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The color of money: Red, red, red
By Tan Weiyun |
July 5, 2011, Tuesday
|
Print Edition
Print Edition
TO finance the revolution and keep New China running, the Communist Party of China issued currency, stocks, bonds and ration coupons. Tan Weiyun visits an exhibition of "red money."
An exhibition of "red" currency, stocks, bonds and various food coupons and tickets issued by the Communist Party of China since its founding in 1921 is underway at Nanmatou Community Center in the Pudong New Area.
The exhibition, running through July 16, displays the collections of the city's famed coin and paper currency collector Yu Liuliang and securities collector Luo Tiansheng. Many valuable items are shown for the first time.
The highlights - and probably the most valuable items - are a public bond certificate issued in 1931 and printed with the name of Chairman Mao Zedong; the first stock warrant issued by the People's Republic of China on October 1, 1949; and bank notes with a face value ranging from 1 jiao (less than 1 US cent) to 10,000 yuan (US$1,515.15) issued in many Communist revolutionary bases during the 1930s.
"These coins, paper notes and securities contributed a lot to China's revolution and they reflect the glorious past of the Party," says Liu Chao, chairman of the Shanghai Collectors' Club, who initiated the exhibition.
The exhibition includes around 500 items issued in the revolutionary bases that were occupied by the Communist Party before 1959, such as Yan'an in Shaanxi Province, Ruijin in Jiangxi Province and the "red" parts of provinces such as Shanxi, Gansu, Hebei and others.
The public bond certificate with Mao's name is unusual and valuable. "We can see many coins and paper printed with Chairman Mao's image, but none with his name except this one," says the 64-year-old collector Luo, who has collected around 1,700 types of securities certificates since the early 1990s.
Luo says Mao had a complicated attitude toward money. As it's nothing to do with him personally, it was embarrassing to see his name printed on the money. "So this bond is quite rare," he says.
The first stock warrant issued on the day the PRC was established has an interesting story behind it, says Luo. Shen Laizhou, the first head of Heng Yuan Xiang, a nationally famous cashmere and wool manufacturer, was afraid the Communists would nationalize his company after it came to power. He closed the company the night before PLA soldiers entered Shanghai, which was liberated in May 1949.
Moved by the PLA's behavior, however, Shen issued the stock warrant on the day New China was founded to show his gratitude to the Party.
Luo got this historical stock warrant by chance during a collection exchange among his fellows about 10 years ago. "This is officially the first stock warrant of New China," he says.
Money collector Yu, who is 73 years old, donated more than 200 items of currency, both coins and paper notes, issued by the Communist Party after 1921.
Yu started collecting currency 50 years ago. His collection weighs 2,500 kilograms and contains more than 50,000 pieces. It ranges from shell money used in ancient times, knife?shapes during the Spring and Autumn Period (770-476 BC) and shoe-shaped silver ingots used by various dynasties. The exhibition includes Chinese yuan issued by the Party in revolutionary bases during the 1930s; the currency today is more precious than that issued by the Kuomintang (KMT), the ruling party before 1949.
"Value comes from the rarity. The circulation of 'red money' was quite small and it had to be handed over in exchange for renminbi after 1949; then it was destroyed," says Yu. "Little was left, making them even rarer today."
His collection includes 1-jiao banknote issued in 1933 by the soviet (regional council) bank in the red areas of Fujian, Zhejiang and Jiangxi provinces; a 1-jiao banknote issued by the Shaanbei Bank in the north of Shaanxi Province to commemorate the victory of the Long March completed in October 1936; a 500-yuan banknote printed with Mao Zedong's image issued by the Bank of Northeast China in 1947; and a 10,000-yuan banknote issued by the People's Bank of China in 1949.
"This 10,000-yuan paper money was needed for a smooth transition because the People's Republic of China had just been founded at that time and people needed time to adapt to the new society," Yu says.
During KMT rule, money depreciated dramatically. The KMT regime once issued a banknote valued at 5 million yuan, which still couldn't buy a steamed bun. "People had to carry a big bag of cash on the street for shopping," Yu says.
In order to have a smooth transition after 1949, the Communist Party issued the 10,000-yuan banknote. Two and half years later, it was replaced by a 1-yuan banknote to regulate the currency.
"Another feature of the 'red money' before 1949 was that it was difficult to counterfeit," the collector says, noting that the KMT was trying to issue fake 'red' banknotes to disturb the currency in the Communist-held regions, but failed.
"That was because the red money was made by the truly ancient method, with rough straw paper, and printed on slate instead of by machine," Yu says. "Handmade things are all difficult to fake, even today."
