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#21

Currencies for Duty Payment

Major milestones in the evolution of the currencies for duty payment system: ● Before 1929: Customs duties were collected in silver, such as Customs Standard Silver. This accounting unit unified silver purity across regions to ensure accurate duty calculation. ● January 1930: The Nationalist Government adopted the “Customs Gold Unit” for duty payment. This reform responded to the impact of collapsing global silver prices on Customs revenue. ● 1931: The Central Bank issued “Customs Gold Unit Notes”. These were legal instruments specifically used for paying customs duties. ● 1935: The “Legal Tender Note” policy was introduced, abolishing the silver standard. Customs ended silver-based duty collection and aligned with the modernization of the national financial system. ● 1948: “Gold Yuan Notes” were issued. Customs continued to collect duties using this currency.