Ancient Chinese coinage includes some of the earliest known coins of all time. These coins, used as early as the Spring and Autumn period (770–476 BCE), took the form of imitations of the infamous cowrie shells that were used in ceremonial exchanges. The same period also saw the introduction of the first metal coins; however, they were not initially round, instead being either knife shaped or spade shaped. Round metal coins with a round, and then later square hole in the center were first introduced around 350 BCE. The beginning of the Qin dynasty (221–206 BCE), the first dynasty to unify China, saw the introduction of a standardised coinage for the whole Empire. Subsequent dynasties produced variations on these round coins throughout the imperial period. At first, the distribution of the coinage was limited to use around the capital city district, but by the beginning of the Han dynasty, coins were widely used for such things as paying taxes, salaries and fines.

Ancient Chinese coins are markedly different from their European counterparts. Chinese coins were manufactured by being cast in moulds, whereas European coins were typically cut and hammered or, in later times, milled. Chinese coins were usually made from mixtures of metals such copper, tin and lead, from bronze, brass or iron: precious metals like gold and silver were uncommonly used. The ratios and purity of the coin metals varied considerably. Most Chinese coins were produced with a square hole in the middle. This was used to allow collections of coins to be threaded on a square rod so that the rough edges could be filed smooth, and then threaded on strings for ease of handling.

Some coins were produced in very large numbers – during the Western Han, an average of 220 million coins a year were produced. Other coins were of limited circulation and are today extremely rare – only six examples of Da Quan Wu Qian from the Eastern Wu dynasty (222–280 CE) are known to exist. Occasionally, large hoards of coins have been uncovered. For example, a hoard was discovered in Jiangsu containing 4,000 Tai Qing Feng Le coins, and at Zhangpu in Shaanxi, a sealed jar containing 1,000 Ban Liang coins of various weights and sizes was discovered.

Pre-Imperial (770–220 BCE)

The earliest Chinese coinage emerged during the Zhou dynasty amid growing trade, urbanization, and socio-economic changes in the Spring and Autumn (770–476 BCE) and Warring States (475–221 BCE) periods. As described by the historian Sima Qian around 100 BCE:

With the opening of exchange between farmers, artisans, and merchants, there came into use money of tortoise shells, cowrie shells, gold, coins (Chinese: 錢; pinyin: qián), knives (刀; dāo), spades (布; bù). This has been so from remote antiquity.

While tortoise shells are mentioned but unattested as currency, gold and cowries (real or imitations) circulated south of the Yellow River. Spade and knife money are the best-documented forms, evolving from agricultural tools into standardized exchange media. Items like fish, halberds, or metal chimes, sometimes sold as coins, lack hoard evidence and are likely funerary objects.[1] Socio-economic conditions—similar to those in ancient Greece—favored this adoption, with archaeological finds confirming spade and knife use from the Spring and Autumn period onward.

Cowries

Cowrie shells held significant value in the Shang dynasty (c. 1600–1046 BCE), as shown by inscriptions and archaeology. During the Zhou period, they often appeared as royal or noble gifts and rewards. Later imitations in bone, stone or bronze likely served as money in some cases.

Some scholars propose that the first metallic Chinese coins were bronze cowrie imitations, with examples from a tomb near Anyang around 900 BCE, though these lack inscriptions.[2][3]

Inscribed bronze pieces, known as Ant Nose Money (蟻鼻錢; yǐ bí qián) or Ghost Face Money (鬼臉錢; guǐ liǎn qián), were definitely used as currency from the Late Spring and Autumn to Early Warring States periods (6th–5th centuries BCE).[4] Found mainly south of the Yellow River in Chu territory—one hoard contained about 16,000 pieces—these show variable weights and high lead content in the alloy. The name "Ant Nose" derives from the inscription's appearance, unrelated to any funerary practice.[5]

Gold

The only known minted gold coinage from this era is Chu gold block money (郢爰; yǐng yuán), consisting of 3–5 mm thick gold sheets in varying sizes, stamped with square or round inscriptions (one or two characters). Unearthed south of the Yellow River, these are linked to the State of Chu. One character often denotes a monetary unit or weight, read as yuan (爰; yuán). Stamps validated the entire block rather than marking break points. Specimens in copper, lead, or clay are likely funerary, found in tombs, unlike genuine gold examples.[6]

Jade pieces

It has been suggested that pieces of jade were a form of money in the Shang dynasty.[7]

Money brand

Metal money brands (錢牌; qián pái) were rarely used in the state of Chu.[8] They reappeared in the Song dynasty.[9]

Spade money

Spade money evolved from weeding tools used in barter to stylized currency forms.

Hollow handled spade money

Hollow handled spades (布幣; bùbì) bridge functional tools and monetary objects. Too flimsy for practical use, they retain a rectangular hollow socket (with casting clay remnants) and a handle-attachment hole.

