Ancient Chinese Coins

Tang issues

开元通宝 Kai Yuan Tong Bao (The Inaugural Currency).

This was 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. The legend is that the Empress Wende inadvertently stuck one of her fingernails in a wax model of the coin when it was first presented to her, and the resulting mark was reverentially retained. Other imperial ladies have also been proposed as the source of these nail marks, especially the Imperial Consort Yang. Peng explores the possibility of a foreign source for them. More prosaically, they appear to be a control system operated by the mint workers.

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. However, when 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:
乾封泉宝 Qian Feng Quan Bao.

Cast by the Emperor Gao Zong (649-83) in 666. In an attempt to overcome a shortage of copper, one of the Qian Feng coins was to be equivalent to ten old coins, although its weight of 2.4 zhu was the same as a one cash coin. This led to extensive forgery, and the coin was withdrawn after a year. 乾元重宝 Qian Yuan zhong bao.

Emperor Su Zong (756-62) issued the Qian Yuan coins to pay the army fighting against the rebels. Coins of the first issue, in 758, were the equivalent of 10 ordinary cash. Each coin weighed 1.6 qian. The second issue, from 759, was of larger coins, one of which was to be the equivalent of 50 cash. These coins have a double rim on the reverse and are known as the Zhong Lun (Heavy Wheel) cash. Their weight was twice that of the 10 cash coins. After scenes that foreshadowed the Xianfeng period (1853), with hundreds of people executed for forgery, the large Qian Yuan coins were devalued to 30 cash. In 762, the smaller coins were devalued to 2 cash, and the Heavy Wheel cash to 3 cash. Small Qian Yuans, worth one Kai Yuan, were also issued.

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.

大历元宝 Da Li yuan bao.

大 Da. A degenerate form of the above; only the da included.

元 Yuan. Similar, with only the yuan included.

建中通宝 Jian Zhong tong bao.



The Jian Zhong Period was 780-83.

中 Zhong above the hole. A degenerate form of the above.

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. 得壹元宝 De Yi yuan bao. The inscription De Yi (Obtain Unity), which also implies "last for one year", was felt to be inauspicious, and was changed to Shun Tian (the period title) in 759.

顺天元宝 Shun Tian yuan bao.

The Five Dynasties and Ten Kingdoms

After the collapse of the Tang in 907, another period of disunity ensued. 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.

The Five Dynasties

Later Liang Dynasty (907-23)

开平通宝 Kai Ping tong bao. There is also a Kai Ping yuan bao coin. These coins could have been issued by Zhu Wen when he overthrew the Tang in 907. However, only one specimen of each coin is known, and their authenticity is not certain.

Later Tang Dynasty (923-36).

天成元宝 Tian Cheng yuan bao.

Issued by Emperor Ming in the Tiancheng period (926-29).

Later Jin Dynasty (936-47).

天福元宝 Tian Fu yuan bao.

Issued by Emperor Gao Zong in the Tianfu period from 938. From 939, private casting was permitted for a few months, resulting in coins of adulterated alloy.

汉元通宝 Han Yuan tong bao. The coin pattern is based on the Kai Yuan. In 948, during the reign of Emperor Gao Zu, the President of the Department of Imperial Feasts requested permission to set up a mint in the capital (Kaifeng, Henan). There is no specific record of casting Han Yuans. Later Zhou Dynasty (951-60).

周元通宝 Zhou Yuan tong bao.

These coins were issued by Emperor Shi Zong from 955. The pattern is also based on the Kai Yuan coin. They were cast from melted-down bronze statues from Buddhist temples. When reproached for this, the Emperor uttered a cryptic remark to the effect that the Buddha would not mind this sacrifice. It is said that the Emperor himself supervised the casting at the many large furnaces at the back of the palace. The coins have amuletic properties because they were made from Buddhist statues, and are particularly effective in midwifery; hence the many later-made imitations.

The Ten Kingdoms

Former Shu Kingdom (907-25).

Issued by Wang Jian (907-18).

永平元宝 Yong Ping yuan bao.

通正元宝 Tong Zheng yuan bao.

天汉元宝 Tian Han yuan bao.

光天元宝 Guang Tian yuan bao.

Issued by Wang Yan, son of Wang Jian (919-25).

乾德元宝 Qian De yuan bao.

咸康元宝 Xian Kang yuan bao.

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.

Kingdom Of Min (909-45).

Issued by Wang Shenzhi.

开元通宝 Kai Yuan tong bao. Rev: Large dot above. Iron. From 922.

The same coin cast in bronze is extremely rare.

开元通宝 Kai Yuan tong bao. Rev: 闽 Min (=Fujian area). Lead.

开元通宝 Kai Yuan tong bao. Rev: 福 Fu (Fu[zhou]). Lead.

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

Issued by Wang Yanxi.

永隆通宝 Yong Long tong bao. Rev: 闽 Min (Fujian area). Crescent below. Iron.

