2 Jiao / 20 Cents

Kwangtung's silver fractional coinage of this period straddled two political orders — the province was among the first to declare independence from the Qing in November 1911, and its mint continued striking familiar denominations to maintain commercial confidence during the transition. The .500 fineness was a deliberate reduction from earlier Qing-era provincial standards, reflecting both wartime silver shortages and the fiscal pressures of warlord-era Guangdong, which changed hands repeatedly through the 1910s and into the 1920s.

Chen Jiongming controlled the province for much of the early 1920s before Sun Yat-sen's forces retook Canton in 1923 — the mint operated under both administrations without interruption.