Tibetan 1 srang silver coin, dated 15–43 (= AD 1909) obverse.Tibetan 1 srang silver coin, dated 15–43 (AD 1909) reverse.
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The use of historical money in Tibet started in ancient times, when Tibet had no coined currency of its own. Bartering was common, gold was a medium of exchange, and shell money[citation needed] and stone beads[citation needed] were used for very small purchases. A few coins from other countries were also occasionally in use.
Coins were first used in a more extensive way in the 17th century: these were silver coins supplied by Nepal. There were however various difficulties with this system. In 1763-64 and 1785, the first silver coins were struck in Tibet. In 1792 the first mass-produced silver coins were created under joint Chinese and local Tibetan authority. Coins bearing Tibetan inscriptions only were subsequently replaced by issues which had Chinese and Tibetan legends. This lasted until the 1830s. In 1840, purely Tibetan coinage was struck under Tibetan authority, and this coinage continued being made until 1954, with only two short interruptions when Sino-Tibetan coins were issued.
In 1910, the Tibetan government started producing a large range of copper and silver coins of different denominations, and in 1918 to 1921, gold coins were struck. Tibetan banknotes were first issued in 1913. From 1955 to 1959 no more Tibetan coins were created, although banknotes were still being printed, and by 1959 all of the money was gradually being replaced with renminbi yuan (the official currency of the People's Republic of China).
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