From the Zhou to the Qing, China’s dynasties rose and fell in cycles. Booming trade, innovation and agriculture initially revitalized the empire, increasing the population. Eventually, resources became strained, economic stresses emerged: inflation, excessive taxation and blatant corruption weakened the dynasties, which eventually fell – from rebellions, invasions or natural disaster. The rulers were gone. Yet the bureaucracy survived.
Beginning with the Qin Dynasty (221-206 BC), government power was centralized under the authority of state officials, who proved more resilient than the dynasty, itself. The Han expanded this system into a complex bureaucracy, which remained the power behind the throne for over 2000 years! New rulers promised reform, but the people saw little change minus the dynastic name.
Dynasties came and went, but the administration remained. Coinage reflected this continuity. Made by the bureaucracy, for the bureaucracy, coins were tools to facilitate minor trade and local business. Because precious metals and high-value denominations posed the threat of wealth accumulation, low-value bronze pieces sufficed.
The Han Dynasty (206 BC-220 AD) adopted the ban liang (“1/2 ounce”) but adjusted its denomination. Introducing the wu zhu (“5 grain”) in 118 BC, it incorporated raised rims on all edges and remained China’s standard coinage for 700 years. It was called cash.
The Tang Dynasty (618-907), added two additional characters to reflect the nien-hao, or “reign title.” The four-symbol obverse continued under the Song Dynasty (960-1127), but reflected the dynasty’s cultural and artistic renaissance through a variety of calligraphy styles.
In 1127, invaders annexed the north. The remaining imperial court fled, establishing the Southern Song Dynasty (1127-1279). Consolidating power, it developed a strong economy through trade. Exporting silk, porcelain and tea, the Song regularly exchanged foreign currencies, which influenced their own. A regnal date was added; denominations were introduced; lead and iron supplemented copper and bronze. The Mongol Yuan Dynasty (1271-1368) experimented further, introducing silver coinage and paper money. Yet, traditional cash coins remained the standard currency through the Qing Dynasty (1644-1912).
China’s bureaucratic inertia maintained the monetary system to ensure stability and predictable taxation. Merchants, officials and nobles who benefitted from the status quo, wielded substantial influence to resist reform. Despite sporadic interludes of reform, Chinese currency, like the empire itself, remained relatively constant for over two millennia.
Nien-Hoa
According to Chinese custom, an emperor’s name was sacrosanct – not to be spoken. Each emperor, therefore, chose a nien-hao (reign title) upon ascending the throne. Often expressing hope for a prosperous future, reign titles carried the same authority as the emperor’s name.
According to Chinese custom, an emperor’s name was sacrosanct – not to be spoken. Each emperor, therefore, chose a nien-hao (reign title) upon ascending the throne. Often expressing hope for a prosperous future, reign titles carried the same authority as the emperor’s name.
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