Introduction
Currency arose in the progress of trading goods. With the development of the social economy, it evolved from metal coinage into paper money and from being cast into being machined. Being time-honored items, various forms of currency have constituted a unique monetary system in China.
As a predominant form of Chinese currency, cast copper-alloy coins boasted a lifespan of over two thousand years. In the pre-Qin period, coins came in various shapes, such as spades, knives, discs, and ant-nose cowries. After the Qin united China, these coins were replaced by a uniform coin featuring a square hole in a round face. Despite the Zhu-Liang System finally being supplanted by the Bao-Wen System, this coin form became the classical style for Chinese cash coins that remained in use till the late Qing dynasty. Legend writing in various scripts was characteristic of coins in imperial China. The economic boom afterward greatly increased the demand for cash coins, consequently pushing the advance of mint technology.
Silver money and paper notes joined the family of Chinese currency in a particular socio-economic context. They became predominant forms of currency after phasing out traditional cash coins.
The inflow of foreign money to China from the Han dynasty onward helped improve the Chinese monetary system, and Chinese currency, in return, had a profound influence on neighboring countries and regimes across China's international borders.
Currency embodies the politics, economy, and culture of a country. It witnesses the accumulation of social wealth throughout history. It not only embraces the past and present but also envisions the future.
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Flat-shouldered, Arc-footed, Hollow-socket Spade Coin with Inscription Xu
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Flat-shouldered, Arc-footed and Hollow-socket Spade Coin with Inscription of Five Characters
Spade coin is a kind of money shaped like a spade. And those flat-shouldered, arc-footed and hollow-socket ones were cast and issued by the royal family of Zhou in the Spring and Autumn and the Warring States periods, including large, middle and small sizes. It is more common to see a single character inscribed on such coins instead of two or more than two characters. There are different explanations for the inscriptions with some suggesting the names of some places, others regarding them as the names of a clan or the craftsmen. This coin with five characters cast by royal family of Zhou in the Spring and Autumn period is a rare treasure.
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Gold Plate with Two Characters
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Shanglin Sanguan Wuzhu
The early Han witnessed several changes to the Banliang coin system, as a result of which, coins of different weight were cast successively. Since the 5th year of Yuanshou (118 BC), Western Han successively cast Junguo Wuzhu coin, Chize Wuzhu coin and Shanglin Sanguan Wuzhu coin and put them in circulation. Wuzhu coins then became the main currency in circulation during the Western Han and Eastern Han dynasties. Among them, the casting of the Shanglin Sanguan Wuzhu coin marked the return of the right to mint coinage to the central authorities and the final establishment of the Wuzhu coin system.
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Horseshoe-shaped Ingot
In 221 BC, Qin Shi Huang unified the whole country and stipulated that gold was the upper grade currency and ‘Banliang coin’ the lower grade to be in circulation as the country's legal tender. The early Han continued to mint Banliang coins and used gold to measure the currency value.
U-shaped ingot (horseshoe ingot) refers to the gold currency shaped like a horseshoe. According to historical records, U-shaped ingot was minted in the second year of Taishi of Emperor Wu of Western Han (95 BC) as an auspicious sign. Gold currency at that time was generally used for large transactions.
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Yi Dao Ping Wu Qian Knife Coin
This coin, also known as ‘Jin Cuo Dao (knife inlaid with gold)’ or ‘Cuo Dao (knife money)’ was cast during the first momentary reform in the 2nd year after Wang Mang took power (AD 7). This coin has a unique form, with a round head and a square hole on the top and a knife shape at the bottom. The head part is inlaid with Yi Dao above and below the square hole separately, while the lower part is inlaid with the characters Ping Wu Qian, meaning this coin is worth five thousand small copper coins. Wang Mang carried out monetary reforms four times successively during his reign, all of which ended in failure. Despite of that, the coins cast during this period feature exquisite workmanship and elegant calligraphy, highly cherished by coin collectors.