Flat-handled spade money

Flat-handled spades lack the hollow handle, featuring distinct legs (influenced by pointed-shoulder types but stylized for handling). Generally smaller, with denominations and place names in inscriptions. Dated to the Warring States (475–221 BCE) by mint-town evidence and archaeology. Arched-foot alloy ~80% copper; others 40–70%.[14]

Knife money

Knife money retained the shape of Zhou-period knives, evolving parallel to spade money in northeastern China.[20]

Two shapes: early curved (like pointed-tip); later straight with angled qing (磬; chime stone) bend. Alloy ~40% copper; ~16 g.

Reverses: single characters/numerals (like pointed-tip); large groups start you (右; right/junior/west) or zuo (左; left/senior/east), followed by numerals/characters (consistent system); smaller wai (外; outside) group; fourth unclear (analogous to nei/內 inside or zhong/中 centre).[24]

Early round coins

Round coins (圜錢 huánqián or 圜金 huánjīn), precursors to cash coins, circulated in both spade and knife areas from ~350 BCE.[27][28]

Spade-area coins had round holes ("good") in the face ("meat"), denominated in yǐn (釿) centrally or liǎng (兩) in Qin. Knife-area had square holes, denominated in huà (化). Archaeology shows mixed circulation: 1981 Hebi (Henan) hoard: 3,537 Gong spades, 3 Anyi arched-foot, 8 Liang Dang Lie, 18 Liang square-foot, 1,180 Yuan round (in jars). 1984 Liaoning: 2,280 Yi Hua round, 14 spades, 120 Ming knives. 1960 Shandong: 2 Yi Hua round with 600 Qi round/59 Qi knives. 1976 Luoyang: 116 flat-handled spades (various), 46 Anzang round, 1 yuan round, small/sloping spades (Sanchuan etc.).[29]

Qin dynasty

These coins were traditionally associated with Qin Shi Huang Di, the first Chinese Emperor, who united China in 221 BCE. The History of Han says: "When Qin united the world, it made two sorts of currency: that of yellow gold, which was called yì (鎰) and was the currency of the higher class; and that of bronze, which was similar in quality to the coins of Zhou, but bore an inscription saying Half Ounce, and was equal in weight to its inscription."

Ban Liang or Banliang coins take their name from their original size and typical two-character inscription 半兩 (bànliǎng), meaning "half liang", written right to left in Classical Chinese. The liang was a small Qin unit of weight, also known as the "tael" or "Chinese ounce", approximately equal to 16 g (0.56 oz). The liang was divided into 24 zhu (銖, zhū), so that the Ban Liang coins were each notionally 12 zhu or about 8 g (0.28 oz). The inscription was maintained through repeated rounds of debasement and despite constant counterfeiting, however, so that in practice Ban Liangs are found in a great variety of sizes and calligraphic styles and are difficult to date and classify exactly, especially with regard to local and unofficial mints.

Archaeological evidence now shows that the Ban Liang was first issued in the Warring States period by the State of Qin, possibly as early as 378 BC. A remarkable find was some bamboo tablets, amongst which were found regulations (drawn up before 242 BCE) concerning metal and cloth money. A thousand coins, good and bad mixed, were to be placed in pen (baskets or jars) and sealed with the Seal of the Director. At Zhangpu in Shaanxi, a sealed jar containing 1,000 Ban Liang of various weights and sizes was discovered. 7 Ban Liang were found in a tomb datable to 306 BCE.

At the beginning of the Western Han dynasty around 200 BCE, the people were allowed to cast small light coins known as "elm seed" coins (榆莢, yú jiá), as the heavy Qin coins were inconvenient. In 186 BCE, the official coin weight was reduced to 8 zhu, and in 182 BCE, a 5 fen coin (五分, wǔ fēn) weighing 2.4 zhu, one fifth of Ban Liang's proper half ounce size. In 175 BCE, the weight was set at 4 zhu. Private minting was permitted again, but with strict regulation of the weight and alloy. In 119 BCE, the Ban Liang was replaced by the San Zhu (三銖) weighing 3 zhu and then the Wu Zhu (五銖) weighing 5 zhu.[30]

Han dynasty

By the Han dynasty, a full monetary economy had taken shape. Taxes, salaries, and fines were paid in coins, with an average annual production of 220 million pieces. The Book of Han describes the Western Han as a time of prosperity:

The granaries in the cities and the countryside were full, and the government treasuries were running over with wealth. In the capital, the strings of cash had been stacked up by the hundreds of millions until the cords that bound them had rotted away and they could no longer be counted.[31]

Prices reflected this abundance: millet averaged 75 cash, polished rice 140 cash per hectolitre, and a horse 4,400–4,500 cash. Hiring a labourer costs 150 cash per month, while a merchant might earn 2,000 cash per month.

