Ancient Chinese coinage

Inscriptions and archaeological evidence shows that cowrie shells were regarded as important objects of value in the Shang dynasty (c. 1766 – 1154 BC). In the Zhou period, they are frequently referred to as gifts or rewards from kings and nobles to their subjects. Later imitations in bone, stone or bronze were probably used as money in some instances.

Cowrie shell imitation in green bone, China, Western Zhou Dy (1046 BC-771 BC)-Jin State; length: 40.3 mm

Some think the first Chinese metallic coins were bronze imitations of cowrie shells[2][3] found in a tomb near Anyang dating from around 900 BC, but these items lack inscriptions.[4][5]

Similar bronze pieces with inscriptions, known as Ant Nose Money (Chinese: 蟻鼻錢; pinyin: yǐ bí qián) or Ghost Face Money (Chinese: 鬼臉錢; pinyin: guǐ liǎn qián) were definitely used as money. They have been found in areas to the south of the Yellow River corresponding to the State of Chu in the Warring States period. One hoard was of some 16,000 pieces. Their weight is very variable, and their alloy often contains a high proportion of lead. The name Ant [and] Nose refers to the appearance of the inscriptions, and has nothing to do with keeping ants out of the noses of corpses.[1]^: 3

Gold coins marked with "Ying yuan". "Ying" being the name of the Chu capital.

The only minted gold coinage of this period known was Chu gold block money (Chinese: 郢爰; pinyin: yǐng yuán), which consists of sheets of gold 3–5 mm thick, of various sizes, with inscriptions consisting of square or round stamps where there are one or two characters. They have been unearthed in various locations south of the Yellow River indicating that they were products of the State of Chu. One of the characters in their inscription is often a monetary unit or weight which is normally read as yuan (Chinese: 爰; pinyin: yuán). Pieces are of a very variable size and thickness, and the stamps appear to be a device to validate the whole block, rather than a guide to enable it to be broken up into unit pieces. Some specimens have been reported in copper, lead, or clay. It is probable that these were funeral money, not circulating coinage, as they are found in tombs, but the gold coins are not.[1]^: 79

It has been suggested that pieces of jade were a form of money in the Shang dynasty.[6]

Metal money brands (Chinese: 錢牌; pinyin: qián pái) were rarely used in the state of Chu.[7] They were used again in the Song dynasty.[8][9]

Hollow handled spades (Chinese: 布幣; pinyin: bùbì) are a link between weeding tools used for barter and stylised objects used as money. They are clearly too flimsy for use, but retain the hollow socket by which a genuine tool could be attached to a handle. This socket is rectangular in cross-section, and still retains the clay from the casting process. In the socket the hole by which the tool was fixed to its handle is also reproduced.

• Prototype spade money: This type of spade money is similar in shape and size to the original agricultural implements. While some are perhaps robust enough to be used in the fields, others are much lighter and bear an inscription, probably the name of the city which issued it. Some of these objects have been found in Shang and Western Zhou tombs, so they date from c. 1200–800 BC. Inscribed specimens appear to date from c. 700 BC.[1]^: 5
• Square shoulder spades: Square shoulder spade coins have square shoulders, a straight or slightly curving foot, and three parallel lines on the obverse and reverse. They are found in quantities of up to several hundreds in the area corresponding to the Royal Domain of Zhou (south Hebei and north Henan). Archaeological evidence dates them to the early Spring and Autumn period, around 650 BC onwards. The inscriptions on these coins usually consist of one character, which can be a number, a cyclical character, a place name, or the name of a clan. The possibility that some inscriptions are the names of merchants has not been entertained. The crude writing is that of the artisans who made the coins, not the more careful script of the scholars who wrote the votive inscriptions on bronzes. The style of writing is consistent with that of the middle Zhou period. Over 200 inscriptions are known; many have not been fully deciphered. The characters can be found on the left or the right of the central line and are sometimes inverted or retrograde. The alloy of these coins is typically 80% copper, 15% lead, and 5% tin. They are found in hoards of hundreds, rather than thousands, sometimes tied together in bundles. Although there is no mention in the literature of their purchasing power, it is clear that they were not small change.[1]^: 6
• Sloping shoulder spades: Sloping shoulder spades usually have a sloping shoulder, with the two outside lines on the obverse and reverse at an angle. The central line is often missing. This type is generally smaller than the prototype or square shoulder spades. Their inscriptions are clearer, and usually consist of two characters. They are associated with the Kingdom of Zhou and the Henan area. Their smaller size indicates that they are later in date than the square shoulder spades.[1]^: 14
  

  Sloping shoulder money
• Pointed shoulder spades: This type of spade has pointed shoulders and feet, and a long hollow handle. There are three parallel lines on the obverse and reverse, and occasionally inscriptions. They are found in northeastern Henan and in Shanxi, territory of the Duchy of Jin, later to become Zhao. They are held to be somewhat later in date than the square shouldered spades. Their shape seems to be designed for ease of tying together in bundles, rather than developed from any particular agricultural instrument.[1]^: 17

