10 Cash – South Xinjiang

In 1890, the currency situation in South Xinjiang (the Tarim Basin region) was characterized by profound complexity and instability, a direct legacy of its position at the crossroads of empires. Following the Qing dynasty's reconquest of the region from the Yakub Beg-led state in the late 1870s, official authority was re-established, but monetary control remained fragmented. The primary official currency was the Xinjiang red cash (Hongqian), a locally minted copper coin with a lower copper content and value than standard cash coins (zhiqian) used in China proper. This created a disruptive exchange rate, as trade with the rest of the empire required constant conversion, hampering commerce.

However, the Qing monetary system existed alongside a vibrant and older circulatory sphere rooted in Central Asian trade. Silver yamboos (ingots) and the Kashgar tanga, a silver coin of substantial local prestige, remained the preferred medium for larger transactions and long-distance trade along the Silk Road. Furthermore, Russian influence was growing rapidly; the Russian ruble, particularly the silver tsarist ruble, circulated widely, especially in northern Xinjiang but increasingly in southern markets due to the 1881 Treaty of St. Petersburg, which granted Russian merchants extensive trading rights. This made South Xinjiang a zone of competing currency realms.

The result was a financially burdensome environment for the local populace and merchants. Daily transactions required navigating a confusing hierarchy of coins with fluctuating values, leading to widespread manipulation by money changers and officials. The Qing authorities struggled to impose a unified standard, as the red cash was distrusted, while silver and foreign coins drained out for imports. This monetary disorder reflected the broader transitional and contested nature of late 19th-century Xinjiang, caught between a weakening Qing central administration, resilient local traditions, and expanding Russian economic power.