Item number: A1834

Year: AD 1904-1912

Material: Silver

Size: 62.9 x 36.9 x 15.7 mm

Weight: 192.45 g

Manufactured by: Yuhehu exchange shop, Kunming

Provenance: Fuchin Coin 2024

This silver ingot is a Pai Fang sycee that circulated in Yunnan, originating from the Yunnan Three-Trough Sycee, a subtype of 槽銀 (troughed silver ingots). Issued by the Yuhehu bank (or exchange shop), historical records suggest that its issuance dates between the 30th year of Guangxu (AD 1904) and the 2nd year of the Republic of China (AD 1912). The ingot takes its name from its frontal resemblance to a pai fang (traditional Chinese gateway), while its side profile resembles a saddle, leading to its alternative designation as “packsaddle sycee”. The weight was standardised through agreements among banks at five taels (approximately 185 grams), though actual weights range from 160 to 200 grams.

The sycee is rectangular with an octagonal outline, featuring three stamped inscriptions—one in the centre and two deeper ones on either side. All three inscriptions bear two vertical lines of Chinese characters reading “Yuhehu Bank Standard Silver Ingot”, written from right to left, marking the issuing exchange house. On the “pillars” of the pai fang structure, the left side bears the reverse-stamped inscription “Official Valuation: Inspected by Tong and Yu”, while the right side is marked “Official Valuation: Inspected by Zhou and Chen”, signifying that this ingot had been officially examined and verified by the four designated government-appointed valuators: Zhou Baoquan, Chen Yuanchang, Tong Fusheng, and Yu Qingsheng. Each pair of valuators conducted a joint inspection and affixed their respective official marks. The side of the ingot exhibits a distinct layered structure, and the base is flat with visible casting pores, characteristic of hand-poured casting techniques.

Packsaddle Sycee were a distinct regional silver currency of late Qing Yunnan, emerging in response to the province’s significant trade in opium, tea, and copper, which attracted a large influx of foreign silver. Some of this silver entered via remittance networks (piaohao), and was ultimately refined and recast by Yunnan banks into a standardised local medium of exchange. The banks, or exchange shops (兼銷鋪), were financial establishments that both facilitated currency exchange and minted their own ingots for local circulation. Given their wide circulation, economic significance, and standardised regulatory oversight, Packsaddle Sycee became one of the most influential forms of silver currency in modern Chinese monetary history.

To ensure silver purity and maintain market confidence, the Public Valuation System (公估制度) was established, undergoing five major phases from the Guangxu era (AD 1880s) to the early Republic of China (AD 1910s): Public Consensus (公議), Public Consensus Valuation (公議公估), Exchange House Valuation (滙號公估), Official Valuation (公估), and State-Sanctioned Official Valuation (官公估). The earliest stage, Public Consensus (公議), was a self-regulatory agreement among Kunming silver merchants to maintain 98% silver purity (九八成色). This phase lacked direct government oversight, relying instead on the credibility of individual silver shops.

However, due to widespread adulteration and debasement of silver (sometimes as low as 50-60% purity), leading merchants convened and designated select reputable firms to inspect and certify ingots that met the purity standard. These ingots were stamped with “Public Consensus Silver” (公議紋銀) or “Public Consensus Valuation” (公議公估) and reported to the government for official registration, thus formalising the Public Consensus Valuation (公議公估) system. Over time, Kunming exchange houses (滙號), similar to private banks or remittance agencies, also assumed a role in silver authentication, leading to the development of Exchange House Valuation (滙號公估). During this phase, ingots received an additional “Exchange House Valuation” stamp, typically bearing the signatures of two evaluators to reinforce credibility.

By the 30th year of Guangxu (AD 1904), the Yunnan provincial government (布政使司) intensified control over the valuation system, appointing professional government valuators to conduct official inspections. The number of required valuators increased from two to three, and inspections followed a rotational system. Consequently, Official Valuation Silver (公估紋銀) became synonymous with “Yunnan Silver” (滇銀), and the market widely accepted it as the trusted standard for trade. After AD 1904, the State-Sanctioned Official Valuation (官公估) system was formally implemented, bringing silver ingot authentication under direct government supervision. Only ingots that had undergone official evaluation could be used for tax payments and government transactions, effectively making officially verified Packsaddle Sycee the exclusive state-recognised silver currency. This reform ensured uniformity in silver purity, while simultaneously enhancing state control over the monetary system.

However, during the early Republic of China, national monetary reforms aimed at abolishing silver ingots in favour of a yuan-based currency system led to the gradual phasing out of Packsaddle Sycee. By AD 1915, during the Yunnan Anti-Yuan Rebellion, historical records indicate that warlords resorted to minting low-quality Packsaddle Sycee as a means to fund their military campaigns, causing severe monetary instability. Ultimately, with the establishment of the People’s Republic of China in AD 1950, the silver currency system was completely abolished in favour of the renminbi (RMB), marking the official end of both Packsaddle Sycee and the Public Valuation System.

物件編號: A1834

年代: 公元 1904-1912 年

材質: 銀

尺寸: 62.9 x 36.9 x 15.7 mm

重量: 192.45 g

製造地: 裕和胡記滙號，昆明

來源: 福君錢幣 2024

此枚銀錠為流通雲南之牌坊錠，源自雲南三槽錠，為槽銀之一種。由商號「裕和胡」之兼銷鋪發行，按史料推測其發行時間應於光緒三十年(公元1904年)至民國二年(公元1912年)之間。銀錠正視形若牌坊，因此得名，而側視形若馬鞍，故也有稱馬鞍銀者。重量由各商號議決為五兩，合今185克，實際銀錠重自160至200克皆有。

銀錠呈方長八角形，正面與兩側印有共三道戳記，兩側較深，中央較淺，皆為二行漢字「裕和胡記滙號紋銀 」，直書右讀，乃商號戳記。「牌坊」之「柱」上，左側反打「官公估童余看」印，右側反打「官公估周陳看」印。表示此枚銀錠已由官公估之周保銓、陳元昌、童福盛、余慶盛四商驗紇，一組雙人共看，各加其印。錠身側面層狀結構明顯，錠底平整，有鑄造氣孔痕跡，乃手工澆鑄所致。

雲南牌坊錠為清末雲南地區特有的白銀貨幣，因雲南地區出產鴉片、茶葉、銅等物資，大量白銀流入雲南(部分透過票號匯轉)，最終由雲南兼銷鋪轉化為當地流通標準貨幣。兼銷鋪即銀錢兌換商兼售自鑄銀錠之意。由於牌坊錠的流通量大，市場影響深遠，且在製作上有較為規範的監督機制，因此成為中國近代白銀貨幣的重要類別。其中，「公估制度」的建立，是為了確保銀錠的成色標準，並維護市場信譽，其發展經歷了五個主要階段。從光緒年間(約公元1880年代起)至民國初年(公元1910年代)，牌坊錠的公估制度大致可分為公議、公議公估、滙號公估、公估與官公估五個階段。最早的公議制度由昆明銀錢業者自發組織，約定銀錠成色應達九八成色，即銀含量98%，此階段尚無官方介入，市場主要依賴銀鋪的信用進行交易。隨後，由於市場中仍有銀色不純(低至五六成)的情況，各大銀鋪商議，推舉部分信用較佳的商號負責檢驗、鑑定銀錠，並對符合標準的銀錠加蓋「公議紋銀」或「公議公估」的戳記，向政府報備立案，形成「公議公估」制度。進一步地，昆明的滙號(類似錢莊或匯兌商)也加入了牌坊錠的鑑定過程，於是發展為「滙號公估」，此時的牌坊錠會加蓋「滙號公估」印記，通常由兩位鑑定人簽名，確保品質。到了光緒三十年前後，官方對公估制度的管理更為嚴格，開始由政府指派的專業鑑定商執行驗色，驗證人數由兩人增加到三人，並採取輪流制度，最終「公估紋銀」逐漸成為「滇銀」的代名詞，市場交易普遍信賴此標準。至光緒三十年(公元1904年)後，雲南布政使司正式確立「官公估」制度，將銀錠的鑑定納入官方監管，並由官府指定的公估商負責驗色，凡經官公估驗色合格者方可作為稅收銀錠，官公估銀錠自此成為官方指定的稅收與政府交易之用。這一制度的建立，確保了銀錠成色的統一，但同時也使得政府對市場銀錠的掌控力大幅提升。然而，隨著民國初年的貨幣改革，政府開始推動廢兩改元，逐步取代銀錠流通，至公元1915年雲南討袁期間，史載由於政局動盪，貨幣市場的流通秩序混亂，甚至有軍閥利用低劣成色的牌坊錠來籌措軍費。最終，隨著公元1950年中共建政，全面廢除白銀貨幣制度，改行人民幣，牌坊錠與公估制度正式走入歷史。