Page:Journal of the Straits Branch of the Royal Asiatic Society (IA journalofstra85861922roya).pdf/176

 Remarks upon Certain Currency Notes, Coins and Tokens Emanating from Malaya During and After the War.

The rise in the value of Silver (and, incidentally, of many other metals) was a very noticeable feature during the War.

There were, no doubt, numerous reasons for its appreciation. but it would be outside the scope of this paper to attempt to discuss them in any detail.

It is sufficient to point out here that there were continuous and serious political disturbances in Mexico which checked greatly the output of silver from that highly argentiferous region: that as is generally the case in the East when any universal feeling of apprehension or trouble is felt, there was much hoarding of coins and a corresponding withdrawal from circulation of a very large quantity of metallic currency: and that huge issues of notes by many of the belligerent States tended to enhance the intrinsic worth of almost every form of coinage.

For about a year after the commencement of hostilities silver remained steady but in December, 1915 a progressive upward movement commenced which reached its culminating point about the end of 1919: since that date there has been a sharp and continued decline.

The sub-joined table shows roughly what took place:—