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.