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East Asian monetary systems were traditionally based on commodity monies, the most famous of which were round copper coins Cash with a square central hole, and silver ingots Tael, from around ce. While issue of the former was in the hand of the state, silver bars were privately produced and controlled. The Tael nonetheless served as a unit of account also in government ledgers.
By Richard Javad Heydarian. By Alison Tahmizian Meuse. By Jalees Andrabi Nasir Jaffry.