Chinese coins were produced continuously for around 2,500 years by casting in moulds, rather than being struck with dies as with most western coins.

Collectors can obtain affordable yet old, beautiful, and interesting coins associated with all the main periods of Chinese history. Many appreciate the fine calligraphy and the patina accumulated by these coins over the centuries.

Numismatists find many challenges in attributing both ancient and comparatively recent coinage. The rise and fall of the quality of the coinage reflects the fortunes of the successive dynasties in Chinese history.

Ban Liang coins

The Ban Liang coins take their name from their two character inscription 半两 ban liang, which means half a liang. The liang, the Chinese ounce, consisted of 24 铢 zhu, and was the equivalent of about 16 grams. Thus the original Ban Liang weighed the equivalent of 12 zhu - 8 grams; however, it kept this inscription even when its weight was later reduced.

This means that Ban Liangs are found in a great variety of sizes and calligraphic styles, all with the same inscription, which are difficult to classify and to date exactly, especially those of unofficial or local manufacture. These coins were traditionally associated with Qin Shi Huang Di, the first Chinese Emperor, who united China in 221 BC. The History of Han says:

"When Qin united the world, it made two sorts of currency: that of yellow gold, which was called yi 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."

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 BC) 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, just such 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 BC. At the beginning of the Western Han Dynasty, c. 200 BC, the people were allowed to cast small light coins known as 榆荚 yu jia, "elm seed" coins, as the heavy Qin coins were inconvenient.

In 186 BC, the official coin weight was reduced to 8 zhu, and in 182 BC, a 五分 wu fen (5 parts) coin was issued - this is taken to be 5 parts of a Ban Liang, i.e. 2.4 zhu. In 175 BC, the weight was set at 4 zhu. Private minting was permitted again, but with strict regulation of the weight and alloy. In 119 BC, the Ban Liang was replaced by the San Zhu, and then the Wu Zhu coin. Western Han and the Wu Zhu coins

By this time, a full monetary economy had developed. Taxes, salaries, and fines were all paid in coins. An average of 220 million coins a year were produced. According to the History of Han, the Western Han was a wealthy period:

On average, millet cost 75 cash and polished rice 140 cash a hectolitre, a horse 4,400-4,500 cash. A labourer could be hired for 150 cash a month; a merchant could earn 2,000 cash a month. Apart from the Ban Liang coins described previously, there were two other coins of the Western Han whose inscription denoted their weight:

The 三铢 San Zhu (Three Zhu - 1.95 grams) coin which was issued either between 140-136 BC, or between 119-118 BC. The records are ambiguous, but the later date is generally preferred.

The 五铢 Wu Zhu (Five Zhu - 3.25 grams). First issued in 118 BC, this inscription was used on coins of many regimes over the next 700 years. Sometimes Wu Zhus can be dated specifically from dated moulds that have been discovered, or from their find spots, but the majority cannot. Those of the Western Han Dynasty have a square top to the right hand component of zhu; on later coins, this is rounded. Only a few of the varieties that have been described by numismatists are included here.

郡国五铢 Jun Guo Wu Zhu (118-115 BC). A large and heavy coin, with the edges not filed. Sometimes has a rimless reverse. Taken to be the earliest Wu Zhu. According to the History of Han, in 118 BC the Commanderies (Jun) and Principalities (Guo) were ordered to cast 5 zhu coins with a circular rim so that it would be impossible to clip them to glean a bit of copper.

赤仄五铢 Chi Ze Wu Zhu (115-113 BC). A lighter coin than the above, with filed edges. The Han records state that in 115 BC the mints in the capital were requested to cast Chi Ze coins, with one being worth five local coins. Only these were to circulate. Chi Ze means Red (or Shining) Edge, referring to the red copper showing when the edges were filed smooth. Some examples of this coin were found from the tomb of Liu Sheng, Prince of Zhongshan, who died in 113 BC.

上林三官五铢 Shang Lin San Guan Wu Zhu (From 113 BC). The Three Offices of Shang Lin Park were the Office for Coinage, the Office for Sorting Copper, and the Office of Price Equalisation. Minting was now confined to the central authorities. These coins usually have a raised rim on the top of the hole on the obverse. Their quality was so high that forgery became unprofitable except to true artisans, great villains, or thieves. All earlier coins were to be melted down and the copper taken to Shang Lin.

Wu Zhu Coins from AD 25. Even after the end of the Wang Mang regime (see below), the coinage system remained in disarray. Cloth, silk and grain were used as money along with coins. However, cash was the normal measure of wealth and was used in large quantities. When Yang Ping (92-195) was in economic difficulties, he was offered a gift of one million cash. Wu Zhu coins continued to be issued, along with other coins, until the end of the sixth century. Some coins can be attributed to specific reigns or events; many can not.

Iron Wu Zhu, resembling the W. Han coin. Attributed to Gongsun Shu, who rebelled in Sichuan in AD 25, and issued iron coins, two being equal to one 建武五铢 Jian Wu Wu Zhu. Head of the zhu component rounded. Typical of Eastern Han Wu Zhus. In AD 30, a ditty was sung by the youths of Sichuan: "The yellow bull! the white belly! Let Wu Zhu coins return". This ridiculed the tokens of Wang Mang and the iron coins of Gongsun Shu, which were withdrawn by the Eastern Han Emperor Guang Wu in the 16th year of Jian Wu (AD 40). The Emperor was advised that the foundation of the wealth of a country depends on a good political economy, which was found in the good old Wu Zhu coinage, and so reissued the Wu Zhu coins.

