Item number: A2734

Year: AD 1044-1048

Material: Iron

Size: 34.4 x 34.3 x 2.7 mm

Weight: 14.7 g

Provenance: Da Chen Stamps and Coins Collection 2020

This coin is believed to be a “Qingli Tongbao” zhe-shi (value-ten) iron coin. It was cast during the reign of Emperor Renzong of the Northern Song dynasty, specifically between the fifth and eighth years of the Qingli era (AD 1044–1048). The designation “zhe-shi” denotes a nominal value equivalent to ten small-denomination copper coins.

The coin follows the traditional form of square-holed round coinage within the Han cultural sphere. Both the obverse and reverse display raised outer rims and inner borders. The obverse inscription reads “Qingli Chongbao”, written in regular script, and is read vertically from top to bottom and from right to left.

The circulation of iron coinage during the Northern and Southern Song dynasties was primarily driven by a shortage of copper resources and increasing military expenditures. In the mid to late Northern Song period, frequent military conflicts in the northwest prompted the central government to implement iron coinage policies in regions such as Shaanxi, Hedong, and Liangzhe, aiming to conserve copper for weaponry production and to strengthen control over frontier economies. Iron coins were inexpensive to produce and easy to smelt, and initially showed some effectiveness. However, their coarse quality, limited durability, susceptibility to corrosion, and inability to maintain parity with copper coins led to market disorder, price fluctuations, and widespread public dissatisfaction. The Southern Song continued these policies and minted large quantities of iron coins in regions like Sichuan and Liangzhe, yet the difficulties in circulation remained unresolved. In some areas, private smelting and coin casting emerged, further exacerbating monetary instability. On the whole, iron coinage represented a pragmatic solution to fiscal strain under the Song, serving short-term monetary needs but ultimately undermining public trust and contributing to socioeconomic hardship due to its poor quality and flawed systemic design.

Large denomination Iron coins circulated primarily in later Northern Song times in the Shaanxi regions. In Shaanxi, the frontier shortage of copper and the burden of military costs led the court to adopt iron as a substitute coinage material, enabling the central government to centralise military provisioning. The state further prohibited the inflow of copper coinage into Western Xia territories, aiming to weaken rival economies and prevent material leakage. However, the inherent fragility and poor portability of iron coins significantly impeded local markets. Disparities in value and exchange rates between iron and copper coinage triggered further monetary disequilibrium, diminishing public confidence in the currency. Inconsistencies in economic policy and the failure to establish a stable exchange and supply system ultimately impacted frontline morale.

During the Qingli era, owing to ongoing border conflicts with the Western Xia and the Liao dynasty, large-denomination iron coins such as the value-ten series were issued to “support military expenditures in the Guanzhong region”. By the end of the Qingli period, widespread illicit casting by unscrupulous individuals and the resulting depreciation of value led to a devaluation of the zhe-shi coins to the value-three level. During the Huangyou era, they were further devalued to the value-two level.

Emperor Renzong of Song, Zhao Zhen (r. AD 1022–1063), was the fourth emperor of the Northern Song dynasty. His reign was marked by political stability and relative prosperity, known in historiography as the “Flourishing Governance of Renzong”. Politically, he promoted civil administration and appointed renowned ministers such as Fan Zhongyan, Bao Zheng, Han Qi, and Ouyang Xiu. These figures advanced reforms in the imperial examination and administrative systems, laying the groundwork for later reforms under the Xining era, despite facing resistance from conservative factions. Emperor Renzong was known for his lenient and benevolent temperament, often tolerant toward his officials and receptive to remonstrance. Although partisan conflicts occasionally disrupted court politics, overall governance remained stable. Renzong personally adjudicated many judicial injustices and promoted Confucian values and frugality. In foreign affairs, he maintained peaceful relations with both the Liao and Western Xia dynasties, avoiding large-scale wars and securing border stability through annual tribute payments. His reign also witnessed cultural flourishing, with a remarkable output of literary talent, marking a mature phase of Song political and cultural development.

物件編號: A2734

年代: 公元 1044-1048 年

材質: 鐵

尺寸: 34.4 x 34.3 x 2.7 mm

重量: 14.7 g

來源: 大城郵幣社 2020

此錢應為「慶曆通寶」折十鐵錢。於北宋仁宗慶曆五年至慶曆八年(公元1044至1048年)間鑄造。「折十」意即可折十枚小平錢。

錢幣形制為漢文化圈傳統的方孔圓錢，錢面錢幕均具外輪及內廓。錢面錢文為「慶曆重寶」，楷書，自上而下、自右而左對讀。

兩宋時期，鐵錢的鑄行主要緣於銅資源緊張與軍費壓力，尤其在北宋中後期，隨著西北戰事頻仍，中央為節銅以供軍器及控制邊地經濟，遂於陝西、河東、兩浙等地推行鐵錢政策。鐵錢成本低廉，冶煉便捷，初期頗具成效，然因其質地粗劣、難以長途流通、易生鏽蝕，加之無法與銅錢等值兌換，致使市場混亂，物價波動，民間怨聲載道。南宋承北宋之制，於四川、兩浙等地仍大量鑄行鐵錢，但流通困難依舊未解，民間甚至出現冶鐵自鑄之風，進一步加劇貨幣失衡。整體而言，鐵錢反映了兩宋財政壓力下的權宜之計，雖能短期補足貨幣需求，卻因品質與制度設計不善，最終成為加重民困與削弱政權信任的因素之一。

大值鐵錢主要流通於北宋中後期的陝西地區。由於邊地銅源匱乏、軍費沉重，朝廷轉以鐵為材鑄錢以節省銅料，並透過鐵錢制度集中軍需支配權。並禁止中原地區的銅錢流入西夏邊境，藉以削弱敵對政權的經濟能力並防止物資外流。然而，鐵錢本身因易於朽壞、難以長距離攜行，對地方市場造成極大阻礙；其與銅錢間的價差與匯率混亂進一步引發通貨失衡，削弱民間對貨幣的信任。加以中央經濟政策反覆無常，未能有效建立穩定的兌換與物資供應體系，最終影響到了前線士氣。

慶曆年間，由於北宋與西夏、遼國的邊境衝突，故鑄當十大鐵錢，「助關西軍費」。慶曆末，由於「奸人盜鑄，其用日輕」，以折十錢改值折三，皇祐年間又改為折二。

宋仁宗趙禎(公元1022–1063年在位)，是北宋第四位皇帝。仁宗統治時期國力穩定，社會相對繁榮，史稱「仁宗盛治」。政治上，他推崇文治，重用范仲淹、包拯、韓琦、歐陽修等名臣，推動科舉與制度改革，雖屢遭保守勢力反對，但為後世熙寧變法奠定基礎。仁宗性格寬厚仁慈，對臣下多寬容，善於納諫，儘管治下黨爭時起，但整體政局安定。他任內多次親自裁決冤獄，並提倡儒學與。節儉在外交上，與遼、西夏維持和議，避免大規模戰爭，透過歲幣換取邊境和平，形成北宋中期的穩定局面。仁宗時期文化興盛，文人輩出，是宋代政治與文化的成熟階段。