Chinese gold yuan

Common card · No. 490539

The Chinese gold yuan (also known as golden round, golden yuan, among others) was a legal tender currency of China between August 1948 and 1949. It was a method used by the Republic of China government to accumulate gold from its citizens to fund its war effort. It circulated in the country under the effective control of the Government of the Republic of China, which issued paper money on August 19, 1948. This currency was notorious for vicious inflation due to inadequate issuance preparation and failure to strictly enforce issuance limits. In the early days of the issuance of the golden yuan, the government used executive actions to force the public to exchange gold and foreign currency for the new currency. The legal exchange rate was 0.22217 grams of gold per gold yuan but it could not be honored. The sharply depreciating fabi currency was at the rate of one golden yuan to 3 million fabi yuan, and this rate was used for the compulsory collection of public gold, silver, and foreign currency...

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