Mexican Eagle Dollars
"From 1823 (the 3rd year of Tao Kuang), when Mexico declared
independence from Spain, Portrait Dollars were no longer minted. The new nation
took the opportunity to introduce her newly designed silver coins to the immense
markets in Asia and the Americas who had depended on Portrait Dollar as the
major unit of exchange for both domestic and international trade. Undoubtedly,
China was the most important customer.
These new Mexican silver coins were called "Eagle Dollars" by the
Chinese. The unit weight was identical to that of the Portrait, approximately 27
grams, but its silver fineness of 90.3% than that of the Portrait which
was 90%. Shown on its reverse, there was a "Cap & Ray" symbolizing
liberty; and on the obverse, the national emblem of Mexico- An eagle standing on
top of a cactus with a snake held in its mouth.
After having circulated in China for 30 years, in 1856 (the 6th year of Hsien
Feng) Mexican Eagle Dollars were finally acknowledged as the successor
of Portrait Dollars by 36 leading merchants representing the import
businesses of Shanghai in their meeting dated the 1st day, 1st month of Hsien
Feng 6th year. According to a resolution passed in that meeting, the Eagle
Dollars were to replace Portrait as the new monetary unit for bookkeeping in
the Chinese commercial society commencing on the 6th day, 2nd month of the same
year. From that date, any payment used in any agreement, check or loan had to be
made in Mexican Eagle Dollars. This resolution was quickly ratified by the
Chinese authority.
The British government was eager to see an end to the monetary chaos since it
had been a major obstacle to the expansion of British commercial interests in
China. The Ministry of Foreign Affairs issued "Communique No.501" to
the Chinese Imperial government, urging that the monetary unit of the Chinese
custom tax levied on British subjects, according to the Tienjing Treaty agreed
between the two countries in 1858 (the 8th year of Hsien Feng), should be
changed from Spanish colonial Portrait Dollars to Mexican Eagle Dollars. This
caused the era of Eagle Dollars to begin, and to make it impossible for any
other coin to compete with them in the Chinese currency markets.
Mexican Eagle Dollars were only driven out from China in 1933 by the
Nationalist government when they monopolized the minting of silver coins. Mexican Eagle Dollars along with various foreign coins circulating in China were
forced to be withdrawn from the markets. A great majority of them were melted
down for the new Chinese coinage by the government, although some of them were
treasured by the people."*
*Refer to Chang Huei Hsin, "Essays of the History of Chinese Currencies", published by Tai Young Publication Co., 07.1994. ISBN 957-8590-22-9
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