Ming Dynasty Silver Crisis

Timeline

1. 1561–1565Zhangzhou, Fujian · FujianJapanese and American silver entered the Jiangnan market in large quantities via Southeast Asia, Yuegang, and smuggling channels; the official maritime ban and private trade coexisted, silver gradually became the main circulating currency, and the status of copper coins relatively declined.
2. 1565–1570Jiangnan · JiangnanLocal governments and farming households bore the pressure of costly silver and cheap coins when paying taxes in silver; grain heads and lijia households faced intensified collection, worsening social tensions. Some regions began piloting the Single Whip Reform to unify conversion into silver and simplify corvée labor, reflecting the fiscal system's deepening dependence on silver.