Apart from the earlier Ban Liang coins, two Western Han issues explicitly denoted their weight in the inscription:

Wu Zhu coins are often dated precisely from moulds or find spots, though most remain undated. Western Han examples show a square top on the right-hand component of zhu; later coins round it. Only select varieties described by numismatists are listed here.

Wu Zhu production continued into later periods, often amid economic challenges.

Xin dynasty

Wang Mang was a nephew of the Dowager Empress Wang. In 9 CE, he usurped the throne and founded the Xin dynasty. He introduced a number of currency reforms, which met with varying degrees of success. The first reform, in 7 CE, retained the Wu Zhu coin, but reintroduced two versions of the knife money:

Between 9 and 10 CE, he introduced an impossibly complex system involving tortoise shell, cowries, gold, silver, six round copper coins, and a reintroduction of the spade money in ten denominations.

According to the History of Han:

The people became bewildered and confused, and these coins did not circulate. They secretly used Wu Zhu coins for their purchases. Wang Mang was very concerned at this and issued the following decree:

Those who dare to oppose the court system and those who dare to use Wu Zhus surreptitiously to deceive the people and equally the spirits will all be exiled to the Four Frontiers and be at the mercy of devils and demons.

The result of this was that trade and agriculture languished, and food became scarce. People went about crying in the markets and the highways, the number of sufferers being untold.

In 14 CE, all these tokens were abolished, and replaced by another type of spade coin and new round coins:

According to Schjöth, Wang Mang wished to displace the Wu Zhu currency of the Western Han, owing, it is said, to his prejudice to the jin (金; jīn; 'gold') radical in the character zhu (銖; zhū) of this inscription, which was a component part of the character Liu, the family name of the rulers of the House of Han, whose descendant Wang Mang had just dethroned. And so he introduced the Huo Quan currency. One of the reasons, again, that this coin circulated for several years into the succeeding dynasty was, so the chroniclers say, the fact that the character quan (泉; quán) in the inscription consisted of the two component parts bai (白; bái; 'white') and shui (水; shuǐ; 'water'), which happened to be the name of the village, Bai Shui in Henan, in which the Emperor Guang Wu, who founded the Eastern Han, was born. This circumstance lent a charm to this coin and prolonged its time of circulation. The Huo Quan did indeed continue to be minted after the death of Wang Mang – a mould dated 40 CE is known.

8 Bu Quan (布泉; bù quán; 'Spade Coin') was known later as the Nan Qian (男錢; nán qián; 'Male Cash'), from the belief that if a woman wore this on her sash, she would give birth to a boy. Eventually, Wang Mang's unsuccessful reforms provoked an uprising, and he was killed by rebels in 23 CE.[35]

Three Kingdoms

In 220 CE, the Han dynasty came to an end, and was followed by a long period of disunity and civil war, beginning with the Three Kingdoms period, which developed from the divisions within the Han dynasty. These three states were Cao Wei in northern China, Shu Han to the west, and Eastern Wu in the east. The period was the golden age of chivalry in Chinese history, as described in the historical novel Romance of the Three Kingdoms. The coinage reflected the unsettled times, with small and token coins predominating.[36]

Cao Wei

This state only issued Wu Zhu coins.

Shu Han

The coins issued by this state were:

The Tai Ping Bai Qian coin was at first attributed to Sun Liang of Eastern Wu, who adopted a Taiping year title in 256 CE. Most of them, however, have been unearthed in Sichuan (in one instance in a tomb dated to 227 CE) together with Zhi Bai coins, which, together with the incuse marks on the reverse, indicate that they are issues of Shu Han. The fancy calligraphy and reverses of the large coins are more typical of amulets than circulating coins, and Peng seeks to associate them with the Taiping Taoists of the time.

In the 1860s, a jar of small "goose eye" coins was dug up in Chengdu in Sichuan. It contained Tai Ping Bai Qian, Ding Ping Yi Bai, Zhi Bai, and Zhi Yi coins. This reinforces the supposition that all these coins are near contemporaries, issued by Shu Han.

Eastern Wu

According to the records, Sun Quan, the ruler of Wu, cast the Da Quan Wu Bai in 236 CE, and the Da Quan Dang Qian coins in 238 CE. The people were called upon to hand over the copper in their possession and receive back cash, and thus, illicit coining was discouraged. These are coarse coins, cast in the capital Nanking or in Hubei. In 2000, clay moulds and other casting materials for Da Quan Wu Bai coins were discovered in the Western Lake, Hangzhou.[40]

Jin dynasty

Sima Yan founded the Jin dynasty in 265 CE, and after the defeat of Eastern Wu in 280 CE, China was reunified for a while. At first, the dynasty was known as the Western Jin, with Luoyang as its capital; from 317 CE, it ruled as the Eastern Jin from Nanking. The historical records do not mention the specific casting of coins during the Jin dynasty. In the south, reductions in the weights of coins caused great price fluctuations, and cloth and grain were used as substitutes for coins. In the north, numerous independent kingdoms (The Sixteen Kingdoms) issued some interesting coins.

