"Bai Yin" (White Silver) Used in Land Transactions
of Ming Dynasty

Stephen Tai
Feb.02, 1998

The shown document, is a contract made in the 10th year of Hong-Tse period (1498, 1488-1505 A.D.) of Ming Dynasty(1368-1644), regarding a transaction of land between two inhabitants lived in the neighborhood of Huei-Juo Prefecture, a southern area in An-huei Province. In such a transaction, the buyer had acquired ownership of land in about 0.6 Chinese acre, by paying 7 maces and 5 candarins (0.75 tales) of Bai Yin ('White silver').

Introduction:

Such document was issued by a seller and unilaterally possessed by a buyer, it had been a traditional instrument used by Chinese while being engaged in real estates transaction, since Warring State period (475-221 B.C) until late 1950's, for a period more than 2000 years. Its texture had varied from stone, brick, iron, bamboo, wood, silk, then to paper during its long history. Such document was not only deemed as "contact" by then, but also were precious as "certificate" of landlord's right, the evidence of the entitlement of ownership.
In the 8^th year of Hong Wu period (1375, 1368-1397), also, the initial stage of Ming dynasty, an "use Treasury Notes only" policy was announced by Emperor Tai-Tsu, silver and gold were prohibited from circulation. This policy had been strictly obeyed and carried out by his successors, for 60 years, until the 1^st year of Jeng Tong period (1436, 1436-1452). Treasury Notes had dramatically depreciated into almost nothing, Emperor Ying Tsung, finally decided to issue a relief in resuming circulation of silver, hence, silver became the most popular currency than ever throughout the country, the shown document were made under such backgrounds, in those years (the Hong-Tse period), 90% of the governmental officials' salaries were paid by silver, only 10% in cash coins, no one in this country could live without silver.
The Bai-Yin ('White Silver') used in the shown document, stood for certain purity level of silver then, may be seen in occasion of civil trades, from time to time, since no later than Yuen Dynasty, or even earlier. In accordance with Yuen's laws, the value of Bai Yin was fixed at price of 2.5% less than Hua Yin's (means 'Flowery Silver'), on the other words, Bai Yin could be kind of sycee of 97.5% in purity (then standard).
In the shown document the buyer acquired land for 0.6 acres by paying only 0.75 taels (approximately 28g), which indicates the purchasing value of silver in Ming Dynasty was respectively large, it is to say, even though silver were popular, yet still very scare, Chinese's demands for silver were far more than those could be supplied. Eventually, such silver shortage in China had facilitated and commenced the flow of foreign silver into China, from late 16 to early 20 century.

A Legendary Currency in Late Ching Dynasty - A Study on Yunnan Pai-Fang-Ding

"Bai Yin" (White Silver) Used in Land Transactions of Ming Dynasty

"Bai Yin" (White Silver) Used in Land Transactions
of Ming Dynasty