced, for a brief period of time Daqian with the inscription Qixiang Zhongbao (祺祥重寶) were produced. Because the Qixiang era name wasn't used for that long, cash coins with this era date were cast for such a short time, that only a small number of the government mints produced cash coins with this inscription. These mints included
6272-441: The following amounts: The 1c and 2c coins were withdrawn from circulation from February 1992 but remain legal tender. Although the Reserve Bank Act 1959 and the Currency Act 1965 establishes that Australian banknotes and coins have legal tender status, Australian banknotes and coins do not necessarily have to be used in transactions and refusal to accept payment in legal tender is not unlawful. A provider of goods or services
6370-472: The government of the Qing dynasty began issuing convertible cash bank notes, or guan-hao qianpiao (官號錢票), which were mostly backed in Daqian. These government-issued banknotes were modeled after private bank notes, known as sihao qianpiao (私號錢票), which would continue to circulate even after the introduction of these government notes. These banknotes were issued by nine different government banks, four of these banks newly established for their circulation. Both
6468-402: The government to make such a declaration to assist the Bank of New Zealand when in 1895 the bank encountered financial difficulties that could have led to its failure. In 1914, the Banking Amendment Act gave legal-tender status to bank notes from any issuer and removed the requirement that banks authorized to issue bank notes must redeem them on demand for gold (the gold standard ). In 1933,
6566-440: The government. The measures taken during the Taiping Rebellion made the Chinese monetary system even more complicated as it introduced a large number of different types of currency which all circulated concurrently as legal tender . The hyperinflation during the Xianfeng era was caused by the government of the Qing dynasty, in its desperate scramble for revenue, continuously debasing the copper content of its coinage. Furthermore,
6664-480: The immediate neighbouring provinces, this was due to the Qing government's limited political control over much of China at the time of Taiping Rebellion. During this era the introduction of the "big cash coins" unit in the capital city made interregional a lot more difficult to conduct because of the regional currency units that existed. After the year 1855 only the 10 wén Daqian would continue to be produced, but they would circulate at heavily discounted rate. During
6762-493: The inverse is equally true as well. In digital media, many cultural phenomena imported from Hong Kong and Taiwan into mainland China, such as music videos, karaoke videos, subtitled movies, and subtitled dramas, use traditional Chinese characters. In Hong Kong and Macau , traditional characters were retained during the colonial period, while the mainland adopted simplified characters. Simplified characters are contemporaneously used to accommodate immigrants and tourists, often from
6860-509: The large denomination Xianfeng coinages happened concurrent with the Tenpō Tsūhō 100 mon coin issued by the Tokugawa shogunate in 1835 (in reaction to government deficit), the 100 mun coin, known as the Dangbaekjeon , by the Joseon Kingdom of Korea in 1867, the Ryukyuan 100 mon and half Shu cash coins, and the large denomination Tự Đức Bảo Sao cash coins in Vietnam . All of these large denomination cash coins also caused inflation on comparable levels. The nominal value of both
6958-725: The mainland. The increasing use of simplified characters has led to concern among residents regarding protecting what they see as their local heritage. Taiwan has never adopted simplified characters. The use of simplified characters in government documents and educational settings is discouraged by the government of Taiwan. Nevertheless, with sufficient context simplified characters are likely to be successfully read by those used to traditional characters, especially given some previous exposure. Many simplified characters were previously variants that had long been in some use, with systematic stroke simplifications used in folk handwriting since antiquity. Traditional characters were recognized as
7056-682: The majority of Chinese text in mainland China are simplified characters , there is no legislation prohibiting the use of traditional Chinese characters, and often traditional Chinese characters remain in use for stylistic and commercial purposes, such as in shopfront displays and advertising. Traditional Chinese characters remain ubiquitous on buildings that predate the promulgation of the current simplification scheme, such as former government buildings, religious buildings, educational institutions, and historical monuments. Traditional Chinese characters continue to be used for ceremonial, cultural, scholarly/academic research, and artistic/decorative purposes. In
7154-406: The market. An example of a common Xianfeng era Daqian would weigh as much as two standard cash coins, giving it an intrinsic value of 2 wén , while having a stamped value equivalent to ten wén . The inconvertible paper notes that were also issued and pushed through the Chinese market received the full coercive power of the central state. These monetary policies led to immediate market reaction in
7252-983: The merging of previously distinct character forms. Many Chinese online newspapers allow users to switch between these character sets. Traditional characters are known by different names throughout the Chinese-speaking world. The government of Taiwan officially refers to traditional Chinese characters as 正體字 ; 正体字 ; zhèngtǐzì ; 'orthodox characters'. This term is also used outside Taiwan to distinguish standard characters, including both simplified, and traditional, from other variants and idiomatic characters . Users of traditional characters elsewhere, as well as those using simplified characters, call traditional characters 繁體字 ; 繁体字 ; fántǐzì ; 'complex characters', 老字 ; lǎozì ; 'old characters', or 全體字 ; 全体字 ; quántǐzì ; 'full characters' to distinguish them from simplified characters. Some argue that since traditional characters are often