Sixteen Kingdoms

Former Liang

Later Zhao

Cheng Han

Xia

8 Tai Xia Zhen Xing (太夏眞興; tài xiàzhēnxìng; 'Great Xia', 'Zhenxing [period]') counterwise. These were issued during the Zhenxing period (419–424) by Helian Bobo, probably at Xi'an.[41]

Northern and Southern dynasties

The North and South dynasties era was another long period of disunity and strife. The north and south of China were each ruled by two separate successions of dynasties. During this period, coin inscriptions other than (nominal) weights, such as names or year titles, were introduced, although the Wu Zhu coin was still issued. Seal script remained the norm for inscriptions, and some coins of highly regarded calligraphy were produced. However, the general coinage was of a very poor quality. In 465, permission was granted for the people to mint coins. A thousand of these "goose eye" coins, which resulted, made a pile less than three inches (76 mm) high. There were others, still worse, called "Fringe Rim" coins, which would not sink in water and would break in one's hand. In the market, people would not bother counting them, but would pick them up by the handful. A peck of rice sold for 10,000 of these. Reforms by Emperor Ming from 465 onwards had only a limited success in improving the quality of the coinage.[42]

Southern dynasties

Song

The last three small coins, weighing only 2 zhu, were all issued by Emperor Fei in 465. As the Jinghe and Yongguang periods only lasted for a few months, these coins are very rare. The Song capital was at Nanking.

Liang

Chen

Northern dynasties

Northern Wei

Northern Qi

Northern Zhou

The above coins, the "Northern Zhou Three Coins", are written in the Yu Zhu (jade chopstick) style of calligraphy, which is greatly admired.

3 and 4 Zhu cash coins attributed to this period

3 and 4 Zhu coins are a small group of square and round coins which do not always have a hole in the middle. They are usually attributed to the time of the Southern and Northern dynasties. This was an unsettled period which produced some very poor coinage. The obverse inscriptions give a weight of 3 or 4 zhu. The reverse inscriptions appear to be place names.[43]

Square shape:

Obverse inscription Reverse inscription Image
三朱
(San Zhu)		 Blank
四朱
(Si Zhu)		 Blank
四朱
(Si Zhu)		 四朱
(Si Zhu)
四朱
(Si Zhu)		 Unknown
Peng Xinwei proposes that this inscription reads "Yan Xiang".
四朱
(Si Zhu)		 吕
(Lü)
四朱
(Si Zhu)		 東阿
(Dong A)
四朱
(Si Zhu)		 姑幕
(Gu Mu)
四朱
(Si Zhu)		 定襄
(Ding Xiang)
四朱
(Si Zhu)		 高柳
(Gao Liu)
四朱
(Si Zhu)		 陽丘
(Yang Qiu)
四朱
(Si Zhu)		 菑
(Zi)
四朱
(Si Zhu)		 騶
(Zou)
四朱
(Si Zhu)		 濮陽
(Pu Yang)
淳于四朱
(Chun Yu Si Zhu)		 Blank
臨菑四朱
(Lin Zi Si Zhu)		 Blank

Round coins with a round hole:

Obverse inscription Reverse inscription Image
四朱
(Si Zhu)		 Blank
四朱
(Si Zhu)		 四朱
(Si Zhu)
四朱
(Si Zhu)		 安平
(An Ping)
下菜四朱
(Xia Cai Si Zhu)		 Blank
宜陽四朱
(Yi Yang Si Zhu)		 Blank
臨朐四朱
(Lin Qu Si Zhu)		 Blank

Sui dynasty

China was reunified under the Sui dynasty (581–618). Under this short-lived dynasty, many reforms were initiated that led to the subsequent success of the Tang dynasty. The only coin associated with the Sui is a Wu Zhu coin. Additional mints were set up in various prefectures, typically with five furnaces each. Cash was frequently checked for quality by the officials. However, after 605, private coining again caused a deterioration of the coinage.[44]

Tang dynasty

Tang issues

Kai Yuan Tong Bao (開元通寶; kāiyuán tōng bǎo; 'The Inaugural Currency') were the main coin issued by the Tang. It was cast for most of the dynasty, a period of nearly 300 years. It was first issued by the Emperor Gao Zu in the autumn of the 4th year of the Wu De period (August 621). Its diameter was to be 8 fen. The weight was set at 2.4 zhu, ten to the liang. 1,000 coins weighed 6 jin 4 liang. The legend was written by the famous calligrapher Ouyang Xun in a much-admired mixture of the Bafen and Li (official or clerkly) styles of writing. This is the first to include the phrase tong bao, used on many subsequent coins. The inscription was used by other regimes in later periods; such coins can be distinguished from Tang coins by their workmanship. Minting and copper extraction were centrally controlled, and private casting was punishable by death. For the first time, we find regulations giving the prescribed coinage alloy: 83% copper, 15% lead, and 2% tin. Previously, the percentages used seem to have been on an ad hoc basis. Actual analyses show rather less copper than this.

