Chinese Money: Coining World Currency
Chinese coins are a good reflection of Chinese history in the areas of
economic development, Chinese language and calligraphy, metallurgy technology,
and social styles.
The ancient Chinese monetary system was a very unique one since it was
completely devoid of Western influence until the end of the 19th century, with
the earliest examples dating back 2,000 years.
Some of the earliest forms of currency in China were made of shell, animal
hide, jade, or satin, and were part of a barter economy built around the
exchange of goods. By the end of the Western Zhou Dynasty (c. 1100-771BC),
somewhere between 1000 and 400BC, a more standardized form of metal currency was
1. Knife money: Known for its knife-like shape, "knife money" is the oldest
form of hard currency in China. About seven inches in length, knife money had a
hole in the middle blade, as well as hand-carved inscriptions that detailed the
coin's origin and trading value. These oldest examples of copper coinage are not
to be confused with the stylistic imitations of the Wang Mang era, which are
considerably smaller (3 inches long) and contain square holes.
2. Spade-shaped money: Like knife money, the term "spade money" is also
derived from the shape of the coin. The prominent role of agriculture was
eventually brought into play during the Warring States Period (c. 400 B.C.),
which is reflected in the choice of the spade as the civilization's currency.
3. Half-liang: With the unification of China under the Qin Emperor Shihuang
came a more standardized monetary system. Knife and spade coins were replaced
with the Emperor's half-liangs. One half-liang weighs about 25 grams and is
round in shape with a square hole in the middle. Each coin is further identified
by the word "half liang" inscribed on one side. The coin's nickname, "Square
Hole Brother," was also derived from its shape.
4. Zhi coin: The classical shape of the Chinese coin continued throughout the
Tang Dynasty (618-907) with the birth of zhi coins. Though still round in shape
with a square hole in the middle, these coins differ from their predecessors in
that they bear the title of an emperor's reign. The Japanese adopted this style
for their own coins, and only an expert on Chinese coins can tell the difference
between foreign copies and Tang originals. This evolving personalization on
coins by ruling emperors of the time was further developed by Song Dynasty
(960-1279) Emperor Huzong, who had the title of his reign engraved on coins in
his famous slim-style of writing. It was also during the Song Dynasty that an
entirely new form of currency emerged: paper money.
5. Paper currency: The first banknotes appeared in China, where the paper
note survived for over 500 years, spanning from the ninth to the 15th century.
Over this period, paper notes grew in production to the point that their value
rapidly depreciated and inflation soared. Beginning in 1455, the use of paper
money in China disappeared for several hundred years. This was still many years
before paper currency would reappear in Europe, and three centuries before it
Diversity of Coin Character Styles
The Wu Shu or "Five Unit" coin (left) was introduced
during the reign of the Han Emperor Wudi in 118BC. The inscription on this coin
is in the Small Seal style introduced during the reign of the Qin Emperor Shihuang of the Qin Dynasty. The
hourglass-shaped character on the right is an early form of the character for
Chinese "Spade Money" (right) was issued by the Emperor Wang
Mang (7-22) and illustrates a fine example of a variation of early Chinese
greater seal script characters on the obverse (front) of the piece. The greater
seal style was introduced by an official during the reign of Emperor Xuanwang
(827- 782BC) of the Western Zhou Dynasty (1100 -771BC). The usurper, Wang Mang,
was an admirer of the style of ancient currency, so he re-introduced the
obsolete spade money. The Greater Seal inscription style is recognizable by its
long, flowing lines.
The coin (left) is a much later coin from the Tang
Dynasty. Its characters are of the clerical or official style. Although the
character strokes are more rounded and flowing than in modern script or
calligraphic styles of the last 500 years, they are more compact than both the
greater and small seal styles.
Chinese coin collectors have evolved a rating system on a scale out of 10.
Coins found by the tens of thousands have a rating of ten, while those numbering
no higher than five in the world receive a rating of one. Coins numbering less
than 50 are given a rating of two. Most coins are donated to museums and are
hard to come by on the open market. Since most Chinese coin publications include
such ratings, they serve as a consensus among many collectors over a long
period. Although the ratings vary with time and authors, they seldom exceed one
order of magnitude.
Ancient Chinese coins are becoming more and more popular among collectors,
with examples from certain periods commanding large sums of money. But anyone
interested in starting a collection of their own should consult an expert before