These have lost the hollow handle of the early spades. They nearly all have distinct legs, suggesting that their pattern was influenced by the pointed shoulder hollow handled spades, but had been further stylized for easy handling. They are generally smaller, and sometimes have denominations specified in their inscriptions as well as place names. This, together with such little evidence as can be gleaned from the dates of the establishment of some of the mint towns, show that they were a later development. Archaeological evidence dates them to the Warring States period (475–221 BC). Arched foot spades have an alloy consisting of about 80% copper; for other types the copper content varies between 40% and 70%.[1]^: 19

• Arched foot spades: This type has an arched crutch, often like an inverted U. The shoulders can be rounded or angular. Denominations of half, one, or two jin are normally specified. They are associated with the State of Liang (also known as Wei) which flourished between 425 and 344 BCE, and the State of Han (403–230 BCE).[1]^: 19
• Special spades of Liang: Similar in shape to the arched foot spades. Their inscriptions have been the subject of much debate. All are now agreed that these coins were issued by the State of Liang, and the inscriptions indicate a relationship between the jin weight of the coins, and the lie, another unit of weight or money.[1]^: 24
• Pointed foot spades: This type has pointed feet, and a square crutch; the shoulders can be pointing upwards or straight. They are a clear descendant of the pointed shoulder hollow handled spade. The weight and size of the larger specimens is compatible with the one jin unit of the arched foot flat handled spades; smaller specimens sometimes specify the unit as one jin or more often as a half jin, but frequently do not specify a unit. This seems to imply that the half jin unit became the norm. They are associated with the State of Zhao, and their find spots are usually in Shanxi or Hebei provinces. They frequently have numerals on their reverses. The two character mint names mean that the cities that cast these coins can be identified with more certainty than those of earlier series.[1]^: 26
  

  Square foot spade of An Yang
• Square foot spades: This type has square feet, a square crutch, and a central line on the obverse. The reverses are normally only three lines, apart from on spades produced by some mints in the state of Zhao that also produced pointed foot spades. These have numerals on the reverse. The mints that produced square foot spades are more numerous than those that produced the pointed foot spades. Their weights are compatible with the half jin denomination. They are associated with the states of Han, Zhao, Liang, Zhou, and Yan. Their find spots include the provinces of Inner Mongolia, Jilin, Hebei, Shanxi, Shaanxi, Shandong, Jiangsu, Anhui, Henan, and Zhejiang. The type is no doubt contemporary with the pointed foot spades; some mints issued both types, and the two are found together in hoards.[1]^: 35
• Sharp-cornered spades: These form a distinct sub-series of the square foot spades. They differ slightly from the normal type as they have small triangular projections on the handle. The inscriptions of the three larger types include the characters jin (Chinese: 金; pinyin: jīn) and nie (Chinese: 涅; pinyin: niè). While nie was the name of a river in Henan, the character cannot be readily construed as part of a place name, as it is found in conjunction with other place names such as Lu Shi and Yu. According to the Fang Yan (an ancient book on dialects), nie meant the same as hua (Chinese: 化; pinyin: huà), money or coin. Thus the characters jin nie mean "metal coin". The weights of the larger coins seem slightly higher than the 14 grams of the jin standard. Their find spots correspond with the states of Liang and Han.[1]^: 35
• Dang Jin spades: These constitute another sub-group whose inscriptions suggest equivalence between the units of two trading areas. Both the small and large coins have a character jin (Chinese: 伒; pinyin: jìn) in their inscription. This is normally taken as being the same as the jin unit found on other flat handled spade coins. However, the 28 gram weight of these coins suggests that their unit was twice the 14 grams of the flat handled spade jin, so perhaps it was a local unit of the area. The smaller coin is often found as two joined at the feet. This is how they were cast, but it is not clear if they were intended to circulate like this. Their weight is between 7 and 8 grams, roughly a quarter of the larger coins, so the inscription indicating that four were equivalent to a jin is logical. Their obverse inscriptions are a matter of some debate. Taking a consensus, the most logical reading is: [City of] Pei coin equivalent to a jin (Chinese: 斾比當伒; pinyin: pèi bǐ dāng jìn).[1]^: 50
• Round foot spades: Round handle, round shoulders, and round feet. A rare type, this type is represented by the coins of five cities in present-day Shanxi, between the Fen and Yellow River. There are two sizes, the equivalent of the one jin and half jin denominations. They have various numerals on their reverses. One school of thought ascribes them to the States of Qin and Zhao at the end of the Warring States period; another to the State of Zhongshan during the 4th century BC.[1]^: 52
  