From 942. One of these large Yong Long coins was worth 10 small coins and 100 lead coins. A string of 500 of these poorly made Min iron coins were popularly called a kao (a manacle).

Issued by Wang Yanzheng.

天德通宝 Tian De tong bao. Iron.

When Wang Yanzheng was proclaimed Emperor, he changed the name of the kingdom to Yin, but later restored the name of Min. One of these iron coins, which were cast in 944, was worth 100 ordinary cash.

Kingdom Of Chu (907-51).

Supreme Commander Ma Yin.

天策府宝 Tian Ce Fu Bao. Iron.

Ma Yin, originally a carpenter, was given the rank of Supreme Commander of Tiance, Hunan, by Emperor Ta Zu of the Liang Dynasty, and minted this coin in 911 to commemorate the event. Ma Yin later became King Wumu of Chu.

乾封泉宝 Qian Feng Quan Bao. Iron.

According to the histories, because there was much lead and iron in Hunan, Ma Yin took the advice of his minister Gao Yu to cast lead and iron coins at Changsha in 925. One of these was worth ten copper cash, and their circulation was confined to Changsha. Merchants traded in these coins, to the benefit of the State. In 2000, a hoard of over 3,000 of these coins was found near Changsha. Extremely rare bronze specimens are also known.

乾元重宝 Qian Yuan zhong bao.

This inscription is also found on Tang coins. This small lead coin is thought to have been issued by the Chu kingdom. Similar bronze coins are sometimes attributed to Ma Yin, but could be funerary items.

Later Shu Kingdom (926-65)

大蜀通宝 Da Shu tong bao (Great Shu currency).

Attributed to Meng Zhixiang when he became Emperor Gao Zu of Shu in Chengdu in 934. He died three months later. Despite its rarity, some say this coin continued to be cast by his son, Meng Chang, until 937.

广政通宝 Guang Zheng tong bao. Bronze and iron.

The bronze coins were cast by Meng Chang from the beginning of this period, 938. In 956 iron coins began to be cast to cover additional military expenses. They circulated until 963. Southern Tang Kingdom (937-75).

Emperor Yuan Zu (Li Jing). (943-61).

保大元宝 Bao Da yuan bao. Rev: Tian above. Iron. 943-57.

There is also an extremely rare bronze example of this coin.

永通泉货 Yong Tong Quan Huo. In 959, Li Jing was short of funds for his army. His minister Zhong Mo obtained permission to cast large coins, one equal to ten, with this inscription. In 964, the coin was withdrawn when Zhong Mo incurred the displeasure of the Emperor.

唐国通宝 Tang Guo tong bao. Seal, li, and regular script. From 959.

大唐通宝 Da Tang tong bao. Li Script. From 959.

Emperor Li Yu (961-978). 开元通宝Kai Yuan tong bao.

Seal and li Script. From 961.

Distinguished from Tang period Kai Yuans 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, and had broader rims, and was found convenient by both the government and the people.

大齐通宝 Da Qi tong bao (Great Qi currency).

Said to have been cast in 937 by the Prince of Qi or by the founder of the Southern Tang with the original name of the Tang kingdom. Only two specimens were known, and these have now disappeared.

Southern Han Kingdom (905-71).

开平元宝 Kai Ping yuan bao. Lead.

Attributed to Liu Yin, the founder of the Southern Han Kingdom, who apparently cast it to commemorate this Liang dynasty period title (907-10). Excavated in Guangdong.

Emperor Lie Zu (Liu Yan) (917-42).

乾亨通宝 Qian Heng tong bao.

乾亨重宝 Qian Heng zhong bao. Bronze and lead.

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.

Crude Lead Coins.

Attributed to the Southern Han/Chu area (900-971).

开元通宝 Kai Yuan tong bao.

Based on Tang Dynasty coins.

Local style. Numerous reverse inscriptions, apparently series numbers.

There is a very great variety of such coins; some have crescents on the reverse. The Kai character sometimes looks like 永 yong. Characters and legends often reversed because the incompetent workmen had not mastered the art of engraving in negative to make the moulds. Some specimens have meaningless characters.

Wu Wu, Wu Zhu, Kai Yuan Wu Wu.

These 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 a whole lot of inventions, purporting to belong to this series, have come on the market.

You Zhou Autonomous Region (900-14).

From 822, the You Zhou (modern Hebei) area 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.

永安一十 Yong An Yi Shi.
永安一百 Yong An Yi Bai.
永安五百 Yong An Wu Bai.
永安一千 Yong An Yi Qian.

The above are found in bronze and iron.

五铢 Wu Zhu. Iron.

货布 Huo Bu. Reverse: 三百 San Bai (Three hundred).

顺天元宝 Shun Tian yuan bao. Iron.

These poorly made coins are imitations of coins of previous regimes attributed to the You Zhou.