四出五铢 Si Chu (Four Corner) Wu Zhu. Four lines on reverse radiating from the corners of the hole. Attributed to the Eastern Han Emperor Ling, AD 186. The four lines are said to represent wealth flowing from a ruined city - an omen of the overthrow of the Han Dynasty.

蜀五铢 Shu Wu Zhu. 川 Chuan on the obverse, or the numbers 1-32 on the reverse, in incuse characters. Attributed to the Kingdom of Shu (221-265) by virtue of their find spots in Gansu.

沈郎五铢 Shen Lang (Lord Shen's) Wu Zhu. No jin component in zhu. Attributed to Shen Chong of the House of Wu; cast after the foundation of the Eastern Jin Dynasty in 317. Also known as the 沈充五铢 Shen Chong Wu Zhu. An old ballad contains the lines

"Elm seeds countless press in sheets, Lord Shen's green cash line town streets." Apparently this means that Lord Shen's cash were small and light.

當两 Dang Liang (Worth Two) Wu Zhu. A large thick coin, with a nominal weight of 8 zhu. Attributed to Emperor Wen of the Southern Dynasties Song Dynasty, who had it cast in 447 as a measure against coining malpractices.

女钱 Nu Qian. The Female Coin. No outer rim.

Tian Jian Wu Zhu. Inner rim on obverse. At the start of the Liang Dynasty, money was only used around the capital. Elsewhere grain and cloth were used for trade. In the south everyone used gold and silver. Therefore, in the 1st year of the Tian Jian period (502), the Emperor Wu cast Wu Zhu coins with an outer and inner rim. He also cast another sort without a rim called the female coin. The two sorts circulated together.

An iron Wu Zhu with four lines radiating from the corners of the hole on the reverse. Attributed to Emperor Wu of Liang in 523. By 535, the traders in Sichuan were complaining of the trouble of stringing together such a number of [cheap] coins, and of the large number of carts needed to transport them.

两柱五铢 Liang Zhu (Two Pillar) Wu Zhu. A dot above and below the hole on the obverse. Attributed to Emperor Yuan of the Liang Dynasty in 552. It was intended to be the equivalent of ten ordinary coins.

四柱五铢 Si Zhu (Four Pillar) Wu Zhu. Two dots on the obverse and reverse. Attributed to Emperor Jing of the Liang Dynasty in 557. Originally intended to be the equivalent of twenty ordinary coins, it soon became worth one. However, similar coins with dots have been found in tombs of a much earlier date.

陳五铢 Chen Wu Zhu. Stout outer rim, no inner rim. Top part of the zhu component square, bottom part round Attributed to Emperor Wen of the Southern Dynasties Chen Dynasty. Cast from Tian Jia 3 (562) One was worth ten small goose-eye coins.

永平五铢 Yong Ping Wu Zhu. Characters long and thin. Attributed to Emperor Xuan of the Northern Wei Dynasty, Yong Ping period (510).

大统五铢 Da Tong Wu Zhu. Stout outer rim, inner rim only by the wu. Crossing lines of wu straight. Attributed to Emperor Wen of the Western Wei Dynasty, Datong period (540).

西魏五铢 Western Wei Wu Zhu. Crossing lines of wu straight, inner rim by the wu only. Previously attributed to the Sui Dynasty, coins of this distinctive type were found within the tomb of HouYi of the Western Wei (535-56).

随五铢 Sui Wu Zhu. Hour glass wu, inner rim by the wu only. First cast by Emperor Wen in 581. After introducing these new coins, the Emperor ordered all the frontiers to hand over 100 cash as samples in 583, and the next year strictly forbade the circulation of old coins and commanded that when this was disobeyed, the responsible officials should be fined half a years salary. 1,000 coins weighed 4 jin 2 liang. Minting privileges were granted to several imperial princes during this reign.

白钱五铢 Bai Qian (White Coin) Wu Zhu. Writing as above. The whitish colour of this coin is due to the addition of lead and tin to the alloy, which was done officially from 585.

綖环五铢 Yan Huan (Fringe or Thread Ring) Wu Zhu. A Wu Zhu whose middle has been cut out to make two coins.

凿辺五铢 Zao Bian (Chiselled Rim) Wu Zhu. The inner portion of a Wu Zhu whose outer portion has gone to make a Thread Ring. Surviving moulds show that some Wu Zhus were actually cast like this.

鹅眼 E Yan (Goose Eye) or Ji Mu 鸡目 (Chicken Eye). Names given to various diminutive Wu Zhu coins. A common type with sharp legends has been found in Western Han tombs of 73-33 BC.

Small coins with no characters. Traditionally ascribed to 董卓 Dong Zhuo, who in 190 usurped the throne and melted down nine huge Qin Dynasty statues to make coins. Could well have been cast at other times.