“Your Majesty, please take a look.”
In the imperial study, Pang Yukun presented a set of printed currency to Xiao Ming.
After deciding to issue currency, Xiao Ming had the provincial office fully prepare and allocate resources. Coupled with his personal supervision, the Great Yu Empire’s first mint was successfully established, and within a month, it produced a set of currency for the Great Yu Empire.
This included the paper money he requested, as well as three types of metal currency. The materials for these three metal currencies were gold, silver, and copper.
Both the paper money and the gold, silver, and copper currencies were collectively called Great Yu Empire Dragon Coins. The gold coin in the Dragon Coin was called the Golden Dragon, weighing 1.5 grams, cast from pure gold. The silver coin was called the Silver Dragon, also weighing 1.5 grams, with a value one-tenth of the gold coin, and the copper coin was one-tenth of the silver coin.
Thus, the three metal currencies, gold, silver, and copper, were the main circulating currencies in the market, while paper money had relatively larger denominations, mainly used for large-scale commercial trade.
Xiao Ming was not being reckless in issuing currency this time. In this era, the common people’s acceptance of metal currency was far greater than that of paper money. Rashly using only paper money would lead to a lack of trust among the common people, who would not willingly exchange their gold and silver for paper money in banks.
Therefore, Xiao Ming was currently producing large denomination paper money, primarily for trade circulation. At the same time, his doing so was also to prevent counterfeit money from impacting the civilian economy.
And if paper money was used for large-scale trade, merchants would naturally go to the bank to have the bank verify the authenticity of the paper money before using it, cutting off the circulation of counterfeit money.
After all, although he used many anti-counterfeiting technologies from later generations in the process of manufacturing paper money, it was hard to guarantee that Western countries would not print counterfeit money to harm the Great Yu Empire’s finance.
Historically, Napoleon famously counterfeited large quantities of Tsarist Russian paper money, using vast amounts of counterfeit currency to purchase Russian goods during his invasion of Russia, causing economic chaos within Tsarist Russia, thus leading citizens to buy gold for refuge.
At the same time, Napoleon also printed British pounds, Austrian coins, and Prussian coins, filling Europe with counterfeit money for a time.
Thinking of this history, Xiao Ming felt it was still necessary to be cautious. Now, Western colonizers were full of malice towards the Great Yu Empire and always wanted to reverse the trade deficit. He could not give them this opportunity.
“So this is the One Hundred Golden Dragon Coin?” Xiao Ming looked at the paper money. This banknote was predominantly golden yellow, printed with ochre, a mineral pigment, ground with oil.
In the center of the banknote was an imperial portrait wearing a crown, bearing a three-part resemblance to Xiao Ming.
The reverse side of the banknote showed a steam locomotive moving on railway tracks, with the number “100” in the middle. These patterns were meticulously engraved by artisans. In the bottom left corner of Xiao Ming’s portrait, there was also a small square, printed with the production date and serial number of this banknote. Most importantly, this small square used micro-engraving technology, further increasing the difficulty of counterfeiting.
“Yes, Your Majesty. This is currently the Great Yu Empire’s largest denomination currency.” Pang Yukun said with a smile. In fact, one Golden Dragon was enough for a Great Yu Empire common person to live for a month.
After all, according to previous silver conversions, a female worker in a textile workshop now earned one Golden Dragon as a salary, which was twelve Golden Dragons a year, and a female worker’s salary was considered very high in Qingzhou Province.
“After issuing paper money, counterfeit currency verification personnel must be stationed in every bank. The issued currency also needs to be overprinted with the Qingzhou Bank’s seal to prevent the appearance of counterfeit currency.” Xiao Ming’s expression was serious.
Any policy progressed step by step; one could not get fat with one bite. This currency issuance was also an initial attempt at financial reform for him.
Putting down the paper money, Xiao Ming picked up the Golden Dragon, Silver Dragon, and copper coins. In contemporary Britain, a gold coin weighed about seven grams of gold. The reason he used one point five grams was that the current gold reserves were too low.
Issuing new currency this time, he only hoped to collect gold and silver from the common people. This way, they would not lack materials.
Like the paper money, the gold coins bore Xiao Ming’s portrait. However, the silver coins and copper coins were different. The silver coins were engraved with a naval warship, while the copper coins were engraved with mature wheat spikes.
If according to modern rules, all currency should bear the portrait of the founding emperor. However, since Xiao Ming had effectively re-established a different nation after the Chang’an rebellion, he had no qualms about using his own portrait.
Most importantly, having his portrait on the money would also make users feel more comfortable with him. Who would object to money?
After verifying all the currencies, Xiao Ming said, “Have the Qingzhou Bank issue them. You then go to the newspaper office to find Fan Zeng and have him cooperate with you in publishing news about this new currency.”
After a pause, he continued, “Additionally, the construction of the Qingzhou Bank must be expedited. At least, ensure that every province has a bank.”
“I am already taking over the Cao Family Banks. It is estimated that within two months, all Cao Family Banks in all prefectures and counties can be rebranded and become branches of the Qingzhou Bank,” Pang Yukun reported his current progress.
Xiao Ming had always trusted Pang Yukun. He said, “If that’s the case, I am relieved.”
As the emperor and his minister discussed the currency matter, Pang Yukun continued, “Your Majesty, I have learned that Ge Yiren and the other two, along with Kong Huai-ren, the head of the Qufu Kong family, have returned to Qingzhou Province. I believe Your Majesty should also hold the Fengshan Ceremony at Mount Tai. This way, Your Majesty can become the leader of Confucianism and guide its reform.”
Xiao Ming nodded. He had also received this news. It was said that as soon as Ge Yiren arrived in Qufu, he persuaded Kong Huai-ren, the head of the Kong family. After staying in Qufu for a period, Kong Huai-ren, along with his three hundred disciples, arrived in Qingzhou Province and was now awaiting his audience.
Xiao Ming was naturally pleased about this matter. The Kong family recognizing the situation at this time saved him a lot of effort.
“I will see Kong Huai-ren when I am ready. I have many things to instruct him,” Xiao Ming mused. To reform Confucianism, he had personally drafted a set of key points for reform, just waiting for Kong Huai-ren to promote them for him.
“Yes, Your Majesty.”
Pang Yukun responded. After confirming that Xiao Ming had no other matters, he turned and left.
After Xiao Ming was left alone in the imperial study, he picked up the Great Yu Empire’s new currency again. In a blink of an eye, the Great Yu Empire’s reforms had been underway for two years. Under the provincial office’s deliberate support, various workshops had been established throughout the Great Yu Empire, with both state-owned and private entities jointly supporting the Great Yu Empire’s current industry.
And because of the prosperity of industry, merchants had more goods to trade, allowing a continuous flow of silver into the Great Yu Empire. The issuance of currency was precisely against this backdrop.
However, for him, the current industrial capacity was still insufficient. He needed more workshops, but this would require more market support for industry, and at the same time, the sale of more types of goods.
Thinking of this, he was somewhat eager to acquire more regions like Goryeo.
As he was thinking, Li San arrived outside the imperial study.