1 Jiao

Yunnan's provincial coinage of the early Republican period reflects the warlord-era fragmentation that left Beijing's central monetary authority largely theoretical. By 1923, the province was operating under the effective control of Tang Jiyao, whose administration maintained independent fiscal policy — including local coin production — as a practical matter of regional sovereignty. The Yunnan mint had been striking its own subsidiary coinage for years before this issue, with little regard for national standardization efforts.

Y#486 is among the less frequently encountered of the provincial jiao types in problem-free condition, owing to genuine circulation in a region where copper-nickel small change was actually used.