A crescent-shaped mark is often found on the reverse of Kai Yuans. Folk legends attribute this to a fingernail mark from Empress Wende or Wu Zetian on a wax model, but numismatic evidence confirms the marks were a mint control system for production batches.[45][46]

At first, mints were set up in Luoyang in Henan, and also in Peking, Chengdu, Bingzhou (Taiyuan in Shanxi), and then Guilin in Guangxi. Minting rights were also granted to some princes and officials. By 660, deterioration of the coinage due to forgery had become a problem. The regulations were reaffirmed in 718, and forgeries suppressed. In 737, the first commissioner with overall responsibility for casting was appointed. In 739, ten mints were recorded, with a total of 89 furnaces casting some 327,000 strings of cash a year. 123 liang of metal were needed to produce a string of coins weighing 100 liang. In the late 740s, skilled artisans were employed for casting, rather than conscripted peasants. Despite these measures, the coinage continued to deteriorate. In 808, a ban on hoarding coins was proclaimed. This was repeated in 817. Regardless of the rank of a person, they could not hold more than 5,000 strings of cash. Cash balances exceeding this amount had to be expended within two months to purchase goods. This was an attempt to compensate for the lack of cash in circulation. By 834, mint output had fallen to 100,000 strings a year, mainly due to the shortage of copper. Forgeries using lead and tin alloys were produced.

In 845, in the Huichang period, the Emperor Wu Zong, a fervent follower of Taoism, destroyed the Buddhist monasteries and used the copper bells, gongs, incense burners and statues to cast coins in various localities. These local mints were under the control of the provincial governors. The New Tang History states that Li Shen, governor of Huainan province, requested that the empire might cast coins bearing the name of the prefecture in which they were cast, and this was agreed. These coins with mint names on the reverses, known as Huichang Kai Yuans, are of poor workmanship and size compared with the early Kai Yuans. The mint names on the reverse are provincial prefecture abbreviations (e.g., 京 = Chang’an, 洛 = Luoyang). [47] However, when Emperor Xuanzong ascended to the throne the next year, this policy was reversed, and the new coins were recast to make Buddhist statues.

Archaeological discoveries have assisted numismatists in dating various varieties of the Kai Yuan more closely. Other Tang dynasty coins are:

Xinjiang issues

Judging by their find spots, these coin were cast by the local government in the Kuche area of Xinjiang in around 760–780.

Tang rebels

In 755, a revolt started in the north-west of China. The capital, Luoyang, was taken, and the Emperor fled to Sichuan. One of the rebels, Shi Siming, issued coins at Luoyang from 758. Shi was killed in 761, and the revolt was eventually suppressed in 763 with the help of foreign troops.

Five Dynasties and Ten Kingdoms

After the collapse of the Tang in 907, another period of disunity ensued, known as the Five Dynasties and Ten Kingdoms period. Five officially recognised dynasties ruled consecutively in the north (with capitals at Kaifeng or Luoyang in Henan), while ten different kingdoms held sway at different times in the south. A shortage of copper made it difficult to produce an adequate supply of coins. In 955, an Edict banned the holding of bronze utensils:

From now on, except for court objects, weapons, official objects and mirrors, and cymbals, bells and chimes in temples and monasteries, all other bronze utensils are banned ... Those who hoard more than 5 jin, no matter how much the amount, will be executed. Those who abetted them will be exiled for two years, followed by labour service for one year. Those around them will suffer 100 strokes of the cane. Informers will be rewarded with 30 strings of cash.

The South enjoyed somewhat better political and economic conditions and saw an advance in trade. A great variety of coinage, including large and base metal coins, was issued in this area.

Five Dynasties

Later Liang

Later Tang

Later Jin

Later Han

Later Zhou

Ten Kingdoms

Former Shu

Issued by Wang Jian (907–918):

Issued by Wang Zongyan, son of Wang Jian (919–925):

The coins of the Wang family were often of a very poor quality. Wang Jian began his career as a village thief; he enlisted as a soldier, rose through the ranks, and by 901 was virtually an independent ruler, with his capital at Chengdu in Sichuan. His regime provided a peaceful haven for artists and poets.[53]

Min

Issued by Wang Shenzhi:

In 916, Wang Shenzhi, King of Min, minted a small lead Kai Yuan coin in Ninghua County of Dingzhou Prefecture in Fujian Province, where deposits of lead had been discovered. The lead coins circulated together with copper coins.

