472 DAVIS. 



from which the photographs were taken have disappeared, but the 

 inscriptions on the photographs are probably quite as legible as they 

 were on the notes themselves. 



In addition to the illustrations reproduced from the pages of Ch'iian 

 Pu T'ung Chih there are also included herewith five reproductions 

 from the pages of a work recently published in Japan entitled Ssu Chao 

 Ch'ao Pi T'u Lu, a title which is rendered into English as follows: 

 "Illustrated Record of the Paper-money of the Four Dynasties"; 

 and two illustrations taken from the third volume of the Journal of 

 the Peking Oriental Society. Some of these illustrations were taken 

 from the notes themselves and are lacking in the precision of the 

 Chinese characters shown in the reproductions in black and white 

 of the drawings of the notes made for Ch'iian Pu T'ung Chih. They 

 illustrate certain features of these emissions which are not covered 

 by the notes included in that work, and have especial value in their 

 bearing upon the point heretofore referred to that the notes in that 

 work contained in their inscriptions no limitations of time or place 

 for their circulation and no indication that they were subject to re- 

 demption. In the examples taken from Ssii Chao Ch'ao Pi T'u Lu 

 we can see the method by which provision was made for designating 

 on the face of the note that it was intended for local circulation. We 

 find also provisions for redemptions and for the reception of the notes 

 in payment for taxes. The depreciation of some of these notes is 

 recognized in the inscriptions on their face. 



The description of one of them seems to be based upon an impres- 

 sion taken from a fragment of a wood-block of the note, which was in 

 possession of a Chinese collector. Dr. S. W. Bushell gives the follow- 

 ing description of it, in the Journal of the Peking Oriental Society, 

 Volume III, Number 4, pp. 309-310: 



The border is filled with a floral design of lotus flowers and leaves. Above 

 the border are three large characters yi shih kuan, ten strings, equal to 10,000 

 cash, the nominal value. Within the border, the vertical column in the middle 

 reads yi shih kuan pa shih, below which we may supply isu pai, indicating the 

 real value to be 8000 cash, eighty being reckoned as a full hundred. On the 

 left are two characters tzu hao, a space being left above for the insertion of 

 the number of each note in ma'nuscript. On the right and left sides close to 

 the border are two columns of antique (seal) characters, worn and indistinct, 

 but decipherable with the aid of contemporary records, reading on the right, 

 wei tsao chiao ch'ao che chan, "Whoever counterfeits this note shall be be- 

 headed"; on the left shang ch'ien san pai kuan " Reward 300 strings of copper 

 cash." 