  Three-hole bu money
• Three hole spades: Holes in the handle and feet. Round handle, round shoulders, and round feet. Another rare type. Two sizes are found. The large size has the inscription liang (Chinese: 兩; pinyin: liǎng) on the reverse; the smaller shi'er zhu (Chinese: 十二銖; pinyin: shí'èr zhū) (12 zhu). As the liang unit of weight was divided into 24 zhu, clearly the two sizes represent denominations of a "one" and of a "half". They also have series numbers on the handle on the reverse. Like the round foot spades, it is not definitely established which State issued them. Their find spots are in eastern Shanxi and Hebei. The mint names are cities that were occupied by both Zhongshan and Zhao.[1]^: 53

Yan State knife money (燕国刀币)

Six-word knife money

Knife money is much the same shape as the actual knives in use during the Zhou period. They appear to have evolved in parallel with the spade money in the north-east of China.[1]^: 53

• Qi knives: These large knives are attributed to the State of Qi, and are found in the Shandong area. They do not appear to have circulated much outside of this area. Although there has been considerable controversy concerning the date of their issue, archaeology shows them to be products of the Warring States period. They are known as Three Character Knives, Four Character Knives and so on, according to the number of characters in their inscriptions. Some consider the three horizontal lines and the mark below on some reverses are part of the inscription. The inscription refers to the establishment of the State of Qi. This could have been in 1122 BC, 894 BC, 685 BC, or 386 BC, depending on how one interprets the early histories. The two later dates are the most likely for the introduction of these coins. The alloy of the Three Character Knives contains around 54% copper, 38% lead, and 8% tin. The Four and Five Character Knives contain about 70% copper.[1]^: 54
• Needle tip knives: This type of knife money is distinguished by their long, pointed tip. They were unknown until 1932, when a hoard was unearthed at Chengde in Hebei province; later hoards have also been found in this area. It has been suggested that such knives were produced for the trade between the Chinese and the Xiongnu who occupied this northern area at the time. It could be that this type was merely a local variation of the Pointed Tip knives, or that it was the original type that became modified as it was inconvenient to use. Some fifty inscriptions have been recorded, which consist of numbers, cyclical characters, and other characters, many of which have not been deciphered.[1]^: 59
• Pointed tip knives: The end of the blade is curved but lacks the long pointed tip of the needle tip knives. The find spots of this type of knife money in the north-east of China associate it with the State of Yan. In recent years, hoards of up to 2,000 of these knives have been made, sometimes tied together in bundles of 25, 50, or 100. Over 160 different inscriptions have been recorded. Some inscriptions represent numbers or cyclical characters, but many have not been deciphered. Unlike the hollow handle spade money, the characters have not been generally associated with known places names. Their sizes and weights (11 to 16 grams) are very variable, leading to various sub-types being proposed by various authorities.[1]^: 60
• Ming knives: Ming knives are generally smaller than pointed tip knives, and their tips are approximately straight. This type of knife money takes its name from the character on the obverse, which has traditionally been read as ming (Chinese: 明; pinyin: míng). Other proposals have been yi (Chinese: 易; pinyin: yì), ju (Chinese: 莒; pinyin: jǔ), ming (Chinese: 盟; pinyin: méng), and zhao (Chinese: 召; pinyin: zhào). A mint for Ming knives was unearthed at Xiadu, to the south west of Peking. This was the site of Yi, capital of the State of Yan from 360 BC, so the reading of yi has found favour recently. Moulds have also been discovered in Shandong. These coins themselves have been found, often in great quantities, in the provinces of Hebei, Henan, Shandong, Shanxi, Shaanxi, Manchuria, and even as far afield as Korea and Japan. They are found together with pointed and square foot spade money.

Two different shapes of Ming knife are found. The first, presumably the earlier, is curved like the pointed tip knives. The second has a straight blade and often a pronounced angled bend in the middle. This shape is known as 磬 qing, a chime stone. Their alloy contains around 40% copper; they weigh around 16 grams.

A wide range of characters is found on the reverses of Ming knives. Some are single characters or numerals, similar to those found on the pointed tip knives. Two large groups have inscriptions that begin with the characters you (Chinese: 右; pinyin: yòu; lit. 'right') or zuo (Chinese: 左; pinyin: zuǒ; lit. 'left'), followed by numerals or other characters. You has the subsidiary meaning of junior or west; zuo can also mean senior or east. (The excavations at Xiadu revealed in the inner city a zuo gong left-hand palace, and a you gong right-hand palace.) The similarities between the other characters in these two groups show that they were determined by the same system. A smaller group has inscriptions beginning with wai (Chinese: 外; pinyin: wài; lit. 'outside'), but the other characters do not have much in common with the you and zuo groups. A fourth group has inscriptions beginning with an unclear character, and other characters similar to those found in the you and zuo groups. By analogy with the wai, this unclear character has been read as nei (Chinese: 内; pinyin: nèi; lit. 'inside') or zhong (Chinese: 中; pinyin: zhōng; lit. 'centre').[1]^: 63

