3 Taels Hubu Guanpiao, second issue

The Hubu Guanpiao were copper-cash notes, not silver notes — a distinction that matters enormously here. The 3 Tael denomination is exceptional because taels are a silver-weight unit, yet these notes circulated alongside the Hubu's copper-denominated daqian issues as part of a dual-currency paper experiment launched under the Xianfeng Emperor in 1853. The experiment was a fiscal emergency measure triggered by the catastrophic cost of suppressing the Taiping Rebellion, which had drained the Qing treasury to near-collapse.

The second issue reflects adjustments made after the first series failed to gain public trust. Counterfeiting and outright refusal to accept government paper were widespread problems throughout the run. The series was formally discontinued by 1864, largely abandoned before it ended.