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Warring States Period
Round Square Hole Money-I Sze Hou
State of Qin
戰國時期
方孔圜錢賹四化
秦國造
Item number: A1261
Year: 285-221 BC
Material: Bronze
Size: 30.5 x 29.5 x 1.4 mm
Weight: 6.05 g
Provenance: Da Chen Stamps and Coins Collection 2016
This is a round square hole money, “I Sze Hou” minted by the Qin state during the Warring States period. The coin is round with a square hole in the centre. On the obverse side, the characters “賹” and “四化” are cast in seal script on the left and right sides, with an ancient and simple appearance. The reverse side is blank.
“I Sze Hou” is actually a type of round money minted and issued by the Qi state. The character “賹” is a weight unit used by Qi, where 1 “賹” is equivalent to 20 or 24 liang, while “化” is a monetary unit used by Qi for both knife money and round money. For example, “I Sze Hou” is worth four knife coins. The reason why the Qin state also minted “I Sze Hou” is that, during its campaigns against the other six states, Qin employed a strategy of currency warfare to disrupt the economies of its rivals. For instance, Qin minted copper shell money and round money of the Chu state to challenge its economic interests. It is speculated that the “I Sze Hou” minted by Qin was part of this monetary war against the Qi state.
Round Money (圜錢) evolved from shell money. Archaeologists have discovered a type of finely cut and polished round shell with a central hole, which was used as currency in ancient times. Later, during the Eastern Zhou Dynasty, these shell monies were cast in copper, forming the prototype of the round money. Early round monies were without inscriptions, featuring a central hole, one side convex and the other flat. Over time, they gradually evolved into square-holed round monies. By the early Eastern Zhou period, round monies with inscriptions began to appear, and by the early Warring States period, their circulation reached its peak. However, as various states’ governments forced the round money to be made heavier and more valuable, the production costs of these coins increased. Additionally, the regions where round money circulated often became battlegrounds during wars between states. As a result, round money makers were forced to continually reduce the weight of round money until it could no longer be decreased, leading to their eventual extinction.