Many Shanghailanders do not know that the currency most frequently used by foreigners in old Shanghai was the "dollar Mex" or Mexican dollar.

Carl Crow, who knew more about China than we can ever hope to learn, wrote:

"To avoid carrying around five to ten pound lumps of silver (taels) as spending money, they introduced the Mexican dollar and it remains the standard currency of most ports... Local foreign banks issue paper notes payable in Mexican dollars and prices at hotels and stores are quoted in them."

The value varied from more than a U.S. silver dollar to about half of it, and to further confuse the issue there were also those silver taels PLUS other dollars in circulation (which can still be found in the free market). But everyone signed "chits" anyway -- and no wonder!

The trick is to find dollars Mex (or others) that are not too worn down and are genuine. Look for a clear silver color with no hints of yellow. Also watch out for ones that have been sliced in two and brass inserted in the middle (it must have been a tedious process but obviously worth the effort). And of course the earlier the date the better.

Shown here are two, one 1858 and one 1897, for which I paid Y50 each. That was some time ago and prices may have gone up. As I recall the U.S. silver dollars were even cheaper. And then there were the lovely "Indo-Chine Francaise piastre de commerce" ... and on and on it goes. Always something new to buy.