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Mold Case for Wuzhu Coins Stack Casting, the 17th year of Jianwu reign period
Stack casting was a main method to mint coins from the Qin and Han dynasties to the Northern and Southern Dynasties. With the stacked pottery fan (mold for casting copper coins), over a hundred of coins could be minted at a time. The production efficiency was higher than vertical casting with sectional molds. This is a mold case for Wuzhu coins minting in the 17th year of the Jianwu period (AD 41). It can be used repeatedly to cast the pottery mold cases. There is the date and other inscriptions on the back of the mold. Wuzhu coins began to be minted in the 16th year of the Jianwu period of Eastern Han (AD 40). This case, dated the 17th year of the Jianwu period, is very valuable for the study of coin minting in the Eastern Han dynasty.
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Kaiyuan Tongbao
The Zhu Liang monetary system which had been used as the name and unit of the currency was abolished in the 4th year of Wude Period of the Tang dynasty (AD 621). The monetary system of Bao Wen began in practice, with Tong Bao, Zhong Bao used as names for the currency and Wen as the unit.
With the development of a commodity economy in the Tang dynasty, the demand for copper coins surged. But since the mid-Tang dynasty, copper coins became in increasingly short circulation on the market. In the 5th year of Huichang Period (845), Emperor Wuzong of the Tang dynasty implemented the law of ‘Buddha Abolishment’ to collect the bronze statues of Buddha and bronze wares all over the country to cast coins of Kaiyuan Tongbao. Because most of the coins of Kaiyuan Tongbao were minted with the names of prefectures, different from other Kaiyuan coins, they were thus called as Huichang Kaiyuan. In addition to the prefecture name Lan, there are three balls of clouds on the back of the coin, which is quite rare among Huichang Kaiyuan coins.
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Tiance Fubao
Tiance Fubao was a coin minted by Ma Yin of the State of Chu during Five Dynasties and Ten Kingdoms in the first year of Qianhua (AD 911). Ma Yin was appointed as the Tian Ce Fu General and built the Tiance Mansion. This coin was minted in memory of this event. Tiance Fubao was made in two types, copper and iron coins. Among them, the gilded copper is the most precious and is counted by pieces.
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Gaochang Jili
Jushi Gaochang dynasty, founded in 499, was taken by the Tang dynasty in the 14th year of the Zhenguan Period (640). The currency they had used previously was made of gold, silver and copper. Most of the coins of Gaochang Jili were unearthed in the Xinjiang region. The coins were also found in the 16th year Zhenguan Tombs, No. 519 Ancient Tomb at Astana in Turpan Xinjiang in 1973, which indicated that coin of Gaochang Jili was the coin cast by Jushi Gaochang dynasty before the unification of Xinjiang by the Tang dynasty. This kind of coin, heavy and thick, inscribed with official script, is deeply influenced by the currency of the Central Plains.
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Paper Money Printing Plate of Zhenyou Baoquan Wuguan
Paper currency, as a kind of credit currency, began to appear and to be widely used in the Northern Song and Southern Song, Liao, Western Xia and Jin dynasties. The printing plate Zhenyou Baoquan Wuguan was used to print paper money when Zhenyou Baoquan paper currency was put in practice in the 7th month of the 3rd year of the Zhenyou Period (1215) by the Emperor Zhangzong of Jin. The plate is made of bronze with the characters written reversed. Outside the flower frame on the top of the plate, it is horizontally written with two characters Wu Guan indicating the denomination of the paper money. On the right of the plate, there are two contract seals obliquely placed meaning the printed note can be cashed in the Prefecture of Jingzhao and Prefecture of Pingliang. Wu Guan Ba Shi Mo in the middle of the flower frame means Wu Guan can only exchange for 4,000 (20% off) Wen in accordance with the Sheng Mo (a monetary system in the Song dynasty, according to which, 77 coins were used as 100 coins) system. At the bottom, it is cast with the inscriptions indicating the sphere of circulation, places for exchange of the paper currency, as well as punishment of forgery and the title of the official position in charge of printing and minting. It is an important material data for the research of the development of Chinese ancient paper money and for the study of ancient Chinese movable type printing as well.
