Ancient China Currency Through the Ages

In ancient China, the first recorded currency was the knife money, which dates back to the Zhou Dynasty (1046-256 BCE). This unique currency was made from copper and was used for both practical and ceremonial purposes.

The knife money was often used to pay soldiers and was also used as a symbol of wealth and status. The use of knife money continued until the Warring States period (475-221 BCE).

During the Han Dynasty (206 BCE-220 CE), the Chinese introduced the first standardized currency, the copper cash. This currency was widely accepted and was used for trade and commerce. The copper cash was also used as a form of payment for taxes.

The use of copper cash continued until the Tang Dynasty (618-907 CE), when the silver yuan was introduced. The silver yuan was a more valuable currency than the copper cash and was used for larger transactions.

In Pre-Imperial China, the concept of currency was already taking shape. Money of tortoise shells, cowrie shells, gold, coins, knives, and spades were all in use.

The use of tortoise shells as money is shrouded in mystery, but gold and cowries were definitely used to the south of the Yellow River. Archaeological evidence shows that the earliest use of spade and knife money was in the Spring and Autumn period, from 770 to 476 BCE.

These early forms of currency were likely influenced by socio-economic conditions, which were favorable to the adoption of coinage.

Shell money was used as a primitive currency in Pre-Imperial China, specifically at the end of the Neolithic Age.

The shell money was made up of natural cowrie shells, which were rare, difficult to forge, and didn't occur in China, making them a tightly controlled form of currency.

One unit of shell money was called a "peng", which originally meant two clusters of shells, and was made up of two clusters of 10 shells.

In Northeast China, due to the lack of natural shells, other forms of shell money were made from materials like pottery, stone, bone, jade, copper, and gold.

The invention of shell money made of copper at the end of the Shang Dynasty marked the beginning of the use of metal coins in China.

Cowrie shells were also used as currency as far back as the Shang dynasty, and their value was so great that the character for them, Bèi 贝, is still used in Chinese words for precious things and valuables.

The shells probably came from either the South China Sea or the Indian Ocean, and their rarity made them a valuable and sought-after form of currency.

In Pre-Imperial China, jade pieces played a significant role in the economy. It has been suggested that pieces of jade were a form of money in the Shang dynasty.

The Qin dynasty was a significant period in Chinese history, marked by the unification of China under the rule of Qin Shi Huang Di in 221 BC. This event led to the creation of a standardized currency system.

The Ban Liang coin was first issued in the Warring States period by the State of Qin, possibly as early as 378 BC. Archaeological evidence shows that these coins were found in sealed jars and even in tombs.

The Ban Liang coin was made of bronze and weighed about 8 grams, which is equivalent to 12 zhu or half a liang. This coin was divided into 24 zhu, with the inscription "half liang" written right to left in Classical Chinese.

The Qin dynasty also introduced a system of metal and cloth money, with regulations drawn up before 242 BC. These regulations included the use of sealed jars to store coins.

Here are some notable coins from the Qin dynasty:

In 916, Wang Shenzhi, the King of Min, minted a small lead coin in Ninghua County of Fujian Province.

These lead coins circulated together with copper coins, showing that the kingdom was experimenting with different metals for their currency.

The Yong Long tong bao, a type of coin made of iron, was minted in the Fujian region and features the character Min on the reverse.

A crescent is also present below the character, and one of these large coins was worth 10 small coins and 100 lead coins.

Iron coins were a significant part of the Min kingdom's currency, with the Tian De tong bao being one example.

These coins were cast in 944 and were worth 100 ordinary cash, giving an idea of their value at the time.

Here are some key facts about the iron coins minted in the Min kingdom:

The Chu kingdom was a significant player in pre-imperial China, with a rich history of coinage. Ma Yin, a carpenter turned Supreme Commander, was given the rank by Emperor Zhu Wen of the Later Liang in 911.

Ma Yin minted the Tian Ce Fu Bao, a coin made of iron, to commemorate the event. This coin is a notable example of the kingdom's early attempts at standardized currency.

In 925, Ma Yin took the advice of his minister Gao Yu to cast lead and iron coins at Changsha. One of these coins, known as the Qian Feng Quan Bao, was worth ten copper cash.

The circulation of these coins was confined to Changsha, but they were widely traded among merchants, benefiting the state. A hoard of over 3,000 of these coins was found near Changsha in 2000.

The Qian Yuan zhong bao is another small lead coin that bears an inscription found on Tang coins. It is thought to have been issued by the Chu kingdom.

