So the copper coins continued to appreciate!
The savings structure of most wealthy people in the capital is more silver and less copper.
That is, there is more silver and less copper coins.
Seeing that the copper coins continued to appreciate in value, nobles, gentry, and wealthy families took out some silver and exchanged them for copper coins to join in the fun.
Most people’s mentality is to focus on participation.
It would be best if you could make money, but even if you don't you won't lose too much.
Under this trend, copper coins continued to appreciate.
soon.
The value of copper coins in the capital increased from 1,500 wen to one tael of silver to 1,300 wen to one tael of silver.
At this time Chongzhen started selling off!
He first manipulated more than 20 businesses and banks, exchanging large amounts of copper coins with his peers at the price of 1,320 wen for one tael of silver.
Since they could earn at least twenty cents for every two taels of silver, many businesses and money houses accepted offers from them.
He then instructed the eunuchs who went outside the palace to purchase goods to pay for all items with copper coins.
In less than a month, Chongzhen completed two exchanges.
The exchange speed cannot be too fast, otherwise it will easily arouse suspicion.
The speed of exchange cannot be too slow.
If it is too slow, the news will spread to other places, and the influx of foreign copper coins will impact the market, causing the strategy to fail.
Chongzhen calculated the approximate time.
According to the speed of information transmission at that time, it would take ten days or half a month for the news to be spread out, and it would take another ten days or half a month for merchants from other places to prepare the copper coins to go to Beijing.
It took exactly one month.
The capital is not short of copper coins, but what it lacks is people who can exchange silver for copper coins.
So the copper coins began to depreciate.
When foreign merchants brought large amounts of copper coins into Beijing, they found that the silver-to-copper exchange rate in the capital had changed from 1:1,300 to 1:1,450.
After deducting the shipping costs, they lost money!
And copper coins were not as popular as imagined.
Under the impact of foreign copper coins, the copper coins in the capital continued to depreciate slightly, but soon returned to the previous level and showed a trend of continuing to decline.
In the game of pass the flower, the last person to be unlucky is the one who ends up being unlucky.
Chongzhen didn’t know who the last one was, but it wasn’t him.
The copper coin soon depreciated to 1:1,505, and Chongzhen repeated the same trick after a few months of silence.
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