Ingots: Assets, Adornments and Trading Currency  

 
 
Ingots have been in use as means of payment since about 2000 BC. They do not always consist of
metal, but can be made from diverse materials – tea or salt, for instance. In Antiquity, ingots passed as
money also in Europe; in Asia and Africa, diverse forms of ingots circulated well into the 20th century.

1 von 18    www.sunflower.ch  
  

Cantonal Bank of Zurich, Silver Ingot, 1 Kilogram of

Fine Silver 999.0, Nr. 15796  
 
 

   
 
Denomination: Silver Ingot  
Mint Authority: Cantonal Bank of Zurich  
Mint: Undefined  
Year of Issue: 2000  
Weight (g): 1,000  
Diameter (mm):
Material: Silver  
Owner: Conzett  

Today, ingots serve in the first place to store value and regulate currencies. Their quantity is under
national control in most countries, because it influences the stability of national currencies. To facilitate
this control, modern ingots are of standardized weight and fineness. The fineness, is always indicated,
together with the label of the producer and the serial number; the latter helps to identify every single
ingot.

2 von 18    www.sunflower.ch  
  

India, Privat Issue of the Company Manilal Chimanlal &

Co., 25 Tolas undated (1900-1950), Mumbai  
 
 

   
 
Denomination: 25 Tolas  
Mint Authority: Company Manilal Chimanlal & Co.  
Mint: Mumbai (Bombay)  
Year of Issue: 1900  
Weight (g): 291.6  
Diameter (mm): 596.0  
Material: Silver  
Owner: Sunflower Foundation  

Storing precious metals has always been a popular hobby in India. This is why a multitude of smelters
produce metal bars for retail sale there. These bars are not actual ingots, however, but rather a form of
private piggy banks that can be exchanged into cash at any monetary institute and at any time.

3 von 18    www.sunflower.ch  
  

Chinese Empire, Sycee Yuan bao (Boat-Shape), Value

1/10 Tael, 19th century  
 
 

   
 
Denomination: Sycee 1/10 Tael  
Mint Authority: Undefined  
Mint: Undefined  
Year of Issue: 1800  
Weight (g): 3.7  
Diameter (mm): 21.0  
Material: Gold  
Owner: Sunflower Foundation  

Gold never circulated as legal tender in China. In everyday life the Chinese used bronze coins and for
larger transactions silver ingots or paper money. However, gold was known in China, of course. It
served as reserve asset, just like silver, jade, silk or pearls. Small gold ingots like this one were popular
presents.

4 von 18    www.sunflower.ch  
  

Chinese Empire, Sycee Silk-Shoe Shape, Value 1 Tael,

19th Century  
 
 

   
 
Denomination: Sycee 1 Tael  
Mint Authority: Undefined  
Mint: Undefined  
Year of Issue: 1800  
Weight (g): 39  
Diameter (mm): 30.0  
Material: Silver  
Owner: Sunflower Foundation  

Chinese silver ingots formed part of the so-called sycee silver that circulated as trading currency in large
areas of China and Indochina. The bars were generally made of very pure silver – their precious-metal
content reaches up to 98 percent. The precious-metal content was confirmed by a stamp, and thanks to
these stamps, Chinese ingots circulated in neighbouring countries as well. The name "sycee"
(pronounced "sigh-see") is a Western attempt to pronounce the Chinese word "si-tsu," meaning "fine
silk." "Si-tsu" referred to the fine circular lines that appeared on the surface of the silver after casting.

5 von 18    www.sunflower.ch  
  

Thailand/Burma/Laos, Silver Bangle, 19th century  

 
 

   
 
Denomination: Silver Bangle  
Mint Authority: Undefined  
Mint: Undefined  
Year of Issue: 1800  
Weight (g): 95  
Diameter (mm): 70.0  
Material: Silver  
Owner: Sunflower Foundation  

Silver bangles are jewelry and stores of value at the same time. This is what they have always been used
for, even though they are not standardized and have no guaranteed silver content. At one time,
collectors used to classify bangles as currency, but most are now of the opinion that these bangles, as
described in old Chinese novels, were part of the savings of any good housewife – they were the "nest
egg" in the family budget, and were valued not only by weight but also according to their artistic
quality.

6 von 18    www.sunflower.ch  
  

Laos, Kingdom of Luang Prabang, Lat Money (Tiger-

Tongue Money) worth 1 1/2 Tamlung, 18th Century  
 
 

   
 
Denomination: Lat Money at 1 1/2 Tamlung  
Mint Authority: Undefined King of Luang Prabang  
Mint: Undefined  
Year of Issue: 1707  
Weight (g): 89  
Diameter (mm): 105.0  
Material: Silver  
Owner: Sunflower Foundation  

Such bars are called lat money and known among collectors as "tiger-tongue coins." They originated in
Lan Xang, a kingdom in what is now Laos and eastern Thailand. The tiger tongues were issued from the
late 16th to the early 18th century. In 1707, Lan Xang split into diverse kingdoms which adopted the lat
currency.

