Item number: A245

Year: AD 758-763

Material: Bronze

Size: 24.5 x 24.5 x 1.3 mm

Weight: 4.15 g

Provenance: Silverhouse 2022

This Qianyuan Chungbao is a copper coin minted in the first year of the Qianyuan reign of Emperor Suzong of Tang (AD 758), recommended by Diwu Qi, who served as the Deputy Imperial Censor, to raise military funds to suppress the An Lushan Rebellion. The coin is square-holed and features the inscription “Qianyuan Chungbao” in seal script, written in the order of top, bottom, right, left. The right half of the character “Qian” is abbreviated as a fish hook shape. “Chungbao” appearing on the coin marks the first instance in Chinese history where these two characters were used as the coin’s inscription, derived from the saying “Money is the important treasure of the country”.

The casting of Qianyuan Chungbao lasted for less than five years, yet it produced various modified versions, especially with different patterns on the reverse side, including stars, moons, auspicious clouds, and birds. The reverse side of the coin features a crescent moon design facing downwards, known in numismatics as a “descending crescent.”

In China, the crescent moon motif first appeared on coins during the Western Han period, and it was also present on the “Kaiyuan Tongbao” coins minted during the Tang Dynasty. However, this motif did not carry any substantial significance. Nevertheless, during the Tang Dynasty, the crescent moon motif acquired a mystical aura in folklore. It was believed that before the coin dies were submitted to the emperor for approval, the crescent moon imprint on them was left by a concubine’s fingernail. There were even variations of this tale, mentioning consorts such as Empress Wende, Empress Dowager Dou, and Consort Yang. Although this belief was debunked by Sima Guang during the Northern Song Dynasty, it continued to inspire literary works by later poets and writers.

Diwu Qi, with the compound surname “Diwu” and given name “Qi,” hailed from the capital Chang’an and gained a reputation for his competence from a young age. In the year AD 755, during the An Lushan Rebellion, Diwu Qi assisted the Prefect of Beihai Commandery, Helan Jing, in resisting the rebel forces. Subsequently, during an audience with Emperor Suzong of Tang, he took the opportunity to volunteer as a special envoy to assist the court in raising military funds.

Apart from monopolising the acquisition of salt and iron, Diwu Qi’s other measure was the minting of the Qianyuan Chungbao, a high-denomination currency with little intrinsic value. Initially, one Qianyuan Chungbao weighing 6.5 g could be exchanged for ten Kaiyuan Tongbao coins with a total weight of 40 g. Later, the weight of the Qianyuan Chungbao was reduced to 4 g, symbolising the state’s ability to gain ten times the profit from the public. In AD 759, Diwu Qi even minted the “Double-Wheeled Qianyuan Chungbao,” which had two circular wheels on the reverse side. Despite weighing only 12 g, it could be exchanged for fifty Kaiyuan Tongbao coins with a total weight of 200 g.

The minting of such high-denomination coins, which appeared substantial in face value but had limited actual worth, allowed for the rapid raising of urgently needed military funds in the short term. However, in the long run, it could lead to the phenomenon of “Money illusion,” causing inflation.

Subsequently, with numerous private imitations of the Qianyuan Chungbao emerging, the government imposed severe punishments and further reduced the weight of the coins to discourage private minting. However, the effectiveness of these measures was extremely limited. According to records in the “Old Book of Tang,” many large bells and Buddha statues in temples within Chang’an city were melted down for the purpose of private coin minting, indicating widespread illicit activities in society. This resulted in a bizarre phenomenon where the weight of the Qianyuan Chungbao ranged from as heavy as 40 g to less than 1 g. The “Catalogue of Qianyuan Chungbao” by Japanese coin collector Shoji Yoshida documents as many as 667 varieties of these coins.

Ultimately, in the first year of the Guangde era (AD 763), Emperor Dezong of Tang issued a decree to halt the minting of the Qianyuan Chungbao. Diwu Qi, who had suffered political setbacks, was exiled to the borderlands of present-day Guizhou. It was not until the later years of Emperor Dezong’s reign that he was reinstated to his former position.

物件編號: A245

年代: 公元 758-763 年

材料: 青銅

尺寸: 24.5 x 24.5 x 1.3 mm

重量: 4.15 g

來源: 銀家聯合幣鈔公司 2022

這是一枚唐肅宗乾元元年(公元758年)，時任御史中丞的第五琦建議下，為籌措軍費以平定安史之亂的「乾元重寶」銅幣。錢幣的型制為方孔錢，正面以隸書按上下右左順序寫有「乾元重寶」四字，「乾」字的右半邊省略為魚鉤狀。乾元重寶亦是中國歷史上，首次將「重寶」兩字作為錢文的貨幣，出自「錢，國之重寶」典故。

乾元重寶鑄造歷時不滿五年，卻有多種變形版本，尤其錢幣背面有不同圖案，常見者有：星、月、祥雲、雀鳥等不同圖飾。該硬幣背面是一個面向下方的新月紋飾，錢幣學稱其為「俯月」。

中國最早在西漢時期就已出現新月圖案的錢幣，唐朝鑄造的「開元通寶」亦有新月圖案，皆沒有任何實質的特殊意義。不過新月圖案在唐朝卻被賦予神秘的色彩，民間流傳是錢模送交皇帝批准前，某一位后妃所留下的指甲印，甚至還出現文德皇后、竇皇后和楊貴妃三種說法。這種說法雖然在北宋已經為司馬光考證為無稽之談，但後世仍有文人以此作為詩詞創作的靈感。

第五琦，複姓「第五」，名「琦」，出身京兆長安，少時便以能幹而知名。公元755年，安史之亂爆發後，第五琦輔佐北海郡太守賀蘭敬抵擋叛軍。後續覲見唐肅宗之際，乘機毛遂自薦擔任專使協助朝廷籌措軍費。第五琦壟斷鹽鐵收購外，另一項措施是鑄造虛值大錢的乾元重寶，起初以一枚重6.5克的乾元重寶兌換市面總重量為40克的十枚開元通寶。後續乾元重寶的重量還下調至4克，代表國家能從民間拿到十倍的利潤。公元759年，第五琦更鑄造背面有兩道錢輪的「重輪乾元重寶」，重量僅有12克卻能兌換五十枚開元通寶(總重量為200克)。鑄造這種面額看似龐大，實際價值卻極為有限的錢幣，雖然能在短期籌措到亟需的軍費，長期下來卻會造成通貨膨脹的「貨幣幻覺」現象。

後續民間紛紛仿鑄乾元重寶，政府祭出嚴厲的懲罰外，更進一步降低錢幣重量以期待私鑄者無利可圖，效果卻極為有限。據《舊唐書》紀載，長安城內寺廟的大鍾和佛像多被熔毀用以私鑄貨幣，社會上鋌而走險者不可勝數。這也導致乾元重寶最重者達到40克，最輕者卻不足1克的怪象產生。日本錢幣收藏家吉田昭二著作的《乾元重寶錢譜》，整理的種類有高達667種之譜。最終廣德元年(公元763年)，繼位的唐代宗下詔停止鑄造乾元重寶，政治鬥爭失利的第五琦也被流放到今日的貴州邊疆，直到唐代宗晚期才重新被起用。