1930 One Customs Gold Unit the Central Bank of China

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  • Item Category: Coins & Currency
  • Source: eBay
  • Sold Date: Jul 12,2009
  • Channel: Online Auction
1930 One Customs gold Unit the Central Bank of China / Mint Interesting vintage bill

The customs gold unit ( CGU ) was a currency issued by the Central Bank of China between 1930 and 1948. In Chinese , the name of the currency was 關金圓, literally "customs gold yuan" but the English name given on the back of the notes was "customs gold unit". It was divided into 100 cents (關金分). As the name suggests, this currency was initially used for customs payments, but in 1942 it was put into general circulation for use by the public at 20 times its face value in terms of the first Chinese yuan .

The customs gold unit was adopted 1 February 1930 to replace the Haikwan (Hǎiguān) or Customs tael (海關両) as the standard for customs payments. It was defined as equal to 601.866 mg fine gold or US$0.40. CGU notes were fully backed by silver and were legal tender for paying import duties. The CGU replaced the Haikwan tael at CGU150 = HkT100.

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