2 Jiao – Fukien Province

In 1911, Fukien (modern Fujian) Province, like much of China, operated within a complex and fragmented monetary system on the eve of the Xinhai Revolution. The official currency was the silver tael, a unit of weight rather than a minted coin, leading to local variations and inefficiency. Alongside this, foreign silver dollars, particularly the Mexican "Eagle" dollar and the British trade dollar, circulated widely in coastal treaty ports like Fuzhou and Xiamen due to extensive overseas trade. These foreign coins were often preferred for their standardized weight and reliability, undermining the Qing dynasty's monetary sovereignty.

Provincial mints also produced their own silver and copper coinage, adding to the complexity. The Fujian provincial authorities minted silver dollars and subsidiary copper coins (tongyuan) to facilitate local trade and revenue collection. However, the value and acceptance of these coins were often regional, and their quality could be inconsistent. Furthermore, a vast quantity of copper cash coins from earlier dynasties remained in everyday use for small transactions among the general populace, creating a multi-tiered system where exchange rates between silver, copper, and foreign dollars fluctuated constantly.

This monetary disarray reflected and exacerbated the wider political and economic instability of the late Qing period. The proliferation of different currencies, combined with a persistent drain of silver abroad, created uncertainty for merchants and peasants alike. When the revolution broke out in October 1911, leading to Fujian declaring independence from the Qing in November, this chaotic currency situation presented an immediate challenge for the new provincial administration, which sought to assert control over finances and establish a more unified monetary system to fund its operations and stabilize the local economy.