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In this guide, beyond the value of money in its purchasing power, we consider its value as a reflection of the Chinese people.
Paper notes come in 1 and 5 jiao, 1, 2, 5, 10, 20, 50 and 100 yuan denominations, though the 2 yuan note is rarely seen these days. By submitting a coin and listing a declared value, the submitter agrees that the declared value represents the current fair market value (FMV) of the submitted coin.The declared value must represent the FMV of a genuine coin of that same issue and variety in the same approximate condition.' Paper money' (actually yellowy low-grade perforated paper) is even burned for the dead in the belief (or tradition) that it will give them money for the afterlife, especially on Qingming Festival or Tomb Sweeping Day. The basic unit of Chinese currency is the yuan (元 /ywen/), spoken colloquially as kuai (块 /kwhy/).There are 10 jiao (角 /jyaoww/), known colloquially as mao (毛 /maoww/), to the yuan.
When Qin Shihuang, the First Emperor, united China in 221 BC round coins with a square hole in the middle were introduced and this form of currency was used until around 1890.