back to 1900 Juncture

Prices in England are quoted in pounds (£), which circulate in various paper denominations (most commonly in £5 and £10 amounts). £1 is equal to 20 silver shillings ("s"); each shilling is worth 12 copper or bronze pence ("p") - thus 240 pence per pound. Crowns are silver coins worth 5 shillings (60p), half-crowns are worth 30 pence, silver florins are worth 2 shillings (24p), and sovereigns are gold coins worth 20 shillings; gold guineas (equal to 21 shillings), while no longer in circulation, are often used when pricing upper-class goods. Copper or bronze farthings (1/4 pence, denoted "q"), ha-pence, tuppence, thruppence and sixpence coins are in circulation, as well.

For quick estimates of common goods, $1.00 in ca. 2008 U.S. money is about 1.5 pence for 1900 prices, or $155 in current money per £1 in period. Think of shillings as being modern $10 bills (yes, $8 is more correct ...).

In 1900, a troy ounce of gold is worth £4 5s, or $20.67 of United States money, or 86.77 German Marks, or 107 French francs, or 27.8 Kuping tael; a troy ounce of silver is worth 30 pence, or $0.62, or 0.83 Kuping tael. The commercial ratio of gold to silver value this year is 33.33.

Currency gold in China is non-standard, usually minted by goldsmiths or municipalities. The Imperial mint uses bars of 12 and 18 troy ounces, worth £51 and £76 10s respectively (or $248 and $372 in American currency).

Chinese silver "taels" vary in their weight and silver content by region and purpose. The Kuping ("Treasury") tael of 37.3 grams is the commonest (and our standard); others include the Tsaoping tael (36.7 gm), Canton tael (37.5 gm), the Shanghai (or "Convention") tael (33.9 gm), the Haikwan (or "Customs") tael (37.8 gm), etc.

Silver "Trade" dollars are minted in Mexico, the United States, the Phillipines, Hong Kong, Spain, Singapore and elsewhere -- known in pidgin as 'big money'. Generically, they're about 28 grams in weight. Silver 10 cent, 20 cent, and 50 cent coins also exist, known as 'small money'.

Banknotes, issued by foreign governments, the Chinese government(s), local and foreign banks also circulate. Difficulty in conversion, redeemable status, relations with the issuing body, etc. can cause these notes to vary widely in value.

Arguments about how much something is worth in a random handful of "money" can go on for quite some time, and add to the exotic joy of haggling. "I give you 50 small cash, 5 Indochina piastre, and a silver Spanish coin; or you take 3 Canton tael, half of a Mexican dollar, and this stack of rouble notes?"

Examples of currency in circulation in China, and their value in British money and Kuping tael: