1 Lang – Empire of Vietnam

In 1848, the currency situation within the Empire of Vietnam, ruled by the Nguyễn Dynasty under Emperor Tự Đức, was complex and fraught with challenges. The monetary system was officially bimetallic, relying on both silver and copper. The primary unit was the quan (or tiền), a string of 600 copper cash coins (văn), while high-value transactions were conducted in silver bars or taels (lạng). However, the state struggled with chronic shortages of minted coinage, leading to widespread circulation of privately cast and often debased copper coins, as well as a proliferation of counterfeit money. This undermined both economic stability and state revenue.

The imperial court in Huế faced significant fiscal pressures that exacerbated the currency crisis. A large bureaucracy, military expenses, and costly public works drained the treasury, while tax collection was increasingly inefficient and often paid in kind rather than in reliable coin. Furthermore, the government's attempt to control the money supply was hampered by limited domestic silver and copper production. This scarcity, combined with the inflow of poor-quality coins from foreign trade (particularly from China), created a chaotic monetary environment where exchange rates between copper and silver were highly volatile and varied regionally.

Consequently, the currency disorder of 1848 reflected deeper systemic weaknesses within the Nguyễn Dynasty administration. The inability to standardize coinage and control the monetary system eroded public trust, facilitated corruption, and hindered commercial activity. This economic instability occurred just as the empire was beginning to face mounting external pressures from European powers, setting the stage for the severe fiscal and political crises that would mark the latter half of the 19th century in Vietnam.