On this day, 77 years ago, on August 19, 1948 (July 15, 1948 in the lunar calendar), the National Government issued golden yuan coupons. A 1 million yuan gold yuan certificate On August 19, 1948, Chiang Kai-shek ordered the National Government to issue the "Fiscal and Economic Emergency Punishment Order" to issue gold yuan certificates and implement unprecedented inflation, increasing the currency by 11 times and increasing the maximum face value to 60 times. It also restricts the redemption of issued French and Northeast circulating bonds, stipulating that the exchange rate of 1 yuan of gold yuan to 3 million yuan of legal currency, and 1 yuan of gold yuan to 300,000 yuan of Northeast circulating bonds. The total amount of gold yuan issued shall be limited to 2 billion yuan. At the same time, a violent "price limit" policy will be implemented to collect and withdraw private gold, silver, silver coins and foreign currency certificates within a time limit, and no one is allowed to hold them; and private foreign exchange assets deposited abroad are registered and managed within a time limit. When the Kuomintang government replaced fiat currency with gold yuan certificates, the amount of fiat currency issued reached 660 trillion yuan, 470,000 times the amount of 1.4 billion yuan issued on the eve of the Anti-Japanese War. Compared with the average price from January to June 1947, prices for this month have increased by 5 million times to 11 million times.