• State of Qi Ming knives (Boshan knives): Their general appearance is similar to the Ming knives. The ming character is large and angular. They have extensive reverse inscriptions. A hoard of these knives was unearthed in the Jiaqing period (1796–1820) in Boshan in eastern Shandong. Later finds have been made in the same area. This area was part of the state of Qi; and their legends also refer to Qi. Between 284 and 279 BC, the State of Yan occupied most of the territory of Qi, and it is generally accepted that these coins come from this time. Otherwise, their reverse inscriptions, which appear to refer to place names, have not been satisfactorily deciphered. One reading gives the first character as Ju (Chinese: 莒; pinyin: jǔ) for Ju city.[1]^: 74
• Straight knives: These are smaller knives, and their blades are not curved or only slightly curved. They were issued by a few places in the state of Zhao. This category includes some other smaller knives of various shapes. They are found in hoards with Ming knives.[1]^: 76

A one hua coin from Yan.

The round coin (圜錢, huánqián, or 圜金, huánjīn), the precursor of the familiar cash coin, circulated in both the spade and knife money areas in the Zhou period, from around 350 BC. Apart from two small and presumably late coins from Qin, coins from the spade money area had a round hole (好, "the good") in the middle of their face (肉, "the meat") and were denominated in yǐn (釿) in the central plain and liǎng (兩) in Qin. Those from the knife money area had a square hole and were denominated in huà (化).[10][1]^: 80

Although for discussion purposes the Zhou coins are divided up into categories of knives, spades, and round coins, it is apparent from archaeological finds that most of the various kinds circulated together. A hoard found in 1981, near Hebi in north Henan province, consisted of: 3,537 Gong spades, 3 Anyi arched foot spades, 8 Liang Dang Lie spades, 18 Liang square foot spades and 1,180 Yuan round coins, all contained in three clay jars. Another example is a find made in Liaoning province in 1984, which consisted of 2,280 Yi Hua round coins, 14 spade coins, and 120 Ming knives. In 1960 in Shandong, 2 Yi Hua round coins were found with 600 Qi round coins and 59 Qi knives. At Luoyang a find was made in 1976 of 116 flat handled spades of various types (Xiangyuan, Lin, Nie, Pingyang, Yu, Anyang, and Gong), 46 Anzang round coins, 1 yuan round coin, and small/sloping shoulder spades from Sanchuan, Wu, Anzang, Dong Zhou, Feng, and Anzhou.[1]^: 82

This state only issued Wu Zhu coins.

The coins issued by this state were:

• Zhi Bai Wu Zhu (Chinese: 直百五銖; pinyin: zhí bǎi wǔ zhū; lit. 'Value One Hundred Wu Zhu') Often found with incuse characters on the reverse.
• Zhi Bai (Chinese: 直百; pinyin: zhí bǎi; lit. 'Value One Hundred') When Liu Bei, later ruler of Shu and one of the heroes of Romance of the Three Kingdoms, took Chengdu in Sichuan in 214, he was advised to issue "value one hundred" coins to overcome the problems of maintaining his troops; hence these coins are attributed to him.
• Tai Ping Bai Qian (Chinese: 太平百錢; pinyin: tàipíng bǎi qián; lit. 'Taiping One Hundred Cash')
  1. Rev: Stars and waves pattern.
  2. Rev: Incuse characters.
  3. Rev: Plain

The Tai Ping Bai Qian coin was at first attributed to Sun Liang of Eastern Wu, who adopted a Tai Ping year title in 256. Most of them, however, have been unearthed in Sichuan (in one instance in a tomb dated to 227) together with Zhi Bai coins, which, together with the incuse marks on the reverse, indicates 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.

• Zhi Yi (Chinese: 直一; pinyin: zhí yī; lit. 'Value One')
• Ding Ping Yi Bai (Chinese: 定平一百; pinyin: dìngpíng yībǎi; lit. 'Ding Ping One Hundred')

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.

• Da Quan Wu Bai (Chinese: 大泉五百; pinyin: dàquán wǔbǎi; lit. 'Large Coin Five Hundred')
• Da Quan Dang Qian (Chinese: 大泉當千; pinyin: dàquán dāng qiān; lit. 'Large Coin Worth a Thousand')
• Da Quan Er Qian (Chinese: 大泉二千; pinyin: dàquán èrqiān; lit. 'Large Coin, Two Thousand')
• Da Quan Wu Qian (Chinese: 大泉五千; pinyin: dàquán wǔqiān; lit. 'Large Coin, Five Thousand'): Only six specimens are known.

According to the records, in 236 Sun Quan, ruler of Wu, cast the Da Quan Wu Bai, and in 238 the Da Quan Dang Qian coins. 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.[1]^: 95–97

Liang Zao Xin Quan (Chinese: 涼造新泉; pinyin: liáng zào xīnquán; lit. 'Liang Made New Coin') is attributed to King Zhang Gui (317–376), who ruled in the north-western area.