Here are some notable coins from the Chu kingdom:

The early coins of ancient China were quite fascinating, with different types circulating in various regions. One of the earliest types was the round coin, which emerged during the Zhou period around 350 BC.

These round coins had a hole in the middle and were denominated in yǐn or liǎng, depending on the region. Archaeological finds have shown that various types of coins, including knives, spades, and round coins, often circulated together.

One notable example is a hoard found in Hebi, Henan province, which contained a mix of 3,537 spade coins, 18 square foot spades, and 1,180 round coins. This highlights the diversity of coins in circulation during this period.

During the Southern and Northern dynasties, small square and round coins without holes emerged, denominated in 3 or 4 zhu. These coins often had place names on the reverse inscriptions, providing valuable information about the regions they originated from.

Gold was used as currency in ancient China, but it wasn't minted into coins like we're used to today. Instead, the State of Chu produced gold block money, which were sheets of gold with inscriptions consisting of square or round stamps.

These stamps often included a monetary unit or weight, read as "yuan". The gold block money were found in tombs, suggesting they were likely used as funeral money rather than circulating currency.

The gold block money were variable in size and thickness, and the stamps were used to validate the whole block rather than to break it up into smaller pieces. Some specimens have been reported in copper, lead, or clay, but the majority were made of gold.

The early round coins were a precursor to the familiar cash coin, circulating in both the spade and knife money areas in the Zhou period, from around 350 BC.

These coins had distinct characteristics, with those from the spade money area featuring a round hole in the middle of their face and being denominated in yǐn in the central plain and liǎng in Qin.

Coins from the knife money area, on the other hand, had a square hole and were denominated in huà.

Archaeological finds have revealed that these various kinds of coins circulated together, with a notable example being a hoard found in 1981 near Hebi in north Henan province, which consisted of 3,537 Gong spades, 3 Anyi arched foot spades, and 1,180 Yuan round coins.

This diversity of coins is also evident in a find made in Liaoning province in 1984, which included 2,280 Yi Hua round coins, 14 spade coins, and 120 Ming knives.

It's fascinating to see how these early coins were used in everyday life, with examples like the find in Shandong in 1960, which included 2 Yi Hua round coins and 600 Qi round coins.

The presence of these coins in various regions and time periods highlights the significance of the early round coins in ancient Chinese history.

Ancient coins from overseas have been discovered in China, revealing a rich history of trade and cultural exchange.

One such coin is a silver piece from the ancient Persian Empire, unearthed in Shaanxi Province in 1970.

It's believed to have been brought to the Chinese capital by Arabian caravan merchants from the Eastern Roman Empire via the Silk Road.

A gold coin issued by the Byzantine Empire was found in a 4th-century royal tomb in the ancient capital Luoyang, Henan Province.

Excavations of this royal tomb have uncovered many significant artifacts, including the Byzantine gold coin.

These coins demonstrate the extensive trade networks that existed between ancient civilizations.

Metal money brands, also known as qián pái, were rarely used in the state of Chu.

The Song dynasty saw a resurgence in the use of metal money brands.

During the Tang Dynasty, a significant milestone was reached in China's currency system with the separation of the value and weight of the coin. This innovation marked a major turning point in the country's monetary history.

The separation of value and weight was first introduced in coins during this era. The term 洪武 refers to the reign of the Ming Emperor Hongwu, who ruled from 1368 to 1398.

The value of a coin was no longer directly tied to its weight. This change allowed for more flexibility in the currency system and paved the way for further developments.

Coins from this era often featured the characters 通 (trade) and 宝 (treasure), highlighting the importance of trade and valuable commodities in the economy.

The separation of value and weight in coins also paved the way for the creation of new types of currency, such as gold bars, like the one unearthed from the Ming Dynasty.

During the Three Kingdoms Period, currency was a crucial aspect of the economy. The Shu Han and Eastern Wu states issued their own coins, which were often used to overcome financial problems.

In Shu Han, coins like Zhi Bai Wu Zhu and Zhi Bai were used to maintain troops and stabilize the economy. These coins were likely used during the reign of Liu Bei, who took Chengdu in 214.

The people of Eastern Wu were encouraged to hand over copper in their possession and receive back cash, which helped discourage illicit coining. This practice was implemented by Sun Quan, the ruler of Wu, in 236 and 238.

