Commonly referred to as "one dollar" among the populace, the term actually meant one Silver.
From the Former Dynasty to the new government, multiple currency reforms had been undergone. The internationally accepted "Silver" had replaced the "Silver Tael", currently issued by the new government with the President's portrait, valued nearly equivalent to half Tael of silver.
The "Colorful Banknote" issued by Xingguo Bank on behalf of the government is pegged to both the US Dollar and the Silver. A one-dollar Colorful Banknote is equivalent to one Silver, and it can also be exchanged for 0.4 US Dollar. Of course, as the international finance market fluctuates, this exchange rate is not fixed.
Apart from "Colorful Banknotes", "New Currency", and "Silver", there are also "Food Coupons" issued by government departments to internal staff, which can be used at designated stores to redeem food, also known as Food and Meat Coupons, and represent money in the hands of the ordinary people.
