ABSTRACT
Currency shortages forced locals in early 20th-century China to accept inconvertible notes, even those suspected of being forged. Insufficient currency supplies frequently caused transactions in the marketplace to decline, a situation Chinese traditionally called qianhuang: the famine of cash. This chapter shows the distribution of copper coins of different eras excavated from two places in China. Although a large amount of paper money, some silver ingots and silk functioned as currency during the Song Dynasty, copper coins were used for daily transactions. In 1606, Quanzhou, the largest port city in Southern China, faced a famine due to poor harvest and the increased circulation of illegal coinages. There are ways to reduce the local circulation of currencies than making mutual credit. There are two other solutions: one is to defer payments on a basis of mutual trust among inhabitants, another is for oligarchies to monopolise local exchanges.
