Item number: A1604

Year: 254-222 BC

Material: Bronze

Size: 20.4 x 19.7 x 0.8 mm

Weight: 2.0 g

Provenance: Da Chen Stamps and Coins Collection 2014

This is a square-holed round coin, known as “Yi Hua” (一化), minted by the state of Yan during the Warring States period. The coin exhibits a circular shape with a square perforation at its centre, complete with an outer rim and an inner boundary. On the obverse, the inscriptions “Yi” (一) and “Hua” (化) are cast in seal script from right to left, while the reverse remains unadorned, bearing only the patina formed over centuries due to oxidation.

The “Yi Hua” was a type of round coin minted and circulated during the late Yan period. The character “Hua” (化)—which some scholars suggest might actually read “Dao” (刀)—was originally a monetary unit used in the state of Qi for both knife-shaped coins and round coins. Previously, Yan had circulated “Ming Si” (明四) and “Ming Hua” (明化) round coins, evidently borrowing nomenclature from Qi’s “Ming Dao” (明刀) knife coins. During the intense struggles of the Warring States era, the Qin state engaged in economic warfare by producing counterfeit currency to be introduced into rival states, triggering inflation, currency devaluation, and a decline in monetary credibility. A similar case is seen in Qin’s production of “Yi Hua” (賹化) imitations of Qi coinage. The proliferation of substandard currency in the market led to Gresham’s Law, where “bad money drives out good money”—higher-quality coins were either hoarded or melted down for recasting, thereby withdrawing from circulation. In Yan, the progression from “Ming Si” and “Ming Hua” to “Yi Hua” was accompanied by a significant reduction in weight, as evident from unearthed artifacts. Based on archaeological findings, “Yi Hua” was likely minted during the reign of Yan’s last monarch, King Xi of Yan (燕王喜), characterised by irregularities in coin diameter, casting quality, and weight.

Round coins evolved from cowrie shell currency. Archaeologists have previously excavated carefully polished circular shells with central perforations, which were once used as a form of money in antiquity. During the Shang dynasty, this cowrie currency was gradually replaced by metal imitations, which later developed into round coins. Early round coins lacked inscriptions and featured a central circular hole, with one side convex and the other flat. Over time, they evolved into the square-holed variety. By the early Eastern Zhou period, round coins with inscriptions began to appear, reaching their peak circulation in the early Warring States period. Due to their convenience for stringing, carrying, and counting, round coins became widely used and eventually served as the prototype for the Wu Zhu (五銖) coins of later dynasties.

物件編號: A1604

年代: 公元前 254-222 年

材質: 青銅

尺寸: 20.4 x 19.7 x 0.8 mm

重量: 2.0 g

來源: 大城郵幣社 2014

這是一枚戰國時期燕國所鑄的方孔圜錢「一化」。錢面呈圓形、方形穿孔，外輪內廓俱全。錢幣正面由右至左分別有以篆字所鑄之「一」、「化」字樣，背面光素無文，僅有因年代久遠而形成的銅鏽。

「一化」是一種燕國末期鑄造並發行之圜錢，而「化」(亦有學者認為是該幣幣文為「刀」)，本是齊國用於刀幣和圜錢的貨幣單位。原先燕國通行「明四」、「明化」圜錢，便顯然是齊國「明刀」刀幣名稱的挪用。於戰國逐鹿中，秦國大量發行敵國偽幣進入市場，使敵國通貨膨脹、貨幣貶值，貨幣信譽受損，如秦造「賹化」齊幣亦是如此。市場上氾濫的劣幣會造成「劣幣驅逐良幣」的現象，成色好的錢幣會被收藏或重新鎔鑄，退出市場。在燕國，從早期「明四」、「明化」發展到「一化」，可以從出土文物觀察到發生了劇烈的減重。依據出土文物，應為燕國末代君王燕王喜在任期間所鑄造的「一化」，更是錢徑、鑄工與重量皆良莠不齊。

圜錢是由貝幣所蛻變出的貨幣，過去考古學者出土過一種剪磨精整的圓形貝殼，中央則有一個圓形穿孔，是古人所流通的一種貨幣。後來這種貝幣到殷商變成以銅鑄造，就成了圜錢的原形。早期圜錢並無文字，中央為圓孔，一側凸起、一側扁平，之後逐漸演變出方孔型的圓錢。約東周初年時開始出現有字的圜錢，在戰國初期其流通程度到達高峰。圜錢因便於穿索攜帶、清點的特性而被廣泛使用，成為後世五銖錢的原型。