In the kingdom of Lan Xang and its successor states, bronze ingots representing smaller denominations
circulated alongside the silver tiger tongues. They were of the same shape as the tiger tongues but had a
smooth surface and are accordingly known as boat or canoe money.

7 von 18    www.sunflower.ch  
  

Laos, Kingdom of Luang Prabang, Lat Money (Boat

Money), 1707-1889  
 
 

   
 
Denomination: Lat Money  
Mint Authority: Undefined King of Luang Prabang  
Mint: Undefined  
Year of Issue: 1707  
Weight (g): 79  
Diameter (mm): 97.0  
Material: Bronze  
Owner: Sunflower Foundation  

This so-called boat or canoe money is of bronze, unlike tiger tongue money, the silver ingots in the
same currency area. Tiger tongues were issued from the 16th to the 18th century in Lan Chang, a
kingdom on the Mekong River in the border area between present-day Laos and eastern Thailand. In
1707, Lan Chang split into diverse kingdoms which adopted the traditional currency. The succession
state Luang Prabang additionally introduced such bronze boat ingots in 1707.

8 von 18    www.sunflower.ch  
  

Kingdom of Lanna, Tok Chiang Mai Worth 1 Tamlung,

1615 to 1768  
 
 

   
 
Denomination: Tok Chiang Mai  
Mint Authority: Undefined King of Lanna  
Mint: Chiang Mai  
Year of Issue: 1615  
Weight (g): 75  
Diameter (mm): 55.0  
Material: Silver  
Owner: Sunflower Foundation  

The kingdom of Lanna in the North of today's Thailand was founded in the 13th century and soon
developed an elaborate coinage system. It consisted of little silver ingots in various shapes. This piece is
called tok Chiang Mai, since it derives from the town of Chiang Mai in the north of Lanna.

9 von 18    www.sunflower.ch  
  

Malaysia, Sultanate of Perak, Fish Money, 17th

Century  
 
 

   
 
Denomination: Fish Money  
Mint Authority: Sultanate of Perak  
Mint: Undefined  
Year of Issue: 1600  
Weight (g): 2.04  
Diameter (mm): 2.4000000953674316  
Material: Others  
Owner: Sunflower Foundation  

This fish money from the Sultanate of Perak in modern Malaysia is not a real coin, but rather a little
ingot. It is made of tin, which is to no surprise, since Perak is renowned for its rich tin deposits. Tin
money was in circulation in Perak since the 15th century, and was often cast in form of animals. The
beasts are always molded in great detail; besides fishes there are crocodiles, elephants, turtles and crabs,
goats, grasshoppers and roosters – animals thus that were popular trading goods in Perak.

10 von 18    www.sunflower.ch  
  

Tibet/China/Mongolia/Burma/Siberia, Tea Brick, 20th

century  
 
 

   
 
Denomination: Tea Brick  
Mint Authority: Undefined  
Mint: Undefined  
Year of Issue: 1900  
Weight (g): 11,620  
Diameter (mm): 235.0  
Material: Others  
Owner: Sunflower Foundation  

Tea has been used since immemorial times as a currency. In China, tea was, just like salt, for centuries a
monopoly of the state and hence a secure currency – not liable to major fluctuations in value. And if tea
would for once not have been saleable, it could always be drunk.

Slabs of tea were used as money in China, Mongolia, Tibet, Burma, and in parts of Russia, and in some
places they are still in use. This slab is modern, since the perishability of the material means that
genuine old slabs rarely survive in good condition.

11 von 18    www.sunflower.ch  
  

Ethiopia, Two Amole Salt Bars, until Mid-20th Century  

 
 

   
 
Denomination: 2 Amole Salt Bars  
Mint Authority: Undefined  
Mint: Undefined  
Year of Issue: 1800  
Weight (g):
Diameter (mm): 23.5  
Material: Others  
Owner: Schenkung  

Salt bars, the so-called amoles, were used as means of payment in Ethiopia since ancient times. The
oldest reference to their use as money goes back to the Greek traveler Cosmas, who visited the empire
of Axum, today's Ethiopia, in the year 525 BC.

Salt bars were still in use in Ethiopia at the beginning of the 20th century: In 1903, the tax authorities of
the Ethiopian Empire took in amoles worth 907,000 birr (taler), which amounted to 27 percent of total
revenues.

12 von 18    www.sunflower.ch  
  

Congo, Katanga Cross, until early 20th Century  

 
 

   
 
Denomination: Katanga Cross  
Mint Authority: Undefined  
Mint: Katanga  
Year of Issue: 1800  
Weight (g): 600  
Diameter (mm): 200.0  
Material: Copper  
Owner: Sunflower Foundation  

Katanga crosses are among the best-known African forms of currency. They are copper bars in the
shape of a cross or an H, which were produced as means of payment in the copper-rich areas of southern
Congo (formerly Katanga) and in central parts of Zambia (formerly Northern Rhodesia). The area in
which they circulated was considerably larger, however: along the trade routes, katanga crosses
circulated as far as to the coasts of western and southern Africa. Their average weight lay around 800
grams (28.2 ounces), but could diverge considerably.