Here's a comparison of some coins from Shu Han and Eastern Wu:

During the Three Kingdoms Period, the Eastern Wu kingdom issued its own unique coins, known as the Da Quan series. These coins were cast in various denominations, including the Da Quan Wu Bai and Da Quan Dang Qian.

The Da Quan Wu Bai, worth 500 coins, was introduced in 236 by Sun Quan, the ruler of Wu. The Da Quan Dang Qian, worth 1000 coins, was introduced in 238.

These coins were cast in the capital Nanking or in Hubei, and were made from copper. In fact, in 2000, clay moulds and other casting materials for Da Quan Wu Bai coins were discovered in the Western Lake, Hangzhou.

The Da Quan series also included the Da Quan Er Qian and Da Quan Wu Qian, although only six specimens of the latter are known to exist.

Cao Wei was one of the three main states that made up ancient China during the Three Kingdoms Period. This state only issued Wu Zhu coins.

The coins issued by Cao Wei were a standardized form of currency that facilitated trade and commerce within the state. Cao Wei's Wu Zhu coins were widely accepted and used throughout the region.

Cao Wei's capital, Luoyang, was a major center of culture, learning, and politics.

The Later Shu period was marked by the rise of Meng Zhixiang, who became Emperor Gao Zu of Shu in 934. He died three months later, but his son Meng Chang continued to cast coins, including the rare Da Shu tong bao.

Meng Chang also introduced the Guang Zheng tong bao, which were made of bronze and iron. The bronze coins were cast from the beginning of this period, 938, while iron coins were introduced in 956 to cover military expenses.

Here's a breakdown of the coins issued during the Later Shu period:

The Qian Heng tong bao and Qian Heng zhong bao were also issued during this period, made from bronze and lead.

Later Zhao was a time of experimentation in coinage, as seen with the Feng Huo, a coin cast by Emperor Shi Le in 319 at Xiangguo (now Xingtai in Hebei) with a weight of 4 zhu.

The Feng Huo was inscribed with seal script and had no rim, but it didn't quite live up to its name as the Coin of Abundance, as the people were displeased with it and it didn't circulate.

These coins were said to bring great wealth if you kept one, but that's not exactly what happened in history.

The Northern Dynasties, a period of significant change in ancient China's currency system. In 495, Emperor Xiao Wen of the Northern Wei dynasty issued the Tai He Wu Zhu coin, marking the beginning of a standardized currency system.

The Northern Wei dynasty also saw the introduction of the Yong An Wu Zhu coin in 529, which continued to be cast until 543 under the Eastern and Western Wei dynasties. These coins were widely circulated and had various nicknames, such as Yongzhou Green-red and Liangzhou Thick.

The Northern Qi dynasty, which followed, cast the Chang Ping Wu Zhu coin in 553, known for its fine craftsmanship. The Northern Zhou dynasty, on the other hand, issued a range of coins, including the Bu Quan, Wu Xing Da Bu, and Yong Tong Wan Guo coins, each with its unique characteristics and intended uses.

Liang was a period of time under Emperor Wu, specifically the Tai Qing period from 547-549. This is when the Tai Qing Feng Le coins were minted, with 4,000 of them discovered in a hoard in Jiangsu.

The Northern Wei was a significant dynasty in Chinese history, established in 386. It was characterized by the presence of Turkish and Mongolian tribes, who initially maintained a nomadic way of life without the need for money.

The Northern Wei's adoption of a monetary system began in 495, when Emperor Xiao Wen issued the Tai He Wu Zhu coin, likely at the capital Datong in Shanxi.

The Yong An Wu Zhu coin was first issued in 529 by Emperor Xiao Zhuang, during the second year of the Yongan period. These coins continued to be cast until 543 under the Eastern and Western Wei dynasties.

Private coins with nicknames such as Yongzhou Green-red, Liangzhou Thick, and Constrained Cash circulated during the Eastern Wei dynasty, possibly being Yong An Wu Zhus.

The Northern Qi was a significant dynasty in Chinese history.

They cast finely made coins called Chang Ping Wu Zhu in 553.

The Northern Qi capital was Linzhang in Hebei.

Each Regional Director supervised 3 or 4 Local Services under the Northern Qi.

They had an Eastern and a Western Coinage Region, under the Chamberlain for Palace Revenues.

The Northern Zhou dynasty was a significant period in Chinese history, marked by the introduction of new coins that would shape the country's economy. One of the most notable coins from this era is the Bu Quan, which was issued in 561 by Emperor Wu. It was worth five Wu Zhus and had a distinctive design to distinguish it from earlier versions.

