In an unpretending little wooden box, {which we have just been privileged to [examine, lie tokens of one of the most noteworthy events which have happened for many centuries in the history of Eh For hundreds ana hundreds of sears this vast empire has been in the extraordinary condition of having no coinage worthy the name. With the exception of gold bars, which are used in too infinitesimal quan ties to require consideration, the clumsy shoes of sycee have for ages been the only representative of valuable currency. During all this time the only native-made coin in general use has been the copper cash, which, being worth but a sixth part of the {smallest coin minted in England, is of no use for large transfers of money. All other wants have been met by the importation of foreign coins, principally Mexican dollars, Now, in this sixteenth year of the reign of the Emperor Kwang Hei, the reproach has been taken away, and Chinese silver coin actually exists. Five specimens lie before us now, fresh from the mint which has been established at Canton by the able Viceroy Chang Chih-tung. They are respectively equivalent in value toa Mexican dollar, fifty, twenty, ten, and five cents, and are all handsome, well-minted coins fit to compare with those of any country in the world. The values, be it observed, are expressed in tael fractious, the Chinese dollar being of the face value of 7 mace 2 candareens, and the other coins being issued as worth 3 mace 6 candareens, L mace 42 candareens, 7;%; candareens, and 3.63 candareens. It is worthy of note that, if the new money were always negotiable at its face value, ton ten-cent pieces would be worth more than a dollar, and two five-cent pieces would be of less value than one ten-cent piece. This will be readily seen on comparing the values as given above. In size and weight, the new Chinese dollar is identical with Mexican coined in the present year. The three smaller coins correspond equally to the five, ten, and twenty cent pieces which have long been evined for the ish authorities at Hong-and which have proved so great 0 convenience not only to foreigners but to Chin The half-dollar is of course half veight of the dollar, and, in the absence un of corresponding value in the Hongkong and Mexican currency, is likely to be extremely useful. The design of all five coins is the same, On the reverse are the four characters 87TH YE (meaning "Sycee of the reign of Kwang Heir") arranged diamond-wise, with small Manchu charaders, of the same signification, in the centro, these latter being simply Keung HIsit inten puo written phonetically. On the ob-Verse issu dragon, round which ure placed the charvctors AM HE TOBA signifying that the com is worth 7 mace 2 candareens of silver and is made in Canton. On the brass cash which are also being issued from the mint at Cai ters stating the value of the and the province. One of the cash before us is without the customary square hole in the contre, but itis not yet known whether in large quantities, The only fault to be sh of this novel pattern are being issued
found with the appearance of the coins (which have not yet found their way to in any quantity) is that on the sinaller ones the fractional figures are so wall as not tu be readily decipherable. It is hardly necessary to point out that the market value of the new money is not likely to be determined by its face value. There seems to be no reason why, if the Chinese can buy silver cheaply enough tthe new coinage should not come into general use and even replace the Mexican dollar. This would be still more likely to come to pass if the Government were to agree to receive contributions from the provincial treasuries in this form. Nevertheless, experience teaches that it is impossible to foretell how any new th will be received by the Chinese, one of whose national characteristics is suspicion; and time alone will show whether Chang Chih-tung's exertions will result in failure or in success.
Text read from the printed page and cleaned; old type leaves the occasional error.