100 000 Cash Da-Qing Baochao

The Da-Qing Baochao was introduced in 1853 as part of a dual paper currency scheme launched by the Qing government to address a severe fiscal crisis — the Taiping Rebellion had gutted state finances, and copper coinage shortages were acute. This note, denominated in cash strings rather than taels, was the larger of the two parallel systems, with the Hubu Guanpiao handling silver-denominated obligations.

Public confidence collapsed quickly. By the late 1850s, both currencies were trading at steep discounts to face value, and the government's attempts to mandate acceptance at par failed entirely. The Baochao system was formally wound down by 1861, though notes continued to surface in circulation well into the following years.

A 100,000-cash denomination is extraordinary — the inflationary arithmetic alone tells the story of how badly the scheme had deteriorated by the time such notes were authorized.