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Ming Dynasty
Hongwu Tongbao
5 Cash
(Upward Peiping)
明
洪武通寶
當五
(背上北平)
Item number: A1252
Year: AD 1368-1398
Material: Bronze
Size: 39.92 x 39.44 mm
Weight: 14.97 g
Provenance: Da Chen Stamps and Coins Collection 2016
This is a bronze coin minted by Zhu Yuanzhang, the founder of the Ming Dynasty, after he ascended the throne in AD 1368. The coin bears the inscription “Hongwu Tongbao,” corresponding to his reign title.
The coin follows the typical design of square-holed coins. On the obverse side, the four characters “Hongwu Tongbao” are inscribed in regular script in the order of top, bottom, right, and left.
The reverse side of the coin features the inscription “Peiping” at the upper edge, indicating its minting location. In the first year of the Hongwu reign (AD 1368) during the Ming Dynasty, Xu Da captured Yanjing, after which the city was renamed Beiping Prefecture. In the third year of the Hongwu reign (AD 1370), Emperor Zhu Yuanzhang conferred the title of Prince of Yan upon his fourth son, Zhu Di, making Beiping Zhu Di’s base of operations.
In the first year of the Jianwen reign (AD 1399), feeling threatened by Emperor Jianwen’s policy of reducing princely powers (commonly known as the Shefan policy), Zhu Di launched the “Jingnan Campaign” under the pretext of “rectifying the emperor’s court.” Leading an elite army, he captured the capital, Yingtian Prefecture (modern-day Nanjing), whereupon Emperor Jianwen disappeared under mysterious circumstances. Zhu Di subsequently ascended the throne as the new emperor, adopting the era name Yongle. Beiping Prefecture was subsequently elevated to the status of the capital, Beijing.
In the 19th year of the Yongle reign (AD 1421), Zhu Di officially relocated the imperial capital from Nanjing to Beijing, a decision that had profound and lasting implications for the trajectory of Chinese history.
Zhu Yuanzhang, who came from a peasant and monk background, imposed numerous restrictions on merchants after establishing the Ming Dynasty. These measures were intended to prevent the exploitation of farmers and achieve the dual goals of state control over the population. To realise his ideal of a small-scale agrarian economy, Zhu Yuanzhang continued the coinage system he had used during his rebellion against the Mongols. He standardised the coinage into five denominations: “Small cash,” “two-fold cash,” “Three-fold cash,” “Five cash,” and “Ten cash.”
Zhu Yuanzhang’s coinage policy contradicted the principle that, with the growth of population and economic development, societal demand for currency would inevitably increase. Additionally, copper coins were impractical for large-scale long-distance trade. Despite Zhu Yuanzhang’s adoption of paper currency policies from the Yuan Dynasty and his further prohibition of copper coins in the 27th year of the Hongwu reign (AD 1394), these measures led to a social and economic crisis. It was not until AD 1408, during the reign of Zhu Yuanzhang’s son, the Yongle Emperor, that the issuance of copper coins was resumed.