Issued by Wang Yanxi:

Issued by Wang Yanzheng:

Chu

Supreme Commander Ma Yin:

Later Shu

Southern Tang

Emperor Yuan Zong (Li Jing) (943–961):

Emperor Li Yu (961–978):

Distinguished from Tang period Kai Yuan by the broader rims, and the characters being in less deep relief.

In the second year of Qiande (961), Li Yu ascended the throne, and the resources of the country being exhausted, his minister Han Xizai obtained permission to cast coins. These were on the Kai Yuan model, but in seal writing devised by the scholar Xu Xuan. This coin was slightly larger than the old Kai Yuans, had broader rims, and was convenient for both the government and the people.

Southern Han

Emperor Lie Zu (Liu Yan) (917–942):

In 917, Liu Yan proclaimed himself Emperor of a dynasty at first called the Great Yue, then the Han, and set up his capital at Canton, which he renamed Xingwangfu.[60]

Crude lead coins

Attributed to the Southern Han/Chu area (900–971):

Wu Wu (五五), Wu Wu Wu (五五五), Wu Wu Wu Wu (五五五五), Wu Zhu (五朱), and Kai Yuan Wu Wu (開元五五) coins are typical of the hybrid inscriptions formed by combinations of inappropriate characters. They also have series numbers on the reverse.

In 924, it was reported: In the shops and the markets, control of silk and money has resulted in the circulation of small lead coins which we readily find in great quantities; they all come from south of the [Yangtze] river, whence the merchants transport them here surreptitiously. In 929, the Chu authorities fixed the value of a lead coin as 1/100 of a bronze coin. In 962, it was decreed that the lead coins should circulate in towns, and copper coins outside of them. Those contravening this risked the death penalty.

Nearly all the coin hoards of this period are of lead coins found in towns, e.g. the Guangfu Road, Guangzhou hoard of 2,000 coins. It is clear that most of these coins were made unofficially by the merchants or the people.

Recently, many inventions, purporting to belong to this series, have appeared on the market.[61]

Youzhou region (900–914)

From 822, the Youzhou area (within modern Hebei) enjoyed virtual independence from the rest of the empire. At the end of the ninth century, the Regional Commandant of You Zhou was Liu Rengong, succeeded by his son Liu Shouguang from 911. The histories say that Liu Rengong minted iron coins. He is also said to have ordered his subordinates to collect up all [old?] bronze coins and bring them to Da'an Mountain where he buried them in a cave. When they had all been hidden away, he killed the workmen and covered over the entrance. The coins below have been found together in the north of China. Opinion on their attribution is divided. Although Yong An was a Xia dynasty period title, these coins appear to be the result of unregulated minting, which seems appropriate for the regime of the Liu family.

The above are found in bronze and iron.

These poorly made coins are imitations of coins of previous regimes and are attributed to the Youzhou region.[62]

Song dynasty

In 960, General Zhao Kuangyin had the throne thrust upon him by mutinous officers. He allowed the Later Zhou family to retire peacefully and established the Song dynasty. Coins were the primary unit of account in the Song monetary system. Cloth had reverted to the status of a commodity. Aided by the exploitation of new copper mines, cash coins were produced on a large scale. By the Yuanfeng period (1078–1085), casting from 17 different mints produced over five million strings a year of bronze coins. Most mints produced 200,000 strings per year; the largest, Shao Zhou, was located in Guangdong, where there was a large copper mine. It produced 800,000 strings a year. In 1019, the coinage alloy was set at 64% copper, 27% lead, and 9% tin. This indicates a nearly 20% reduction in copper content relative to the Tang dynasty Kai Yuan coin.

With so much official coinage available, private coining was generally not a serious problem. Song coins were used over much of Asia, especially in Korea, Japan, Annam, and Indonesia. Hordes of Song coins are often found in these countries.

A wide variety of ordinary cash coin types was produced. The inscription was nearly always changed when the period title was changed. Seal, li, regular, running, and "grass" styles of writing were all used at various times. Many inscriptions were written by the ruling Emperor, resulting in some of the most admired and analysed calligraphy on coins. In addition, inscriptions could use yuan bao (Chinese: 元寶; pinyin: yuánbǎo) or tong bao (Chinese: 通寶; pinyin: tōng bǎo), increasing the number of variations possible. Large coins which used zhong bao (Chinese: 重寶; pinyin: zhòng bǎo) were also issued in a variety of sizes and nominal denominations, usually devalued soon after issue.

A feature of Northern Song coinage is the sets of dui qian (Chinese: 對錢; pinyin: duì qián; lit. 'Pair Coins').[63] This means the simultaneous use of two or three different calligraphic styles on coins of the same period title, which are otherwise identical in size of hole, width of rim, thickness, size and position of the characters and alloy. One can assume that these congruences arose from the workmanship of the different mints, but no attributions have yet been proposed.