Feng Huo (Chinese: 豐貨; pinyin: fēng huò; lit. 'The Coin of Abundance') has text that uses seal script. There is no rim. They were cast by Emperor Shi Le in 319 at Xiangguo (now Xingtai in Hebei) with a weight of 4 zhu. They are known as the Cash of Riches – keeping the coin about one was said to bring great wealth. However, the historical record states that the people were displeased, and that in the end the coin did not circulate.

Han Xing (Chinese: 漢興; pinyin: hàn xìng) as an inscription either right and left or above and below. In 337, Li Shou of Sichuan adopted the period title of Han Xing. This is the first recorded use of a period title on a coin. The period ended in 343.

Tai Xia Zhen Xing (Chinese: 太夏眞興; pinyin: tài xiàzhēnxìng; lit. 'Great Xia, Zhenxing [period]') counterwise. These were issued during the Zhenxing period (419–424) by Helian Bobo, probably at Xi'an.[1]^: 98

• Si Zhu (Chinese: 四銖; pinyin: sì zhū; lit. 'Four Zhu') No inner rims on obverse. Issued by Emperor Wen in 430, from the capital at Nanking. A Coinage Office was established under the Chamberlain for Palace Revenues.
• Xiao Jian (Chinese: 孝建; pinyin: xiào jiàn; lit. 'Xiaojian period') with the reverse: Si Zhu (Chinese: 四銖; pinyin: sì zhū; lit. 'Four Zhu') A poor coin, with many variations. Issued by Emperor Xiao from 454. Actual weight nearer 2 zhu. Withdrawn by the Emperor Ming in 467.
• Jing He (Chinese: 景和; pinyin: jǐng hé; lit. '[Jing He period title]')
• Yong Guang (Chinese: 永光; lit. '[Yong Guang period title]')
• Liang Zhu (Chinese: 兩銖; lit. 'Two Zhu')

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.

Tai Qing Feng Le (Chinese: 太清豐樂; pinyin: tài qīng fēng lè; lit. 'Tai Qing, Prosperous and Happy') are attributed to the Tai Qing period (547–549) of Emperor Wu. A hoard was discovered in Jiangsu containing 4,000 Tai Qing Feng Le coins with various other sorts of coins showing that this is not an amulet as had been claimed by some authorities.

Tai Huo Liu Zhu (Chinese: 太貨六銖; pinyin: tài huò liù zhū; lit. 'The Large Coin Six Zhu') were issued by Emperor Xuan in 579. At first the coin was equivalent to ten Wu Zhus. Later the value was changed to one, and the contemporary saying "They cried before the Emperor, their arms akimbo" is said to refer to the discontent among the people caused by this. The seal character for liu suggests the "arms akimbo" posture. The coin was withdrawn in 582 when the Emperor died, and Wu Zhus were adopted. The Chen capital was Nanking.

• Tai He Wu Zhu (Chinese: 太和五銖; pinyin: tài hé wǔ zhū; lit. 'Taihe [period] Wu Zhu'): Although the Northern Wei had been established in 386, its Turkish and Mongolian tribes had retained a nomadic way of life with no need for money until 495, when Emperor Xiao Wen issued this coin, probably at the capital Datong in Shanxi.
• Yong An Wu Zhu (Chinese: 永安五銖; pinyin: yǒng'ān wǔ zhū; lit. 'Yong An [period] Wu Zhu') coins were first issued in the autumn of the second year of Yongan (529) by Emperor Xiao Zhuang. It is said that they continued to be cast until 543 under the Eastern and Western Wei dynasties. During the Eastern Wei dynasty, private coins with nicknames such as Yongzhou Green-red, Liangzhou Thick, Constrained Cash, Auspicious Cash, Heyang Rough, Heavenly Pillar, and Red Halter circulated, all possibly Yong An Wu Zhus.

Chang Ping Wu Zhu (Chinese: 常平五銖; pinyin: chángpíng wǔ zhū; lit. 'The Constant and Regular Wu Zhu') were cast by Emperor Wen Xuan in 553. They are finely made. The Northern Qi capital was Linzhang in Hebei. Under the Northern Qi, there was an Eastern and a Western Coinage Region, under the Chamberlain for Palace Revenues. Each Regional Director supervised 3 or 4 Local Services.

