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The 50-cent. pioce shall weigh 3 mace and 6 candareens Treasury weight. It shall contain 80 per cent,, or 2 mace and 8-8 candareens, pure silver.
The 25-cent. piece shall weigh 1 mace and 8 candareens Treasury weight, and shail contain 80 per cent., or 1 mace and 44 candareens, pure silver.
The dime shall weigh 8:64 candareens. It shall contain 65 per cent., or 5-616 can- dareens, pure silver.
The weight and touch of the nickel and copper coinage will be dealt with in a future annexe to these regulations.
Explanatory Notes.-For the purposes of these regulations, "Treasury weight" is defined to be the weight laid down in the "Regulations for the Standardisation of Weights and Measures," drawn up by the Board of Agriculture, Works, and Commerce in conjunction with the Board of Finance, i.e., 1 tael Treasury weight equals 37-301 grammes (French weight).
For the purposes of this section "pure silver" is defined to be pure refined silver without alloy or dross of any kind whatsoever.
Section 5.
Payments may be made in the standard coin up to any sum whatsoever. Payments in silver subsidiary coin must not exceed the value of 5 dollars, and in nickel or copper must not exceed a dollar. Acceptance may be refused where these limits are exceeded. These limits, however, do not apply when exchanging coin at the Ta Ch'ing Government Bank or at any of its branches or agencies.
Explanatory Notes.-That tender cannot be refused of any sum, from 10 dollars up to 10,000 dollars, in the standard coin needs no explanation. Subsidiary coins, on the other hand, are designed to meet the necessities of petty purchases and of giving change," and strict limitations must, therefore, be set on their employment. There is a difference, however, between the current use of these coins and their conversion on a large scale. This latter is therefore excluded from any limitation, in order to guarantee the value of the coins and to strengthen the confidence of the general public in their employment. Fears may be entertained that the non- imposition of a limit in the exchange of small coins will result in banks receiving a large number of these subsidiary coins, and will consequently give temptation to counterfeiters. It must be remembered, however, that there is a strict limit imposed on the number of coins to be minted, that persons coming to make such exchanges will not only be few but that the machinery for exchange is confined to certain places. Counterfeiters will therefore be easily detected, and there is no reason for fear on this score.
Section 0.
The new coins of every denomination, whether silver, nickel, or copper, will be struck with "the dragon "on the obverse side, and on the reverse side the characters
Yin
"Ta Ch'ing
Nieh ·Pi (and the value).” Tung
(N.B.-Ta Ch'ing Dynasty
Silver
Nickel coinage value so much.) Copper]
Explanatory Note.-Accurate impressions for all denominations of the coinage will hereafter be struck and sent to every province.
Section 7.
As regards weight, in the case of silver coins of 1 dollar, any error in the prescribed weight of over th (2) candareen Treasury weight on any single coin will on examina- tion cause its rejection. In the case of subsidiary silver coins, the maximum error passed will be th (1) candareen in a single coin.
On every 1,000 silver coins of all denominations the sum weight must not differ from that prescribed by law by more than three per 10,000.
Explanatory Notes.-Paragraph 1 of this section applies to errors detected in separate coins, where some latitude is allowed. Paragraph 2 applies to errors in a sum number of coins, where the rule is necessarily strict.
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Section 8.
As regards "touch," the maximum error allowed on auy single silver coin of whatever value is 3 per mille.
Explanatory Note.-Section 7 deals with errors detected in the weight, section 8 with errors detected in the touch of coins.
Section 9.
Coins of 1 dollar which from the wear due to circulation weigh less than 7 macc and which 1 candareen or subsidiary coins of any kind, whether silver, nickel, or copper, in a similar manner have been obviously reduced in weight, must be exchanged against new coins, either at the mints or at the Ta Ching Government Bank, coin for coin.
Explanatory Note. The wear due to circulation must necessarily reduce the weight of coins. For this reason a limit of 7 mace and 1 candareen has been fixed for their withdrawal and conversion, in order that publie confidence in the circulation may be maintained.
Section 10.
No one can be forced to accept coins which have been wilfully defaced.
Explanatory Note. The preceding section deals with loss of weight due to circulation (when the coin may be exchanged). This section deals with the wilful reduction in the weight of a coin (when it ceases to legal tender), and is aimed at the boring of holes in coins, their clipping, defacement by chopping and such similar
abuses.
Section 11.
The number of subsidiary coins of any denomination to be minted will be strictly determined by the Board of Finance after full consideration of the circumstances.
Explanatory Note.-The number of subsidiary coins needed for circulation is limited. To avoid debasement of the coinage there must, therefore, be no excessive minting of such coins.
SUPPLEMENTARY REGULATIONS.
Section 12.
The agency of exchange for the national coinage is the Ta Ch'ing Government Bank. Competent officers will be selected and deputed to take full charge of the exchange of the new coinage against the old.
Explanatory Note.-The responsibility for the exchange of the old coins for the But the business of this bank is new rests with the Ta Ch'ing Government Bank. already very extensive, and, therefore, in order to mark the responsibility of the Bank, it is necessary to select and depute special officers to perform this work.
Section 13.
After the issue, but previous to the full circulation of the new currency, good" Treasury 1 dol. 50 c. new currency shall be held equivalent to 1 tael " silver.
Explanatory Note.-This section defines the basis of calculation and of exchange between the new and the old currency "Good" silver, for the purposes of this section, is defined to be 98:5 per cent. pure silver."
Section 14.
Upon issue of the new currency at any given place the various silver coins now in circulation will continue to be current temporarily at market rates. Steps will at the same time be taken by the mints and the Ta Ch'ing Government Bank for the Measures will at gradual redemption at market rates and reminting of these coins.
the same time be devised by the Board of Finance for the assignment of a period after
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