7350-486: The new monetarily policies were rushed and their implementation differed greatly from the actual proposals, furthermore the implementation would prove to be completely incoherent. Eventually the monetary policy of the Qing dynasty during the Xianfeng era had degenerated to forcing a debased copper-alloy currency on the Chinese people, while creating many obstacles that would prevent these new cash coins from ever returning to
7448-483: The new monies and the high transaction costs that would burden low-value currencies such as the copper-alloy cash coins, these proposers advocated for the re-introduction of paper money, either convertible or inconvertible into metallic currencies. While the government of the Qing dynasty was initially hesitant to adopt a new monetary policy, they settled on debasing the copper-alloy currency, issuing inconvertible banknotes, and establishing new government banks. In reality,
7546-420: The number of coins that can be offered for payment to fifty. Governments that issue the coins must establish the euro as the only legal tender. Due to variations on the legislative meaning of legal tender in various member states and the ability of contract law to overrule the status of legal tender, it is possible for merchants to choose to refuse to accept euro banknotes and coins within specific countries within
7644-677: The official script in Singapore until 1969, when the government officially adopted Simplified characters. Traditional characters still are widely used in contexts such as in baby and corporation names, advertisements, decorations, official documents and in newspapers. The Chinese Filipino community continues to be one of the most conservative in Southeast Asia regarding simplification. Although major public universities teach in simplified characters, many well-established Chinese schools still use traditional characters. Publications such as
7742-700: The original standard forms, they should not be called 'complex'. Conversely, there is a common objection to the description of traditional characters as 'standard', due to them not being used by a large population of Chinese speakers. Additionally, as the process of Chinese character creation often made many characters more elaborate over time, there is sometimes a hesitation to characterize them as 'traditional'. Some people refer to traditional characters as 'proper characters' ( 正字 ; zhèngzì or 正寫 ; zhèngxiě ) and to simplified characters as 簡筆字 ; 简笔字 ; jiǎnbǐzì ; 'simplified-stroke characters' or 減筆字 ; 减笔字 ; jiǎnbǐzì ; 'reduced-stroke characters', as
7840-833: The predominant forms. Simplified characters as codified by the People's Republic of China are predominantly used in mainland China , Malaysia, and Singapore. "Traditional" as such is a retronym applied to non-simplified character sets in the wake of widespread use of simplified characters. Traditional characters are commonly used in Taiwan , Hong Kong , and Macau , as well as in most overseas Chinese communities outside of Southeast Asia. As for non-Chinese languages written using Chinese characters, Japanese kanji include many simplified characters known as shinjitai standardized after World War II, sometimes distinct from their simplified Chinese counterparts . Korean hanja , still used to
7938-787: The protection of the public. Queensland Treasury notes were issued by the Queensland Government and were legal tender in that state. Notes of both categories continued in circulation until 1910, when the Commonwealth Parliament passed the Australian Notes Act 1910 and the Bank Notes Tax Act 1910 . The Australian Notes Act 1910 prohibited the circulation of state notes as money, and the Bank Notes Tax Act 1910 imposed
8036-530: The regions in close proximity to Beijing to send their cash coins to the city to be melted into counterfeit Daqian. Only a few years after their introduction, both the Daqian and the government-issued paper money would start to be steeply discounted on the Chinese commercial markets. Daqian at this time would start to be traded at their intrinsic value rather than their nominal value. Because of their low intrinsic value and general inconvenience, all Daqian with denominations higher than 50 wén were discontinued within
8134-513: The reign of the Xianfeng Emperor ranged were 4 wén , 5 wén , 10 wén , 20 wén , 30 wén , 40 wén , 50 wén , 80 wén , 100 wén , 200 wén , 500 wén , and 1000 wén . These Daqian were in no way standardised and it wasn't uncommon for a 50 wén cash coin produced by one mint to be both larger and heavier than a 100 wén cash coin produced by another mint, or a 100 wén cash coin produced by one mint to be both larger and heavier than
8232-481: The retailers should evaluate the impact of that approach. In the case that no mutually acceptable form of payment can be found for the tender, the parties involved should seek legal advice. Under the Currency Act , there are limits to the value of a transaction for which only coins are used. A payment in coins is a legal tender for no more than the following amounts for the following denominations of coins: In
8330-700: The rupee. To avoid following this devaluation, several of the states using the rupee adopted their own currencies. Qatar and most of the Trucial States adopted the Qatar and Dubai riyal , whilst Abu Dhabi adopted the Bahraini dinar . Only Oman continued to use the Gulf rupee until 1970, with the government backing the currency at its old peg to the pound. Oman later replaced the Gulf rupee with its own rial in 1970. On 8 November 2016, Prime Minister Narendra Modi announced that existing INR 500 and INR 1000 banknotes would no longer be accepted as legal tender with
8428-603: The salt tax imposed on the Huai area, and the Yunnanese copper mines from which the copper supplies for the Beijing imperial mints came from. These circumstances led to both shortages in the imperial silver supply (from taxation) and the supply of copper-alloy cash coins. Various proposals were made to remedy the lowered government income and fiscal deficits, among these proposals the majority of them concerned monetary reforms. Among