• Bu Quan (Chinese: 布泉; pinyin: bù quán; lit. 'Spade Coin') were issued in 561 by Emperor Wu of the Northern Zhou dynasty. One was to be worth five Wu Zhus. To distinguish this coin from the Bu Quan of Wang Mang—the stroke in the middle of quan is continuous. They were withdrawn in 576.
• Wu Xing Da Bu (Chinese: 五行大布; pinyin: wǔháng dà bù; lit. 'The Large Coin of the Five Elements [metal, wood, water, fire, and earth]') were issued in 574 by Emperor Wu. They were intended to be worth ten Bu Quans. Illegal coining soon produced specimens of a reduced weight and the authorities banned the use of this coin in 576. This inscription is frequently found on amulets.
• Yong Tong Wan Guo (Chinese: 永通萬國; pinyin: yǒng tōng wànguó; lit. 'Everlasting Circulation in Ten Thousand Kingdoms') were issued in 579 by Emperor Xuan. There nominal weight was 12 zhu, and the coin was meant to be equivalent to ten Wu Xing coins.

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 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.[11]

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 and reverse of a Kai Yuan Tong Bao coin.

Kai Yuan Tong Bao (Chinese: 開元通寶; pinyin: kāiyuán tōng bǎo; lit. '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. The legend is that the Empress Wende (or, as in some folk legends, Wu Zetian) 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 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:

• Qian Feng Quan Bao (Chinese: 乾封泉寶; pinyin: qián fēng quán bǎo) were cast by the Emperor Gao Zong (649–683) 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.
• Qian Yuan zhong bao (Chinese: 乾元重寶; pinyin: qián yuán zhòng bǎo) were issued by Emperor Su Zong (756–762) 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.[1]^{: 103–110}

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

• Da Li yuan bao. (Chinese: 大曆元寶; pinyin: dà lì yuánbǎo)
• Da (Chinese: 大; pinyin: dà) is a degenerate form of the above but only has the da included.
• Yuan (Chinese: 元; pinyin: yuán) is similar to the above coin however it has only the character yuan included.
• Jian Zhong tong bao (Chinese: 建中通寶; pinyin: jiàn zhōng tōng bǎo) The Jian Zhong Period was 780–83.
• Zhong (Chinese: 中; pinyin: zhōng) above the hole. A degenerate form of the above.[1]^: 101

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.

• De Yi yuan bao (Chinese: 得壹元寶; pinyin: de yī yuánbǎo; lit. 'Obtain Unity') has the inscription De Yi, which also implies "last for one year". They were felt to be inauspicious, and were changed to Shun Tian (the period title) in 759.
• Shun Tian yuan bao (Chinese: 順天元寶; pinyin: shùn tiān yuánbǎo)[1]^: 111

Kai Ping tong bao (Chinese: 開平通寶; pinyin: kāipíng tōng bǎo) and also a Kai Ping yuan bao coins could have been issued by Zhu Wen when he overthrew the Tang in 907. However, only a few specimens of each coin are known, and one of each is shown in China National Museum and China History Museum. Some authorities doubt their authenticity.

Tian Cheng yuan bao (Chinese: 天成元寶; pinyin: tiānchéng yuánbǎo) were issued by Emperor Ming in the Tiancheng period (926–929).

Tian Fu yuan bao (Chinese: 天福元寶; pinyin: tiānfú yuánbǎo) were 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.

Han Yuan tong bao (Chinese: 漢元通寶; pinyin: hàn yuán tōng bǎo) coin's 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.

Zhou Yuan tong bao (Chinese: 周元通寶; pinyin: zhōuyuán tōng bǎo) 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.[1]^{: 113–114}

Issued by Wang Jian (907–918).

• Yong Ping yuan bao (Chinese: 永平元寶; pinyin: yǒng píng yuánbǎo)
• Tong Zheng yuan bao (Chinese: 通正元寶; pinyin: tōng zhèng yuánbǎo)
• Tian Han yuan bao (Chinese: 天漢元寶; pinyin: tiānhàn yuánbǎo)
• Guang Tian yuan bao (Chinese: 光天元寶; pinyin: guāng tiān yuánbǎo)

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

• Qian De yuan bao (Chinese: 乾德元寶; pinyin: qián dé yuánbǎo)
• Xian Kang yuan bao (Chinese: 咸康元寶; pinyin: xián kāng yuánbǎo)

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.[1]^: 115

Issued by Wang Shenzhi:

• Kai Yuan tong bao (Chinese: 開元通寶; pinyin: kāiyuán tōng bǎo) have a large dot above on the reverse side. They are made of iron and date from 922. The same coin cast in bronze is extremely rare.
• Kai Yuan tong bao (Chinese: 開元通寶; pinyin: kāiyuán tōng bǎo) have the character Min (Chinese: 閩; pinyin: mǐn) on the reverse. They are from the Fujian region and made of lead.
• Kai Yuan tong bao (Chinese: 開元通寶; pinyin: kāiyuán tōng bǎo) have the character Fu (Chinese: 福; pinyin: fú) on the reverse in reference to Fuzhou. They are made of lead.

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:

• Yong Long tong bao (Chinese: 永隆通寶; pinyin: yǒnglóng tōng bǎo) have the character Min (Chinese: 閩; pinyin: mǐn) on the reverse and comes from the Fujian region. There is a crescent below. It is made of iron and dates 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 (lit. 'a manacle').