13 von 18    www.sunflower.ch  
  

Nigeria, Manilla  
 
 

   
 
Denomination: Mondua Copper Ring Bar  
Mint Authority: Undefined  
Mint: Undefined  
Year of Issue: 1600  
Weight (g): 1,250  
Diameter (mm): 150.0  
Material: Copper  
Owner: Sunflower Foundation  

Manillas are a typical African currency too. These copper bars served as bracelets and were at the same
time a store of value. The value of manillas was linked to their weight and their copper content, which
naturally led to extreme developments – namely to manillas so heavy that hardly anyone was able to
wear them.

This manilla from Nigeria weighs 1.25 kilograms (2.76 pounds) and was thus obviously not part of the
everyday jewelry of its owner. Thus was nothing, however, compared to the really valuable pieces,
which could weigh up to 14 kilograms (30.9 pounds) and were definitely not wearable any more.

14 von 18    www.sunflower.ch  
  

Kingdom of Sweden, Frederick I (1720-1751), Copper

Plate worth 1 Daler Silvermint 1743, Avesta  
 
 

   
 
Denomination: Daler  
Mint Authority: King Frederick I of Sweden  
Mint: Avesta  
Year of Issue: 1743  
Weight (g): 650  
Diameter (mm): 135.35000610351562  
Material: Copper  
Owner: Sunflower Foundation  

Sweden has large copper supplies that have been exploited since the Middle Ages. Hence copper coins
always played an important role in Swedish internal trade. This copper coin plate weighs about 650
grams (22.9 ounces), which equaled 1 silver taler.

The issue of such huge copper coins was much cheaper than the minting of the corresponding amount of
copper ore-coins. Besides, the huge bronze plates were very convenient for export and stimulated
bronze distant trade. Within Sweden, the plate coins were used for larger domestic trade transactions, as
silver coins were scarce and minted mainly for foreign trade.

15 von 18    www.sunflower.ch  
  

Kievan Rus, Grivna, 12th-13th century, Kiev  

 
 

   
 
Denomination: Grivna  
Mint Authority: Undefined  
Mint: Kiev  
Year of Issue: 1150  
Weight (g): 162.4  
Diameter (mm): 83.0  
Material: Silver  
Owner: Sunflower Foundation  

In the 12th and 13th centuries, the Russian duchies did not issue any coins of their own. Instead people
used silver ingots as means of payment. These ingots were called grivna. They existed in different
varieties – the grivna of Kiev, for instance, was a longish hexagon that weighed about 160 grams (5.64
ounces); the grivna of Novgorod, on the other hand, weighed 200 grams (7 ounces) and was cast in
various forms.

16 von 18    www.sunflower.ch  
  

Sicily, Acragas, Cast Trias (1/3 Litra), 430 BC  

 
 

   
 
Denomination: Trias (1/3 Litra)  
Mint Authority: City of Acragas  
Mint: Acragas (Agrigento)  
Year of Issue: -430  
Weight (g): 15.99  
Diameter (mm): 19.0  
Material: Bronze  
Owner: Sunflower Foundation  

This little bronze ingot originates from the Greek city of Acragas on Sicily. When the piece was cast
around the mid-5th century BC, the Greeks in Sicily had been using mined silver coins as day-to-day
money for a long time already. The reasons for the introduction of such bronze ingots are not entirely
clear. Perhaps the Greek cities wanted to facilitate trade with the pre-Greek population, whose barter
system involved bronze objects like axes, spearheads and the like.

17 von 18    www.sunflower.ch  
  

Sarmatia, Olbia, Bronze Dolphin, c. 480 BC  

 
 

   
 
Denomination: Dolphin Coin  
Mint Authority: City of Olbia  
Mint: Olbia  
Year of Issue: -480  
Weight (g): 4.23  
Diameter (mm): 45.0  
Material: Bronze  
Owner: Sunflower Foundation  

This small dolphin is an interesting transition between standardized coin and bronze ingot. It weighs
4.23 grams, which corresponded to the coin standard of the Athenian drachm. The inscription on the
reverse, APIXO, gives the name of the issuing authority; it is this declaration that turns the ingot into a
coin.

The dolphin originated from Olbia, an ancient city on the mouth of the River Bug and on the coast of
the Black Sea. Dolphins were very frequent in these waters. They liked to accompany seagoing vessels
over long distances, which is why they became symbols of maritime transportation and trade. The
dolphin coins of Sarmatia expressed this in a very picturesque manner.

18 von 18    www.sunflower.ch