Date: through July 16
Venue: Nanmatou Community Center, 400 Nanmatou Rd, close to Pudong Rd S.
Admission: Free
An exhibition of "red" currency, stocks, bonds and various food coupons and tickets issued by the Communist Party of China since its founding in 1921 is underway at Nanmatou Community Center in the Pudong New Area.
The exhibition, running through July 16, displays the collections of the city's famed coin and paper currency collector Yu Liuliang and securities collector Luo Tiansheng. Many valuable items are shown for the first time.
The highlights - and probably the most valuable items - are a public bond certificate issued in 1931 and printed with the name of Chairman Mao Zedong; the first stock warrant issued by the People's Republic of China on October 1, 1949; and bank notes with a face value ranging from 1 jiao (less than 1 US cent) to 10,000 yuan (US$1,515.15) issued in many Communist revolutionary bases during the 1930s.
"These coins, paper notes and securities contributed a lot to China's revolution and they reflect the glorious past of the Party," says Liu Chao, chairman of the Shanghai Collectors' Club, who initiated the exhibition.
The exhibition includes around 500 items issued in the revolutionary bases that were occupied by the Communist Party before 1959, such as Yan'an in Shaanxi Province, Ruijin in Jiangxi Province and the "red" parts of provinces such as Shanxi, Gansu, Hebei and others.
The public bond certificate with Mao's name is unusual and valuable. "We can see many coins and paper printed with Chairman Mao's image, but none with his name except this one," says the 64-year-old collector Luo, who has collected around 1,700 types of securities certificates since the early 1990s.
Luo says Mao had a complicated attitude toward money. As it's nothing to do with him personally, it was embarrassing to see his name printed on the money. "So this bond is quite rare," he says.
The first stock warrant issued on the day the PRC was established has an interesting story behind it, says Luo. Shen Laizhou, the first head of Heng Yuan Xiang, a nationally famous cashmere and wool manufacturer, was afraid the Communists would nationalize his company after it came to power. He closed the company the night before PLA soldiers entered Shanghai, which was liberated in May 1949.
Moved by the PLA's behavior, however, Shen issued the stock warrant on the day New China was founded to show his gratitude to the Party.
Luo got this historical stock warrant by chance during a collection exchange among his fellows about 10 years ago. "This is officially the first stock warrant of New China," he says.
Money collector Yu, who is 73 years old, donated more than 200 items of currency, both coins and paper notes, issued by the Communist Party after 1921.
Yu started collecting currency 50 years ago. His collection weighs 2,500 kilograms and contains more than 50,000 pieces. It ranges from shell money used in ancient times, knife?shapes during the Spring and Autumn Period (770-476 BC) and shoe-shaped silver ingots used by various dynasties. The exhibition includes Chinese yuan issued by the Party in revolutionary bases during the 1930s; the currency today is more precious than that issued by the Kuomintang (KMT), the ruling party before 1949.
"Value comes from the rarity. The circulation of 'red money' was quite small and it had to be handed over in exchange for renminbi after 1949; then it was destroyed," says Yu. "Little was left, making them even rarer today."
His collection includes 1-jiao banknote issued in 1933 by the soviet (regional council) bank in the red areas of Fujian, Zhejiang and Jiangxi provinces; a 1-jiao banknote issued by the Shaanbei Bank in the north of Shaanxi Province to commemorate the victory of the Long March completed in October 1936; a 500-yuan banknote printed with Mao Zedong's image issued by the Bank of Northeast China in 1947; and a 10,000-yuan banknote issued by the People's Bank of China in 1949.
"This 10,000-yuan paper money was needed for a smooth transition because the People's Republic of China had just been founded at that time and people needed time to adapt to the new society," Yu says.
During KMT rule, money depreciated dramatically. The KMT regime once issued a banknote valued at 5 million yuan, which still couldn't buy a steamed bun. "People had to carry a big bag of cash on the street for shopping," Yu says.
In order to have a smooth transition after 1949, the Communist Party issued the 10,000-yuan banknote. Two and half years later, it was replaced by a 1-yuan banknote to regulate the currency.
"Another feature of the 'red money' before 1949 was that it was difficult to counterfeit," the collector says, noting that the KMT was trying to issue fake 'red' banknotes to disturb the currency in the Communist-held regions, but failed.
"That was because the red money was made by the truly ancient method, with rough straw paper, and printed on slate instead of by machine," Yu says. "Handmade things are all difficult to fake, even today."
Date: through July 16
Venue: Nanmatou Community Center, 400 Nanmatou Rd, close to Pudong Rd S.
Admission: Free
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