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ROC, 20 Cents
ROC Era 18, Guangdong Mint
民國 貳毫
民國十八年 廣東省造
Item number: A506
Year: AD 1929
Material: Silver
Size: 23.4 x 23.4 x 1.4 mm
Weight: 5.5 g
Provenance:
1. Noonans 2022
2. D. L. F. Sealy Collection
This is a 2 Cents silver coin issued in the 18th year of the Republic of China (AD 1929) by a branch financial institution established by the Nanjing Nationalist Government in Guangzhou.
The obverse features a left-facing portrait of Sun Yat-sen, encircled by a serrated border. The reverse side prominently displays two bundles of rice stalks, symbolising prosperity, tied together and encircling the vertically inscribed denomination “20 Cents.” The upper edge of the coin is engraved with the minting year “18th Year of the Republic of China,” while the lower edge bears the inscription “Minted in Guangdong Province.” The outermost rim also features a serrated border.
After the June 16 Incident, Sun Yat-sen returned to Guangzhou in February of the 12th year of the Republic of China (AD 1923) and established the Headquarters of the Army and Navy. Due to the financial disorder in Guangzhou at that time, the “Central Bank” was established not only to unify finances but also to serve as a source of funds for the Northern Expedition.
The early issuance of banknotes enjoyed good credit, and despite facing multiple waves of bank runs, they were managed successfully, which strengthened public confidence. However, as the Northern Expedition prolonged, the reliance on Guangdong Province’s revenue to support the provisions of seven armies led to excessive expenditures, over issuance of banknotes, and a subsequent collapse in credit.
After the Nanjing-Wuhan Reunification, the Central Bank in Guangzhou could no longer meet the demands, prompting the Nanjing government to establish a new Central Bank. On November 1, the 17th year of the Republic of China (AD 1928), the Nanjing Nationalist Government established the Central Bank. To differentiate from the Nanjing Central Bank, the Central Bank in Guangzhou was renamed the “Central Bank of Guangdong” in the 18th year of the Republic of China (AD 1929). The issuance of this silver coin continued until the 21st year of the Republic of China (AD 1932 ), lasting only four years, as the institution was reorganised into the Guangdong Provincial Bank, and it was stipulated that no more silver coins would be issued.