User talk:Donald Trung/Archive 108

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Sapèques distributed in Tonkin

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Asking for a favor

@Donald Trung. Hi there, (and sorry in advance if this request is inappropriate!). I am really impressed by your contributions to articles and photos related to Vietnamese/Indochinese currency during colonial period. I am a postgraduate student doing a short research on the monetary system of French Indochina. I would appreciate it if you could point me to some primary/secondary sources (or just any resources in general) where I can learn more about the piastre and its history, especially in the context of French colonial rule. Thank you! NguyenLeDongHai (talk) 03:49, 2 May 2023 (UTC)

NguyenLeDongHai, Well, the best places you can find sources are the National Library of France and the National Library of Việt Nam. Both of these libraries allow you to search through old newspapers and official government bulletins. I personally mostly researched the coinage of the Nguyễn Dynasty during the Khải Định and Bảo Đại periods, but you could probably also find information on the colonial currencies there, maybe you could find the archives of the Bank of Indo-China as well.
Government bulletins are good for things like emission numbers and official government policies, the best sources for the currencies of the Nguyễn Dynasty would be the Bulletin of the Southern Dynasty in the National Language, but unfortunately I haven't been able to find that one online. As for the actual effect of currency issues during this period I'd recommend local newspapers.
Also, feel free to share your paper and your findings when you're done with it, I'm planning on writing a The Lord of the Rings-sized number of articles (not an exaggeration) on the Nguyễn Dynasty and French Indo-China and love to read more sources to integrate into these planned works. -- — Donald Trung (talk) 06:48, 2 May 2023 (UTC)

Some advice, In 1933 the government of the United States had begun purchasing substantial amounts of silver, and the following year in June 1934 it passed the Silver Purchase Act, which stipulated that the United States Treasury should purchase silver from all over the world until the global price was higher than $1.29 per ounce, or until the total monetary value of the American silver stock would reach ⅓ of the monetary value of its gold stock. The original intent of the United States Silver Purchase Act was to be a commodity support programme for American silver producers, but it proved that it would have many unintended consequences for the global price of silver and silver-based currencies like those in China and French Indo-China. This legislation by the United States federal government would cause the global price of silver to rise by 75% in 1933 alone and two years later this price would triple. As almost all coins that circulated in French Indo-China were silver this greatly affected the French Indo-Chinese Piastre. --Donald Trung (talk) 07:00, 2 May 2023 (UTC)

Regarding the above, that's a connection I made as we see a gradual disappearance of silver coinages in French Indo-China around this period, but as no economic historian of French Indo-China has ever made that connection I haven't included it anywhere because it would constitute original research. What is clear is that around this period the Government-General of French Indo-China started debasing the Piastre and that consequently the market value of a string of cash coins increased from 7 strings per Piastre to around 2~3 strings, despite the official exchange rate being 6 strings. The only reason heavily debased copper-alloy currencies would become more valuable would either be because of a local shortage of copper (could be due to the Japanese and German governments stockpiling copper for their war production) or due to a devaluation of the Piastre. Both scenarios are likely. The global metal market was in complete disarray during the great depression and most of its economic effects were deflationary rather than inflationary, so we also see a large issuance of paper money during the late 1930's and early 1940's. I don't have the official issuance numbers, but many banknote and coin catalogues tend to have them, you can download many books online from pirate websites, especially such catalogues. --Donald Trung (talk) 07:53, 2 May 2023 (UTC)
@Donald Trung, I can't thank you enough for the info above. Really appreciate your help! I will keep you posted once I'm done with the research. Cheers! NguyenLeDongHai (talk) 00:36, 3 May 2023 (UTC)
NguyenLeDongHai, Always happy to help. -- — Donald Trung (talk) 06:30, 3 May 2023 (UTC)