Candareen-Mace: Transitional Monetary System of China

Illustrated Specimen Details: 7.2 Candareen (10 Fen), Hupeh

Example Specimen: 7.2 candareen (10 fen), 1894 (Hupeh Province, China)

Authority & Heraldry: The obverse features the traditional Chinese inscription 光緒元寶 (Guangxu Yuanbao) and Manchu characters in the center, signifying the reign of Emperor Guangxu. The design is dominated by a mythical dragon, which is a typical thematic element for Chinese coins of the late Qing dynasty, representing imperial power and tradition.

1. EMPIRE OF CHINA (from 1890 to early 20th century): 1 yuan = 7 mace 2 candareen (system based on silver weight)

The name of the Candareen-Mace coin was derived from traditional units of weight used in the Malay world. During the late 19th and early 20th centuries, these terms were adopted by Chinese provincial mints to express the silver weight content of coins, effectively serving as monetary denominations during the transition from the ancient tael system to the modern decimal yuan system.

History and Transition of the Chinese Currency

The candareen and mace were traditional Chinese monetary weight units that gained prominence on coins during the significant transition from the silver tael (liang) system to the decimal yuan system. This shift occurred as China modernized its economy and sought to standardize its currency to compete and trade more effectively with Western powers.

The system was defined by the following weight relationships:

• 1 tael (liang) = 10 mace (qian)

• 1 mace = 10 candareens (fen)

• 1 tael = 100 candareens

Historical Development

In 1889, China initiated a reform to unify its complex monetary system. The yuan was introduced as a standard unit, modeled after foreign silver dollars (such as the Mexican peso). The established exchange rate set 1 yuan equal to 0.72 tael of silver, which translates to 7 mace and 2 candareens. Consequently, coins of this era often displayed their value in these traditional units even while they represented fractional parts of a yuan.

Numismatic Perspective

From a numismatic perspective, these coins represent a fascinating bridge between two economic eras. Coins were struck in various denominations, such as 3.6 candareen (5 fen), 7.2 candareen (10 fen), and 7 mace 2 candareen (1 yuan). Because different provinces like Hupeh, Guangdong, and Anhui issued their own versions, there is a vast array of variations for collectors to study. Today, these pieces are highly regarded as they document the evolution from traditional silver bullion ingots, known as sycee, to the modern decimal currency that defines China today.