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. This coin belongs to the common type without any patterns on the reverse side.
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.