8526-519: The sending of coins or banknotes, of any country, except via registered post . In 1901, notes in circulation in Australia consisted of bank notes payable in gold coin and issued by the trading banks, and Queensland Treasury notes. Bank notes circulated in all states except Queensland , but were not legal tender except for a brief period in 1893 in New South Wales . There were, however, some restrictions on their issue and other provisions for
8624-461: The suggestions were proposals for the indigenous production of silver so the Qing state would be less dependent on the influx of foreign silver dollars , but this proposal was met with much skepticism as it was quite difficult to set up silver mining and minting operations in China at the time, while other proposals called for the complete abolition of silver as a medium of exchange in China. Other proposals sought to introduce gold and even jade to
8722-636: The traditional character set used in Taiwan ( TC ) and the set used in Hong Kong ( HK ). Most Chinese-language webpages now use Unicode for their text. The World Wide Web Consortium (W3C) recommends the use of the language tag zh-Hant to specify webpage content written with traditional characters. In the Japanese writing system , kyujitai are traditional forms, which were simplified to create shinjitai for standardized Japanese use following World War II. Kyūjitai are mostly congruent with
8820-985: The traditional characters in Chinese, save for minor stylistic variation. Characters that are not included in the jōyō kanji list are generally recommended to be printed in their traditional forms, with a few exceptions. Additionally, there are kokuji , which are kanji wholly created in Japan, rather than originally being borrowed from China. In the Korean writing system , hanja —replaced almost entirely by hangul in South Korea and totally replaced in North Korea —are mostly identical with their traditional counterparts, save minor stylistic variations. As with Japanese, there are autochthonous hanja, known as gukja . Traditional Chinese characters are also used by non-Chinese ethnic groups. The Maniq people living in Thailand and Malaysia use Chinese characters to write
8918-518: The ubiquitous Unicode standard gives equal weight to simplified and traditional Chinese characters, and has become by far the most popular encoding for Chinese-language text. There are various input method editors (IMEs) available for the input of Chinese characters . Many characters, often dialectical variants, are encoded in Unicode but cannot be inputted using certain IMEs, with one example being
9016-546: The unlimited legal tender for all transactions. It is illegal for any public institution or individual to refuse the currency when settling public or private debts. In June 2021, El Salvador became the first country to accept Bitcoin as legal tender, after the Legislative Assembly had voted 62–22 to pass a bill submitted by President Nayib Bukele classifying the cryptocurrency as such. Euro coins and banknotes became legal tender in most countries of
9114-587: The words for simplified and reduced are homophonous in Standard Chinese , both pronounced as jiǎn . The modern shapes of traditional Chinese characters first appeared with the emergence of the clerical script during the Han dynasty c. 200 BCE , with the sets of forms and norms more or less stable since the Southern and Northern dynasties period c. the 5th century . Although
9212-462: The year 1854 as the copper reserves of the Qing dynasty were being depleted the government of the Qing dynasty began issuing iron Daqian known as tieqian (鐡錢). The process under which the Xianfeng inflation unfolded revealed as much about the capacity of the government of the Qing dynasty to coerce as the constraint in its monetary management. Only a few years after the introduction of the above currencies, they would all start being heavily discounted on
9310-552: The year 1867 the official weight of the Daqian was reduced from 4.4 qián to 3.2 qián , these Daqian were only valued at 3 Zhiqian cash coins on the market. In the year 1883 the imperial government of the Qing dynasty made an attempt to restore the copper-alloy cash coins back to their original units, because the new units had created chaos among private money shops in China who were willing to pay premium copper-alloy cash coins to call back their own privately produced banknotes that were issued in "Beijing cash" (Jingqian) units. This
9408-479: Was aimed at war profiteers . Individual coins or banknotes can be demonetised and cease to be legal tender (for example, the pre-decimal United Kingdom farthing or the Bank of England 1 pound note), but the Bank of England does redeem all Bank of England banknotes by exchanging them for legal tender currency at its counters in London (or by post) regardless of how old they are. Banknotes issued by retail banks in
9506-566: Was done out of a fear of the large capital cost of having to later redeem their banknotes that were based on the previous standards of copper-alloy cash coins. Until the year 1890 the imperial government mints in Beijing continued producing Guangxu Zhongbao (光緒重寶) Daqian of 10 wén , until they were superseded by the Great Qing Copper Coin coins which would fulfil the same role in the monetary system of China. Five Metal Value Ten coins are Chinese cash coins that were issued by
9604-590: Was not long as the market would reject them rather quickly after their introduction. After 1855 all denominations of the Daqian other than the 10 wén ceased to be produced, while the 10 wén cash coins would continue to circulate at only 20% their nominal value. Most Daqian were copper-alloy cash coins, but iron and lead Daqian were also produced during the Xianfeng era. The Chinese Daqian happened concurrent with and may have inspired similar debasements of cash coinages in Tokugawa Japan, Joseon -era Korea,
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