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Ingot with Inscription Su Zhai Han Wu Lang
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Plate with Inscription Chen Er Lang Shi Fen Jin
Gold and silver money and bullion were generally not in circulation in the Tang and Song periods, but mainly used for reward, tax payments, etc. All the known gold bars were minted in the Southern Song dynasty. The bars were different in length. Usually a 12 cm gold bar weighed approximately one Liang at that time and was mainly used for reward, tax payments, hedging, deposit and commercial payments. This gold plate also weighs one Liang. It is stamped with Chen Er Lang Shi Fen Jin and Tie Xian Xiang. ‘Chen Erlang’ is the name of the artisan; ‘Shi Fen Jin’ refers to the relative purity of the gold bar; and ‘Tie Xian Xiang’ is the street name of the capital Lin'an of the Southern Song, also referring to the geographic location of the goldsmith.
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Yangzhou Sycee with Date Mark of 13th Year of Zhiyuan Reign
In the 13th year of the Zhiyuan Period (1276), after the Yuan army conquered the Southern Song and returned to Yangzhou, Prime Minister Bo Yan ordered a search of the outfits of the officers and soldiers. The silver ferreted out was cast into ingots, 50 Liang each. The ingots were tribute to the Emperor, who then granted them to the officers and soldiers to make them circulate in the market. Later, the government also began to cast it. The silver ingots of this kind unearthed today are all marked with the date of the 14th year of Zhiyuan Period, with the official titles of the casting units and the names of the artisans stamped. The quantity of the ingots found is small. The ingot was called Yuan Bao (shoe-shaped silver ingot) since it was incised with the words Yuan Bao on the back and later this became an alternate name for ingot.
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Daming Tongxing Baochao 1000 cashes
Copper coins were mainly minted in the early Ming dynasty while paper currency was only in practice later on. With the collapse of the paper currency system, copper coins were in circulation again. Daming Tongxing Baochao (the general banknote of the Great Ming) was the only paper currency in the Ming dynasty, put in practice in the 25th year of the Hongwu Period (AD 1392), denominated in different values but with the same size.
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Yongle Tongbao (3 mace on the reverse)
Yongle Tongbao coins began to be minted in the 6th year of the Yongle reign period of Ming dynasty (AD 1408). But only the Xiaoping coin (1 Wen / cash) was found in circulation. This Yongle Tongbao coin housed in Shanghai Museum is 3 Wen / cash (Zhe San). It is cast with two words, San Qian, indicating that it is a coin recording the weight. It reflects that the state intended to cast the coin recording the weight in five currency values according to the Hongwu Tongbao monetary system. But surprisingly this kind of money was not implemented. So it was actually a sample coin. It is an important material object for the study of coinage system development in the early Ming dynasty.
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Daqing Tongbi 20 Cashes (copper) with Inscription Huai in the Center, 1906
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Anhui Guangxu Yuanbao 10 Cashes
The traditional square-holed round coins were gradually replaced by machine made coins during the late Guangxu reign period. Anhui province began to mint Ten Cents Equivalent coins in the 28th year of Guangxu period (AD 1902). The copper coins of Five Cents Equivalent and Twenty Cents Equivalent began to be minted only after the 30th year of the Guangxu period (AD 1904). The ten wen square-holed copper coin minted in Anhui province during the Guangxu period was made of pure copper. Unlike other copper coins, this piece, with a square hole in the center, which is very rare in existence, was supposed to be a trial-product of the time.
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Daqing Jinbi, 32th year of Guangxu reign period (AD 1906)
Preface
Currency arose in the progress of trading goods. With the development of the social economy, it evolved from metal coinage into paper money and from being cast into being machined. Being time-honored items, various forms of currency have constituted a unique monetary system in China.
As a predominant form of Chinese currency, cast copper-alloy coins boasted a lifespan of over two thousand years. In the pre-Qin period, coins came in various shapes, such as spades, knives, discs, and ant-nose cowries. After the Qin united China, these coins were replaced by a uniform coin featuring a square hole in a round face. Despite the Zhu-Liang System finally being supplanted by the Bao-Wen System, this coin form became the classical style for Chinese cash coins that remained in use till the late Qing dynasty. Legend writing in various scripts was characteristic of coins in imperial China. The economic boom afterward greatly increased the demand for cash coins, consequently pushing the advance of mint technology.