Issued by Wang Yanzheng:

• Tian De tong bao (Chinese: 天德通寶; pinyin: tiān dé tōng bǎo) are made of 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.[1]^{: 116–117}

Supreme Commander Ma Yin:

• Tian Ce Fu Bao (Chinese: 天策府寶; pinyin: tiān cè fǔ bǎo) are made of iron. Ma Yin, originally a carpenter, was given the rank of Supreme Commander of Tiance, Hunan, by Emperor Zhu Wen of the Later Liang, and minted this coin in 911 to commemorate the event. Ma Yin later became King Wumu of Chu.
• Qian Feng Quan Bao (Chinese: 乾封泉寶; pinyin: qiān fēng quán bǎo) are made of 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.
• Qian Yuan zhong bao (Chinese: 乾元重寶; pinyin: qiān yuán zhòng bǎo) bear an inscription that 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.[1]^: 117

• Da Shu tong bao (Great Shu currency) (Chinese: 大蜀通寶; pinyin: dà shǔ tōng bǎo) are 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.
• Guang Zheng tong bao (Chinese: 廣政通寶; pinyin: guǎng zhèngtōng bǎo) are made of 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.[1]^: 118

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

• Bao Da yuan bao (Chinese: 保大元寶; pinyin: bǎo dà yuán bǎo) has on the reverse the character tian above. They are made of iron and date between 943 and 957. There is also an extremely rare bronze example of this coin.
• Yong Tong Quan Huo (Chinese: 永通泉貨; pinyin: yǒng tōng quán huò) were produced after 959. Li Jing was short of funds for his army at that time. 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.
• Tang Guo tong bao (Chinese: 唐國通寶; pinyin: tang guó tōng bǎo) are written in seal, li, and regular script. They date from 959.
• Da Tang tong bao (Chinese: 大唐通寶; pinyin: dà táng tōng bǎo) are written in li script and date from 959.

Emperor Li Yu (961–978):

• Kai Yuan tong bao (Chinese: 開元通寶; pinyin: kāiyuán tōng bǎo) are written in li script and date from 961.

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, and had broader rims, and was found convenient by both the government and the people.

• Da Qi tong bao (Chinese: 大齊通寶; pinyin: dà qí tōng bǎo; lit. 'Great Qi currency') were 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.[1]^{: 119–120}

• Kai Ping yuan bao (Chinese: 開平元寶; pinyin: kāipíng yuánbǎo) were made from lead. Attributed to Liu Yin, the founder of the Southern Han Kingdom, who apparently cast it to commemorate this Liang dynasty period title (907–910). Excavated in Guangdong.

Emperor Lie Zu (Liu Yan) (917–942):

• Qian Heng tong bao (Chinese: 乾亨通寶; pinyin: gān hēngtōng bǎo)
• Qian Heng zhong bao (Chinese: 乾亨重寶; pinyin: gān hēng zhòng bǎo) were made from 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.[1]^{: 121–123}

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

• Kai Yuan tong bao (Chinese: 開元通寶; pinyin: kāiyuán tōng bǎo) are based on Tang dynasty coins. They have a local style with 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 yong (Chinese: 永; pinyin: yǒng). 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 (五五), Wu Wu Wu (五五五), Wu Wu Wu Wu (五五五五五), 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.[1]^: 122

From 822, the You Zhou (within 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.

• Yong An Yi Shi (Chinese: 永安一十; pinyin: yǒng'ān yīshí)
• Yong An Yi Bai (Chinese: 永安一百; pinyin: yǒng'ān yībǎi)
• Yong An Wu Bai (Chinese: 永安五百; pinyin: yǒng'ān wǔbǎi)
• Yong An Yi Qian (Chinese: 永安一千; pinyin: yǒng'ān yīqiān)

The above are found in bronze and iron.

• Wu Zhu (Chinese: 五銖; pinyin: wǔ zhū) are made from iron.
• Huo Bu (Chinese: 貨布; pinyin: huò bù) with the reverse: San Bai (Chinese: 三百; pinyin: sānbǎi; lit. 'Three hundred').
• Shun Tian yuan bao. (Chinese: 順天元寶; pinyin: shùn tiān yuánbǎo) are made from iron.

These poorly made coins are imitations of coins of previous regimes and are attributed to the You Zhou.[1]^{: 123–124}

• Song Yuan tong bao. (Chinese: 宋元通寶; pinyin: sòng yuán tōng bǎo). Written in li script. The inscription is based on the Kai Yuan coin. It has a nominal weight of 1 qian. Various dots and crescents are found on the reverse. It was first cast in 960 and then until the end of Tai Zu's reign. Casting of iron coins started at Baizhangxian, Yazhou, in Sichuan, from 970. Ten furnaces cast 9,000 strings a year.[1]^: 128

• Tai Ping tong bao (Chinese: 太平通寶; pinyin: tài píng tōng bǎo) (976–989). Written in li script. Various dots and crescents are found on the reverse. There are also iron coins. The small iron coins come from Sichuan and 10 were equivalent to one bronze coin. The large iron coin have a large dot above on the reverse. This coin was cast at Jianzhou, Fujian in 983, and was intended to be equivalent to 3 bronze coins.

