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Their value—like the value of the various silver coins and little pieces of silver in circulation at ... Chinese Silver Currency Ingots c. 1750–1933. British ...
The market value of silver in the Ming territory was double its value elsewhere, which provided great arbitrage profit for the Europeans and Japanese. [9] The room for arbitrage profit was further enlarged because of the silver content difference between silver ingots from Ming and Qing China and New World silver. [12]
The most commonly used English term to describe Chinese silver ingots is "sycee" (細絲), which comes from a Cantonese term meaning "fine weight" where the "weight" (絲, sī) represents 0.00001 tael. [12] However a large number of regional terms and names for these silver ingots existed throughout China, these names include: [64] [12]
The first metal used as a currency was silver, more than 4,000 years ago, when silver ingots were used in trade. During the heyday of the Athenian empire, the city's silver tetradrachm was the first coin to achieve "international standard" status in Mediterranean trade.
The price of silver is influenced by a variety of factors. The silver market is considerably smaller than the gold market, with the London gold bullion market turns over 18 times more monetary value than silver. [17] This allows a large trader or investor to influence the silver price either positively or negatively.
Chinese people at this point started to refrain from using copper-alloy cash coins and the markets preferred the usage of silver ingots instead. [11] In the year 1621 Wang Xiangjian, the minister of war, had requested the government to cast Tianqi Tongbao cash coins n the denominations of 10 wén, 100 wén, and 1000 wén. [13]
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