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| 背面描述 | Plain cream-coloured paper reverse bearing multiple handwritten annotations in black ink and red seal impressions applied at various orientations, consistent with administrative handling and transfer endorsements accumulated during circulation. The characters 義成銀號, indicating a money shop or exchange house endorsement, appear in the central field, accompanied by several red rectangular seal impressions scattered across the surface alongside cursive script notations. A handwritten date inscription occupies the upper left corner. |
| 背面铭文 | 義成銀號 咸豐丰幅 |
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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.