No coins were issued with the Yong Xi and Duan Gong period titles (984–989).

• Chun Hua yuan bao (Chinese: 淳化元寶; pinyin: chún huà yuánbǎo) (990–994). Written in regular, running, and grass script. There are also small and large iron coins. They have a nominal value of 10. In 991, 20,000 iron coins were needed in the market for one roll of silk. Permission was requested to alter the casting to Value Ten coins in the Imperial Script pattern. In one year only 3,000 strings were cast. They were not considered convenient, so casting was stopped.
  

  Cash: Chún Huà yuán bǎo
• Zhi Dao yuan bao (Chinese: 至道元寶; pinyin: zhì dào yuánbǎo) (995–997). Written in regular, running, and grass script. During this reign there was an increase in the number of mints in operation. The inscriptions were written by the Emperor Tai Zong himself, who was a noted scholar and calligrapher. The weight of 2,400 small coins was set at 15 jin, so one weighed 1 qian.[1]^: 130

• Xian Ping yuan bao (Chinese: 咸平元寶; pinyin: xián píng yuánbǎo) (998–1003). Written in regular script. They are found in both bronze and iron.
• Jing De yuan bao (Chinese: 景德元寶; pinyin: jǐng dé yuánbǎo) (1004–07). Written in regular script. They are made of bronze; Iron with Value Two; or Iron with Value Ten. The large iron coins were minted at Jiazhou and Qiongzhou in Sichuan in 1005. They weighed 4 qian each.
• Xiang Fu yuan bao (Chinese: 祥符元寶; pinyin: xiáng fú yuánbǎo) (1008–1016). Written in regular script. They are made of bronze or iron. They come in medium size and large sizes. The large iron coins were cast from 1014 to 1016 in Yizhou, Sichuan. Their nominal value was 10 cash and weight 3.2 qian.
• Xiang Fu tong bao (Chinese: 祥符通寶; pinyin: xiáng fú tōng bǎo) (1008–1016). Written in regular script.
• Tian Xi tong bao (Chinese: 天禧通寶; pinyin: tiān xǐ tōng bǎo) (1017–1022). Written in regular script. They are made of bronze or iron. At this time, there were copper coin mints at Yongping in Jiangxi, Yongfeng in Anhui, Kuangning in Fujian, Fengguo in Shanxi, and in the capital. There were also three iron coin mints in Sichuan.

No coins were produced with the Qian Xing period title, which only lasted one year, 1022.[1]^: 131

• Tian Sheng yuan bao (Chinese: 天聖元寶; pinyin: tiān shèng yuánbǎo) (1023–1031). Written in seal, regular and li script.
• Ming Dao yuan bao (Chinese: 明道元寶; pinyin: míngdào yuánbǎo) (1032–1033). Written in seal and regular script. There are iron coins with this inscription.
• Jing You yuan bao (Chinese: 景祐元寶; pinyin: jǐng yòu yuánbǎo) (1034–1038). Written in seal and regular script. There are both small and large iron coins.
• Huang Song tong bao (Chinese: 皇宋通寶; pinyin: huáng sòng tōng bǎo) (1039–1054) use seal and regular script, and have many variations. They are made of iron and have two forms with either small or large characters. The small character iron coins are associated with casting in Shaanxi and Shanxi in the Qing Li period (from 1044). The large character iron coins are associated with Sichuan mints.

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.

• Kang Ding yuan bao (Chinese: 康定元寶; pinyin: kāngdìng yuánbǎo) (1040). Written in li script. They are made of iron and come in both small and medium sizes.
• Qing Li zhong bao (Chinese: 慶歷重寶; pinyin: qìnglì zhòng bǎo) (1041–1048). Written in regular script. There are two forms: large bronze coins and large iron coins. The Qing Li large bronze coins, intended to be worth 10 cash, were cast in Jiangnan to fund the war with the Western Xia. Iron coins were cast in Shanxi and other prefectures. The large coins caused prices to leap up and both public and private interests suffered. In 1048, the large iron coins were devalued to 3 iron cash.
• Zhi He yuan bao (Chinese: 至和元寶; pinyin: zhì hé yuánbǎo) (1054–1055). Written in seal, regular, and li script.
• Zhi He tong bao (Chinese: 至和通寶; pinyin: zhì hé tōng bǎo) (1054–1055). Written in seal, regular, and li script.
• Jia You yuan bao (Chinese: 嘉祐元寶; pinyin: jiā yòu yuánbǎo) (1056–1063). Written in seal, regular, and li script.[1]^{: 133–136}