From the beginning of the dynasty, iron coins were extensively used in present-day Sichuan and Shaanxi, where copper was not readily available. Between 976 and 984, a total of 100,000 strings of iron coins were produced in Fujian as well, but iron coin production was discontinued with the discovery of copper deposits.[64] In 993, for paying the land tax, one iron coin was equal to one bronze coin; for the salary of clerks and soldiers, one bronze coin was equal to five iron coins, but in trade, ten iron coins were needed for one bronze coin. In 1005, four mints in Sichuan produced over 500,000 strings of iron coins a year. This declined to 210,000 strings by the beginning of the Qingli period (1041). At this time, the mints were ordered to cast 3 million strings of iron cash to meet military expenses in Shaanxi. However, by 1056, casting was down to 100,000 strings a year, and in 1059, minting was halted for 10 years in Jiazhou and Qiongzhou, leaving only Xingzhou producing 30,000 strings a year.

During the Xining period (from 1068), minting was increased, and by the Yuanfeng period (from 1078), it was reported that there were nine iron coin mints, three in Sichuan and six in Shaanxi, producing over a million strings a year. Thereafter, output declined gradually.[64]

Emperor Taizu (960–976)

Emperor Taizong (976–997)

No coins were issued with the Yongxi and Duangong era titles (984–989).

Emperor Zhenzong (998–1022)

No coins were produced with the Qianxing era title, which only lasted one year, 1022.[68]

Emperor Renzong (1022–1063)

The histories say that the Huang Song coin was cast in Baoyuan 2–1039. As it is rather common, and there are no bronze small cash from the next three periods, it appears to have been issued for longer than one year.

Yuan dynasty

The Yuan dynasty (1271–1368), established by the Mongol Empire, greatly reduced the production of copper cash coins in favour of state‑issued paper money (jiaochao) and silver sycees[58][70]. Although early Mongol rulers continued to circulate coins from the preceding Jin and Song dynasties, they later issued their own cash with inscriptions in both Chinese characters and the 'Phags-pa script created for the Yuan court[71].

Major issues include Zhong Tong Yuan Bao, Zhi Yuan Tong Bao, Da Yuan Tong Bao, and Zhizheng Tongbao, many featuring mint marks or year indications in 'Phags-pa on the reverse[72]. Under most Yuan emperors, coinage was limited or suspended entirely, with paper money becoming the dominant medium – a policy that eventually led to severe hyperinflation[61]. Late Yuan reforms briefly revived large denomination coins such as Zhizheng Zhibao, which were legally equivalent to paper money, but political instability and collapsed public confidence ended unified imperial coinage until the Ming dynasty.[73]

Ming dynasty

The Ming dynasty (1368–1644) minted far fewer copper cash coins than the earlier Song dynasty, and relied more heavily on paper money and imported silver sycees (particularly Spanish dollars entering via global trade) as the primary media of exchange[74][75]. Most coins in circulation were older Tang and Song issues, while official Ming cash was produced in limited quantities and varying qualities[76].

Official coinage, known as Zhiqian (制錢), included major types such as Hongwu Tongbao, Yongle Tongbao – much of which was struck for foreign trade rather than domestic use – and Jiajing Tongbao[77][78]. Later issues such as Tianqi Tongbao and Chongzhen Tongbao declined in quality as copper prices rose, leading to debasement and widespread counterfeiting[79].

During the Ming‑Qing transition, numerous rebel and Southern Ming regimes issued their own coinage, including Yongchang Tongbao, Dashun Tongbao, and Yongli Tongbao[80].

Qing dynasty

Main article: Qing dynasty coinage

The Qing dynasty (1644–1912) standardized and sustained the production of round copper cash coins with square central holes, maintaining the traditional form established over two millennia of Chinese imperial coinage[81]. Unlike earlier dynasties, which often relied on weight-based inscriptions, Qing cash prominently featured the reign-era title of the ruling emperor, thereby creating a consistent chronological system for numismatic dating[82].

Official Qing coinage, known as Zhiqian (制錢), was cast under strict central oversight, with major mints operating in the capital, including the Board of Revenue and Board of Works mints, alongside provincial facilities across the empire[83]. Coins typically bore the reign title followed by Tongbao (通寶), such as Kangxi Tongbao, Qianlong Tongbao, and Guangxu Tongbao[84]. Reverse sides commonly display mint marks in Manchu script, a distinctive feature that distinguishes Qing issues from those of preceding dynasties[85].

Throughout most of the dynasty, copper cash circulated alongside silver sycees and foreign silver dollars, forming a dual monetary system[86]. The Xianfeng era (1851–1861) saw exceptional monetary experimentation amid the Taiping Rebellion, including large‑denomination copper, iron, and lead cash with Zhongbao (重寶) and Yuanbao (元寶) inscriptions to fund military expenditures[87].