The Bu Quan was withdrawn in 576 due to concerns about its authenticity, as counterfeit versions began to circulate. This highlights the importance of ensuring the integrity of currency in any society.

In an attempt to stabilize the economy, Emperor Wu introduced the Wu Xing Da Bu in 574, a coin worth ten Bu Quans. Unfortunately, this move led to further problems, as people began to reduce the weight of these coins to increase their value.

The Yong Tong Wan Guo, issued in 579 by Emperor Xuan, was another notable coin from the Northern Zhou dynasty. It had a nominal weight of 12 zhu and was meant to be equivalent to ten Wu Xing coins.

Here are the key coins from the Northern Zhou dynasty, along with their characteristics:

The Sui and Tang dynasties played a significant role in shaping ancient China's currency. The Sui dynasty, which lasted from 581 to 618, was marked by the introduction of the Wu Zhu coin, the only coin associated with the dynasty.

During the Sui dynasty, officials frequently checked cash for quality, but after 605, private coining caused a deterioration of the coinage. This led to a need for a more stable currency system.

The Tang dynasty, which followed the Sui, implemented a two-tax system that measured revenues against expenditures directly, setting a static budget that was intended to be observed throughout the dynasty. This system helped to stabilize the economy and paved the way for the introduction of paper currency.

The Sui and Tang dynasties were a time of significant economic growth and development in China. The Sui dynasty, which lasted from 581 to 618, saw the reunification of China and the initiation of many reforms that would benefit the subsequent Tang dynasty.

The Sui dynasty's emphasis on coinage stability facilitated trade along the Silk Road, integrating China into a broader network of Eurasian commerce. Wu Zhu coins, which remained in circulation for over 700 years, were marked by their consistent weight and size.

The Sui dynasty also established additional mints in various prefectures, typically with five furnaces each. However, after 605, private coining again caused a deterioration of the coinage.

The Tang dynasty, which followed the Sui dynasty, saw the enactment of the two-tax system, or 两税法, that measured revenues against expenditures directly. This policy led to a static budget that was intended to be observed throughout the dynasty.

The Tang dynasty also adopted an early prototype of paper currency, called "flying money" or Feiqian, which was designed to expedite trade between the Tang capital and urban centers. These promissory notes were traded among merchants and could only be redeemed at government offices or the centers of government-sponsored groups.

Here are some key characteristics of the coins issued during the Sui and Tang dynasties:

The Tang Rebels posed a significant threat to the Tang dynasty. They started a revolt in 755 in the north-west of China, which eventually led to the capital, Luoyang, being taken.

The rebels were led by Shi Siming, who issued coins at Luoyang from 758. These coins were called De Yi yuan bao, which translates to "Obtain Unity" or "last for one year". They were later changed to Shun Tian yuan bao in 759 due to being felt as inauspicious.

The revolt was eventually suppressed in 763 with the help of foreign troops.

Emperor Taizu, who ruled from 960 to 976, was the founder of the Song Dynasty. He introduced the Song Yuan tong bao coin, which was written in li script and had a nominal weight of 1 qian.

The inscription on the Song Yuan tong bao coin was based on the Kai Yuan coin, which was a common practice at the time. Various dots and crescents were found on the reverse of the coin.

Iron coins started being cast in 970, with 10 furnaces producing 9,000 strings of coins per year. This was a significant development in the history of Chinese currency.

Here's a brief overview of the coins issued during Emperor Taizu's reign:

The Chun Hua yuan bao coin was not considered convenient, which is why its casting was stopped after only one year.

Emperor Renzong (1022-1063) was a significant figure in Chinese history, and his reign is marked by the introduction of new coins. The Tian Sheng yuan bao, the first coin of his reign, was written in seal, regular, and li script and was minted from 1023 to 1031.

During his reign, Emperor Renzong issued several types of coins, including the Ming Dao yuan bao, which was written in seal and regular script and featured iron coins. The Jing You yuan bao, another coin issued during this period, was also written in seal and regular script and came in both small and large iron coins.

The Huang Song tong bao, issued from 1039 to 1054, is notable for its variations in size and script, with both small and large iron coins featuring either small or large characters. This coin was likely issued for longer than one year, as it is relatively common and no bronze small cash coins were issued during the next three periods.

Here's a breakdown of the coins issued during Emperor Renzong's reign: