Ongzi's Coins: May 2014

Monday 26 May 2014

British Trade Dollar 1895-1935

Descriptions

Obverse : Britannia standing helmeted looking to left with her right hand grasps a trident and her left hand resting on an oval sheild bearing the united cross of St. George of England, St. Andrew of Scotland and St. Patrick of Ireland surrounded by a Chinese scroll-pattern border. A sailing ship is in the distance with the denomination "ONE DOLLAR" above and year date below.

Reverse : in the centre between the denominations was a Chinese labyrinth, one of the many variations of the Chinese character "壽" for longevity encircled by 4 compartments containing Chinese characters for ‘One Dollar’ "壹圓" and Malay Jawi characters "ساتو ريڠڬيت"; all encircled by a Chinese scroll border.

Technical Specifications

Denomination: 1 dollar

Issued by : Straits Settlements

Year : 1895 - 1935

Diameter : 39 mm

Thickness : 1.9 mm

Weight : 26.9568 grams

Coin Shape : Round

Composition : .900 Silver

Coin Edge : Milled

Engraver : George William de Saulles

History

When China lost the opium war also known as the Anglo-Chinese Wars in 1839-1843 and 1856-1860, they're force to open up a number of ports to British trade and residence, and Cede Hong Kong to Britain. At the same time, Straits Settlements were established to link the now-defunct British East India Company's outposts of Penang, Malacca and Singapore. By the middle of the nineteenth century, international trade in Hong Kong and Straits Settlements start to flourished with merchants and adventurers flocked that areas.

Large Foreign silver trade dollar were used for payment before the introduction of an acceptable British Trade coins in Hong Kong and Straits Settlements. Mexican silver dollar-8 reales, United States trade dollar, the Japanese trade dollar and the French "Piastre de Commerce" are some of the common trade dollars used. These .900 fine silver trade dollars were then circulated throughout the East where they were readily accepted as a medium of exchange.

It became necessary to produce special dollar for trading in the British Colony. When price of silver rise rapidly in 1875 to 1895, it disturb trading and resulted a very serious shortage of minted dollars. To overcome the shortage, approval was given in 1894 by a Royal Prerogative of the English sovereign for the minting of a special British Dollar for general use in Far Eastern Trade.

To make sure the new trade dollar can be accepted by countries outside British dominion, learning from the Portcullis Money mistake, the coin had been given an Eastern look. The only British character of the coin is Britannia ( posed by Lady Susan Hiks-Beach for engraver G.W. De Saulles ) standing helmeted looking to left with her right hand grasps a trident and her left hand resting on an oval sheild bearing the united cross of St. George of England, St. Andrew of Scotland and St. Patrick of Ireland surrounded by a Chinese scroll-pattern border on the obverse. A sailing ship is in the distance with the denomination "ONE DOLLAR" above and year date below.

On the reverse, in the centre between the denominations was a Chinese labyrinth, encircled by 4 compartments containing Chinese characters for "Yi Yuan" and Malay Jawi characters for for ‘One Dollar’ "壹圓" and Malay Jawi characters "ساتو ريڠڬيت"; all encircled by a Chinese scroll border.

The British Trade dollar was declared legal tender on 2 February 1895 by an Order of Council in the Straits Settlements, Hong Kong and Labuan (off the north-west coast of British North Borneo).

Three mints participated in the minting of the coins:

·Bombay Mint with the mint mark "B", located in the center prong of the trident.

·Calcutta Mint with the mint mark "C", can be found in the ground between the left foot of Britannia and the base of the shield.

·Royal Mint, London, Those with no mint mark.

The coin had a diameter of 39 mm and was struck in 26.95 grams (416 grains) of 0.900 fine silver. The dies were prepared by London Royal Mint engraver G W De Saulles.

The 1934B and 1935B dollars were struck and shipped to Hong Kong. They were deposited in the vaults of a Hong Kong Bank as security against the dollar banknotes introduced in Hong Kong in 1935. Only few pieces of 1934B and 1935B dollars were released. The reminder of the 1934B and 1935B dollars were returned to the Mint for melting before World War II. The 1921B dollar was struck but never released for circulation.

Although it was minted till 1935, the British dollar were demonetized with effect from 31st August 1904 in Straits Settlements. All Foreign silver dollar which were in circulation were replaced with the new Straits Dollars by Straits Settlements (coinage) order of 1903. It continued to remain as legal tender in Hong Kong until 1937, at the outbreak of the second Sino-Japanese War of 1937-45.

Mintage

Year	Bombay Mint	Calcutta Mint	Royal Mint
1895	3,316,036	nil	unknown
1896	6,135,617	nil	nil
1897	21,286,427	nil	unknown
1898	21,545,564	nil	unknown
1899	30,743,159	nil	nil
1900	9,106,619	unknown	363,372
1901	25,684,971	1,513,685	nil
1902	30,404,499	1,266,618	nil
1903	3,955,647	nil	nil
1904	648,847	nil	nil
1907	1,945,726	nil	nil
1908	6,870,741	nil	nil
1909	5,954,218	nil	nil
1910	5,552,910	nil	nil
1911	37,470,509	nil	nil
1912	5,672,075	nil	nil
1913	1,566,693	nil	nil
1921	50,211	nil	nil
1925	nil	nil	6,869,853
1929	5,100,036	nil	nil
1930	nil	nil	6,664,865
1930	10,401,032	nil	nil
1934	17,335,205	nil	nil
1935	6,811,995	nil	nil

Source :

http://www.obsoletecoin.com/2013/07/british-trade-dollar-istory.html

Spannish Trade Dollar 1772-1789

DESCRIPTION

Obverse : CAROLUS III DEI GRATIA 1776 "Charles III by the Grace of God, 1776".

Right profile of Charles III in toga with laurel wreath.

Reverse : HISPAN[IARUM] ET IND[IARUM] REX M[EXICO] 8 R[EALES] F M "King of the Spains and the Indies, Mexico [City Mint] 8 reales".

Crowned Spanish arms between the Pillars of Hercules adorned with PLVS VLTRA ( Latin : Plus ultra, “further beyond” ) motto.

TECHNICAL FEATURES

Country : Mexico

Years : 1772 – 1789

Value : 8 reals

Metal : .917 Silver

Weight : 27.07 g

Diameter : 40mm

Shape : round

HISTORY

The real de a ocho, also known as the Spanish dollar, the eight-real coin, or the piece of eight (Spanish : peso de ocho), is a silver coin, worth eight reales, that was minted in the Spanish Empire after a Spanish currency reform in 1497.

The Spanish dollar was widely used by many countries as international currency because of its uniformity in standard and milling characteristics.

The coin was minted with several different designs at various mints in Spain and the New World. The main New World mints for Spanish dollars were at Potosí, Lima, and Mexico, with minor mints at Bogotá, Cartegena, Cuzco, Guatemala, La Plata, Panama, Popayan, Santo Domingo and Santiago.

The 12 mints produced a total of 5 types of silver coins : pillar, shield, pillar and waves, milled pillar, and milled bust.

pillar

shield

pillars and waves

milled pillars

milled bust

Because it was widely used in Europe, the Americas, and the Far East, it became the first world currency by the late 18th century. Millions of Spanish dollars were minted over the course of several centuries. They were among the most widely circulating coins of the colonial period in the Americas, and were still in use in North America and in South-East Asia in the 19th century.

Some countries countersigned the Spanish dollar so it could be used as their local currency. The Spanish dollar was the coin upon which the original United States dollar was based, and it remained legal tender in the United States until the Coinage Act of 1857. Aside from the U.S. dollar, several other existing currencies, such as the Canadian dollar, the Japanese yen, the Chinese yuan, the Philippine peso, as well as several currencies in Latin America, were initially based on the Spanish dollar and other 8-real coins.

The Spanish dollar was often cut into 8 ‘bits’ to make change. Each bit equivalent to 1 real ; 2 bits is a quarter of a dollar.