Late Qing reforms introduced modern machine‑struck coins and paper currency, gradually phasing out traditional cast-cash coins [88]. Despite these changes, the standard square‑holed cash coin remained in everyday use until the end of imperial rule, representing the final and longest‑running iteration of ancient Chinese coinage[89].

See also

Notes

  1. Hartill 2005, p. 1.
  2. Thierry 1997, p. 22.
  3. Wang 1951, pp. 162–174.
  4. Thierry 1997, p. 62.
  5. Hartill 2005, p. 3.
  6. Hartill 2005, p. 79.
  7. Li 2006.
  8. Peng 1994, p. 47.
  9. Gao 2002.
  10. Hartill 2005, p. 5.
  11. Hartill 2005, p. 6.
  12. Hartill 2005, p. 14.
  13. Hartill 2005, p. 17.
  14. Hartill 2005, p. 19.
  15. Hartill 2005, p. 24.
  16. Hartill 2005, p. 26.
  17. Hartill 2005, p. 35.
  18. Hartill 2005, p. 50.
  19. Hartill 2005, p. 52.
  20. Hartill 2005, p. 53.
  21. Hartill 2005, p. 54.
  22. Hartill 2005, p. 59.
  23. Hartill 2005, p. 60.
  24. Hartill 2005, p. 63.
  25. Hartill 2005, p. 74.
  26. Hartill 2005, p. 76.
  27. Theobald 2016.
  28. Hartill 2005, p. 80.
  29. Hartill 2005, p. 82.
  30. Hartill 2005, p. 83.
  31. Ban 1961.
  32. Hartill 2005, p. 94.
  33. Peng 1994, p. 289.
  34. Hartill 2005, pp. 3, 91–94.
  35. Hartill 2005, pp. 86–90.
  36. Hartill 2005, p. 95.
  37. Hartill 2005, p. 96.
  38. Schjöth 1929, p. 78.
  39. Hartill 2005, p. 97.
  40. Hartill 2005, p. 95-97.
  41. Hartill 2005, p. 98.
  42. Hartill 2005, p. 99.
  43. Hartill 2005, p. 102.
  44. Hartill 2005, p. 101.
  45. Hartill 2005, p. 104.
  46. Dun & Gu 1996, p. 45.
  47. Dun & Gu 1996, p. 78.
  48. Hartill 2005, pp. 103–110.
  49. Jiu Tangshu 1975, Vol. 48, Food and Commodities.
  50. Hartill 2005, p. 111.
  51. Tung 1960, p. 122.
  52. Hartill 2005, p. 114.
  53. Hartill 2005, p. 115.
  54. Hartill 2005, pp. 116–117.
  55. Hartill 2005, p. 117.
  56. Hartill 2005, p. 118.
  57. Hartill 2005, pp. 119–120.
  58. Hartill 2005, p. 121.
  59. Zhu 1991, p. 89.
  60. Hartill 2005, pp. 121–123.
  61. Hartill 2005, p. 122.
  62. Hartill 2005, pp. 123–124.
  63. Hartill 2005, p. 128–136.
  64. Hartill 2005, p. 125.
  65. Hartill 2005, p. 128.
  66. Hartill 2005, p. 130.
  67. Von Glahn 1996, p. 56.
  68. Hartill 2005, p. 131.
  69. Hartill 2005, pp. 133–136.
  70. Peng 1994, p. 450.
  71. Hartill 2017, p. 156.
  72. Schjöth 1929, p. 91.
  73. Hartill 2005, p. 123.
  74. Hartill 2005, p. 237.
  75. Peng 1994, p. 553.
  76. Hartill 2005, p. 238.
  77. Hartill 2005, p. 241.
  78. Hartill 2005, p. 251.
  79. Hartill 2005, p. 255.
  80. Hartill 2005, p. 256.
  81. Hartill 2003, p. 1.
  82. Hartill 2017, p. 212.
  83. Peng 1993, p. 560.
  84. Hartill 2005, p. 189.
  85. Von Glahn 1996, p. 332.
  86. Von Glahn 1996, p. 330.
  87. Hartill 2003, p. 124.
  88. Peng 1993, p. 610.
  89. Hartill 2017, p. 245.

References

Preceded by:
Zhou dynasty coinage
Reason: Unification of China under the Qin. 		Currency of China
221 BCE – 1127 CE 		Succeeded by:
Southern Song dynasty coinage
Reason: Jurchen conquest of Northern China.
Succeeded by:
Western Xia coinage
Reason: Tangut Dingnan Jiedushi gained independence.
Succeeded by:
Liao dynasty coinage
Reason: Khitan conquest of Northern China.