Expansion of the Ming Silver Economy

Name: Expansion of the Ming Silver Economy
Start: 1528

Type Event Region Asia Time 1528

In the late 1520s, as American and Japanese silver poured into East Asia, the Ming monetary economy accelerated its shift toward a silver standard.

Timeline

1528Fujian coast · FujianAfter the 1520s, silver from Japan and the Philippines (via Spanish galleons) flooded into China's southeastern coast, entering inland markets through both legitimate tributary and smuggling channels.
1528Jiangnan · JiangnanIn Jiangnan and elsewhere, the scope of taxes collected in silver expanded, bulk private transactions were commonly priced in silver taels, and the relative standing of paper notes and copper coins declined. Silver became the core currency of the Ming economy, laying the groundwork for the later full implementation of the Single Whip Reform.

The Monetary System of China under the Ming and Qing Dynasties — Richard von Glahn (1996)