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Explaining premiums for Spanish and Mexican silver coins in Qing and Republican China

Warren Bailey & Bin Zhao

Financial History Review2025https://doi.org/10.1017/s0968565025100103article
AJG 2ABDC B
Weight
0.50

Abstract

We study the pricing of foreign silver coins circulating in China during the period from 1866 to 1924. Spanish and Mexican silver dollar coins often traded at prices substantially larger than their bullion value. These premiums are associated with global economic and political conditions, proxies for Chinese political and banking uncertainty, and seasonal production cycles and market conditions for China’s export commodities. Diagnostic tests using the value of copper money and imports often confirm our interpretation. Our evidence suggests how rational currency traders, bankers, merchants, farmers and consumers sustained an informal monetary system during this era.

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https://doi.org/https://doi.org/10.1017/s0968565025100103

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@article{warren2025,
  title        = {{Explaining premiums for Spanish and Mexican silver coins in Qing and Republican China}},
  author       = {Warren Bailey & Bin Zhao},
  journal      = {Financial History Review},
  year         = {2025},
  doi          = {https://doi.org/https://doi.org/10.1017/s0968565025100103},
}

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Explaining premiums for Spanish and Mexican silver coins in Qing and Republican China

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.