New Quelpartian siang

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The **New Quelpartian siang** or **New siang** (Quelpartian: *Sil Reng-Koer siang* or *Sil-Reng-Siang*; Al-tseua: 新榮國圓; sign: Sg; ISO code: **QPN**) was the national currency of Quelpart from 1954 to 1996. Like its predecessor, it was subdivided into 100 *tsah* (占), usually translated as cents, or 10 *keok* (角), translated as dimes.

On October 8, 1996 (the same day that Tranh Oan-Giang was sworn in for his second term of office), it was replaced by the Quelpartian soeng (QPG) at a rate of 100 QPN = 1 QPG.

## Etymology

*Siang* derives from the Quelpartian word 圓 (*suen, siang*), which borrows its phonetic reading from Chinese yuan, similar to the Japanese yen. Originally, the Chinese had traded silver in mass called sycees, and when Spanish and Mexican silver coins arrived from the Philippines, the Chinese called them "silver rounds" (Chinese: 銀圓; pinyin: yínyuán) for their circular shapes. The coins and the name also appeared in Japan, and in turn Quelpart when it was colonized by them.

## History

### Lee Keuan-De Administration

On December 1, 1954, Lee Keuan-De announced that the Quelpartian siang would be replaced by a new currency, the New Quelpartian siang, at a rate of 10 old siang to 1 new siang. The change would take place over the early months of 1955, with the final demonetization of all old siang bills taking place on September 1, 1955. The exchange rate of the New siang was set at USD 1.00 = QPN 1.42 that year.

Inflation remained below 15% until 1961, with the peg being moved only once, to USD 1.00 = QPN 2.42 in 1960. Inflation increased in the 1960s due to the [[Miracle of

### Mosiah Lim administration

Mosiah Lim began his tenure by devaluing the siang to USD 1.00 = QPS 169.37. By the end of the year, the 1971 Trung Chang bombings occurred, and the following year the Donghai War was declared. Due to the war and the consequential Great Embargo of Daitan, and Shunreng, food prices more than doubled and inflation hit 54%. Like during the R3B and the JCW, coin production was halted in 1972 and began the next year, albeit under the Third Series (see below).

After the war ended, the government moved the peg to USD 1.00 = QPS 324.94 in February 1973, but the collapse of the Bretton Woods system made the peg useless and it was dropped. The Embargo was circumvented by importing from China, but prices remained high and inflation still reached 35% at the end of the year, with a value of USD 1.00 = QPS 334.82. That same year, the Third Series of siang notes and coins was released.

The Embargo was lifted in 1974, and afterward inflation went down to between 15% and 25% in the period of recovery.

### THIRDGUY administration and early NDB

Inflation soared during THIRDGUY's tenure, reaching a peak of 26% in December of 1992 (though that was after the Coup of '92). As an emergency measure, Sg 100 coins and 10,000 notes were released in 1991, and there were plans for a Sg 200 coin and Sg 20,000 note, those these never materialized.

The National Development Board that took over following the Coup of '92 successfully reduced inflation to the guided rate by 1993. The 10-Year Economic Reform Plan was released which included provisions for the replacement of the currency. This was carried out on January 1, 1996.

## Coins

*Main article: Coins of the New Quelpartian siang*
### First series

The First series of Quelpartian siang coins was minted in 1947 by the United States Mint and circulated on August 8, 1948 (Eights Day). Their designs and composition were modeled after the United States dollar, the Philippine peso, and the Old Japanese yen. The 1-tsah coin was made of bronze, while the 5-tsah coin was made of brass as it was plentiful due to Japan melting down their weapons and exporting some of the metal to Quelpart as reparations. All other coins were made of cupronickel.

Minting was suspended in 1950 as metal was needed for weapons for the Quelpartian Armed Forces to participate in the Rebellion of the Three Banners and the Japanese Civil War. It resumed in 1955, though production of the 1t, 5t, and 10t coins was ended, while the size of the 25t and 50t coins were reduced. In 1956, Sg 1 and Sg 5 coins were introduced, followed by Sg 10 coins in 1962.

## Banknotes

### First series

In 1948, the first series of banknotes were printed, in denominations of Sg 1, Sg 2, Sg 5, Sg 10, Sg 20, Sg 50, and Sg 100. These were colored red, orange, yellow, green, light blue, dark blue, and purple respectively.

In 1950,