Silver money and paper notes joined the family of Chinese currency in a particular socio-economic context. They became predominant forms of currency after phasing out traditional cash coins.
The inflow of foreign money to China from the Han dynasty onward helped improve the Chinese monetary system, and Chinese currency, in return, had a profound influence on neighboring countries and regimes across China's international borders.
Currency embodies the politics, economy, and culture of a country. It witnesses the accumulation of social wealth throughout history. It not only embraces the past and present but also envisions the future.
The Birth of Chinese Coinage and Its Standardized Form: Pre-Qin and Qin (c.11th century—207 BCE)
The birth of Chinese Coinage was the fruit of the social division of labor and the growing commodity enonomy in imperial China. Chinese coins first appeared in the Shang and Zhou dynasties when bronze agricultural tools used for barter evolved into small items serving as money. In the Spring-and-Autumn and Warring States periods, cast bronze coins took the form of a tool such as a spade or a knife. These coins exhibited various shapes and monetary units due to political, economic, and geographical differences, indicating a flourishing monetary ecomomy of pre-Qin China.
After the Qin united China, bronze Banliang (半两钱) was the legal tender of the country. From then on, a round face with a square hole in the middle became a classical form of ancient Chinese coins, which played a significant role in the history of Chinese currency and China's social economy.
The Growth of Chinese Coinage: Han, Three Kingdoms, Jin, Southern and Northern Dynasties, and Sui (206 BCE—618 CE)
The early Western Han dynasty still followed the Qin tradition of coinage. Under the reign of Emperor Wu, the Wuzhu coin, designed in a standardized form, was the main currency circulating in the Han territory. Its minting and issuance were confined to the central government. In this period, the monetary economy was improving. The rise of Wuzhu coins helped the Han government strengthen its financial control, increase tax revenues, and facilitate trading activities.
Spanning from Three Kingdoms, Western and Eastern Jins, Southern and Northern Dynasties ultimately to Sui, this era saw a setback in economy, represented by frequent issuances of nominal-denomination or base metal coins. In the meantime, cloth and grain were used as substitutes for coins in different periods and localities. When the Sui dynasty reunified China, it only cast one type of coin, a new Wuzhu coin, which terminated the 300-year turmoil of coinages starting from the late Han.
The Transition of Chinese Coinage: Tang, Five Dynasties and Ten Kingdoms (618-960)
Kaiyuan Tongbao (开元通宝; lit. 'Ciruculating Treasure from the Inauguration of a New Epoch') was a type of cash coin first issued in the early Tang dynasty. It initiated the practice of the Bao-Wen System (宝文制), a coinage system that integrated the character '宝' (lit., 'treasure'; bao) into the legend of a coin and used '文' (lit., 'a penny'; wen) as the smallest monetary unit. From then on, the name of a coin comprised two parts—an emperor's reign title and a phrase such as Tongbao (通宝; lit. 'circulating treasure'), Zhongbao (重宝; lit. 'heavy treasure') or Yuanbao (元宝; lit. 'inaugural treasure'). Older coins inscribed with weight units, such as zhu (铢) or liang (两), were withdrawn from the markets. After the An Lushan Rebellion and the Resurgence under Shi Siming, the Tang imperial government saw a decline in its monetary economy yet a simultaneous boom in the commodity economy. From the mid-point of the Tang onward, the lack of cash coins in circulation resulted in the emergence of large-nominal-value coins.
After the collapse of the Tang dynasty, another peirod of disunity ensued, known as the Five Dynasties and Ten Kingdoms period, when large-denomination coins and base metal coins prevailed in China, indicating the economic deterioration of this chaoitc era.
