In ancient China, copper coins were legal currency. From the mid-Ming Dynasty onwards, China established close trade ties with the world through merchant ships between Fu Jian and Manila, utilizing goods such as silk, tea, and porcelain, and participating in the early globalization process led by Spain, silver gradually replaced copper coins as the standard currency. Spanish silvers played a crucial role in the aspects of domestic life and international trade: they were the earliest foreign currency introduced to China, circulated most widely, and were used for the longest period. They served as the transaction currency in economically developed regions of ancient China, such as Guang Dong, Guang Xi, Shang Hai, Fu Jian, Macau, and Jiang Su, and were widely used by residents in real estate transactions, temple repairs, canal construction, and civil engineering projects. They were the international settlement currency for the Maritime Silk Road and served as the model for silver coins minted independently by the Qing Dynasty, remaining in use for 300 years until their withdrawal from China in 1935. This article, based on materials from the China Customs Museum, the China Fiscal and Tax Museum, and the Guang Dong Museum, uses historical analysis, comparative analysis, and legal analysis, employing scenario-based descriptions as source material, to attempt to demonstrate the legal significance of national sovereignty and monetary sovereignty. The gradual loss of currency sovereignty reflects the ignorance of the emperors in the Forbidden City, the indifference of the vast bureaucracy, the microcosm of the country becoming a colony, and evidence of China’s economic backwardness since the 19th century.
Yang Yang (2026) studied this question.