The Boom of Chinese Currency: Song, Liao, Jin, Western Xia, and Yuan (960-1368)
Cash coins served as a predominant currency in the Song dynasty when their mint output peaked, which signified an unprecedented advance of the Chinese monetary economy. Silver played an increasingly significant role in the tex revenues of the Song government, while paper money first appeared in certain localities to replace metal coins. The juxtaposition of the Song government and the ethnic regimes in China contributed to the frequent economic interactions between the North and the South, and the Song currency has a significant impact and influence on the ethnic money circulating in the Liao, Jin, and Western Xia territories.
Despite the Song coinage partly inherited by the Yuan dynasty, paper currency became the predominant circulating money in the Mongol territories. This regime played a leading role in managing paper scripts among its contemporaries.
Currency in Diversity: Min and Qing (1368-1911)
In the Ming and Qing dynasties, cash coins started to bear denominations on their reverse sides. Despite the Dazhong Tongbao cash coins being still produced and ciuculated in the early Ming period, Zhi Qian (制钱), standard cash coins produced by the imperial government, arose in the middle and late Ming periods. In the early Qing dynasty, provincial mints were founded across China and were ordered to cast their Manchurian mint names on the reverse of coins. The apparent rise in cash coin output from the 18th century onward reflected the increasing demand for currency due to the economic boom of the era.
In the Ming and Qing dynasties, silver money circulated on a larger scale and was used to pay taxes and corvee labor. In the Qing dynasty, silver became a common currency in people’s life. The Ming and Qing emperors attempted to use paper currency but failed due to poor circulation.
The Currency Reforms and Building the Financial System in Modern China: Late Qing and the Republic of China (the 1880s-1949)
In the final years of the Qing dynasty, western machines and mint technologies were introduced to China as an integral part of economic transformation. Consequently, Chinese machined coinage arose in the late 19th century and rapidly entered circulation. This inovation of mint technology helped expedite the currency reforms in the late Qing, thus establishing a predominant role of silver dollars in the Chinese currency system that continued until the rise of the fabi (法币; lit. 'the fiat currency') in the Republic of China.
With the growth of commodity economy and sea trade, a new financial system took shape in the late Qing period. The Republic of China witnessed a fast development in its modern banking system, with banknotes issued by various institutions, including state-owned or provincial government banks, local Chinese commercial banks, foreign banking corporations, and other private-run finacing organizations.
Currencies Issued in Revolutionary Base Areas
Currencies issued in the Revolutionary Base Areas refer to the coins and paper notes produced by CPC-led financial institutions and organizations in different phases of the Chinese New Democratic Revolution. These currencies were minted by the Communist Party of China (aka. the CPC) to boost the economy in revolutionary base areas. Using whatever expertise, supplies, and technology available, they were unstandardized currencies with a starkly simple design. Banknotes and bills of credit of this period manifested the purpose of issuance, political views, and the financial policy of the CPC. Maintaining currency stability was a monetary policy that the Party would always adhere to. Their growth accompanied the long and hard progress of the Chinese New Democratic Revolution.
Highlights
Flat-shouldered, Arc-footed, Hollow-socket Spade Coin with Inscription Xu
Flat-shouldered, Arc-footed and Hollow-socket Spade Coin with Inscription of Five Characters
Gold Plate with Two Characters
Shanglin Sanguan Wuzhu
Horseshoe-shaped Ingot
Yi Dao Ping Wu Qian Knife Coin
Mold Case for Wuzhu Coins Stack Casting, the 17th year of Jianwu reign period
Kaiyuan Tongbao
Tiance Fubao
Gaochang Jili
Paper Money Printing Plate of Zhenyou Baoquan Wuguan
Qiandao Yuanbao
Ingot with Inscription Su Zhai Han Wu Lang
Plate with Inscription Chen Er Lang Shi Fen Jin
Yangzhou Sycee with Date Mark of 13th Year of Zhiyuan Reign
Daming Tongxing Baochao 1000 cashes
Xiwang Shanggong
Yongle Tongbao (3 mace on the reverse)
Daqing Tongbi 20 Cashes (copper) with Inscription Huai in the Center, 1906
Anhui Guangxu Yuanbao 10 Cashes
Daqing Jinbi, 32th year of Guangxu reign period (AD 1906)