Item number: A2736

Year: AD 1111-1118

Material: Iron

Size: 31.7 x 31.7 x 2.8 mm

Weight: 10.8 g

Provenance: Da Chen Stamps and Coins Collection 2020

This piece is believed to be a “Zhenghe Tongbao” zhe’er (value two) iron coin, and is presumed to be a tin-alloyed specimen. It was minted during the reign of Emperor Huizong of the Northern Song dynasty, specifically from the first to the eighth year of the Zhenghe era (AD 1111–1118). The designation “zhe’er” indicates that it was valued at twice the denomination of a standard small coin.

The coin adopts the traditional form of a square-holed round coin characteristic of the Han cultural sphere. Both the obverse and reverse exhibit an outer rim and an inner border. The obverse inscription reads “Zheng He Tong Bao” in clerical script, arranged vertically from top to bottom and read from right to left. The character forms are deeply incised and sharply defined, with none of the four characters connecting to the central square hole or the surrounding rim. In particular, the “he” character features a horizontally compressed “kou” radical, referred to in numismatics as “flat-mouthed he.” A reflective greyish-white spot appears at the upper right of the obverse, possibly caused by the emergence of tin on the surface due to long-term environmental exposure, resulting in a thin layer of tin oxide; this phenomenon is known in numismatic terminology as “mercury patina.” The reverse is plain and without inscription.

During the Song period, the widespread use of iron coinage was primarily driven by copper shortages and mounting military expenditure. Particularly in the mid to late Northern Song, as warfare intensified in the northwest, the central government implemented iron coinage policies in regions such as Shaanxi, Hedong, and Liangzhe, aiming to conserve copper for weaponry and control frontier economies. Iron coins, being low-cost and easy to smelt, initially yielded practical benefits. However, their coarse quality, susceptibility to rust, and poor transportability severely impeded circulation. Furthermore, their inability to maintain parity with copper coins destabilised the market, causing price volatility and widespread public discontent. The Southern Song continued this policy in areas like Sichuan and Liangzhe, yet circulation issues persisted. Instances of unauthorised private iron coin casting emerged, exacerbating currency disequilibrium. In sum, iron coinage represented an expedient fiscal response under duress, capable of temporarily easing currency shortages but ultimately undermining public confidence and exacerbating economic hardship due to its inferior quality and systemic flaws.

The zhe’er iron coins circulated mainly in the late Northern Song across the Shaanxi Circuit, covering present-day Shaanxi and eastern Gansu. Owing to the copper scarcity and high military expenses in the northwestern frontier, the court resorted to minting iron coins as a cost-saving measure and to centralise control over military supply chains. Simultaneously, the inflow of copper coins into the Western Xia border was prohibited to weaken the enemy’s economy and restrict material outflow. Yet the inherent flaws of iron coinage—its fragility, impracticality for long-distance transport, and lack of public trust—posed significant challenges to regional markets. The inconsistent conversion rates between iron and copper coinage further destabilised the monetary system. The central government’s erratic economic policies and failure to establish a stable exchange and supply mechanism ultimately weakened frontline morale.

During the Chongning era of the Northern Song dynasty (AD 1102–1106), Cai Jing implemented the circulation of tin-alloyed iron coins, initially casting them in Shaanxi. An imperial edict stipulated that each coin was to be valued at two copper cash, reflecting its relatively high nominal value at the time of introduction. The policy was subsequently extended to other regions, and further issues were minted during the Zhenghe and Xuanhe periods. Most of these coins bore the denomination of zhe-er, or “equivalent to two cash.” However, the currency soon lost credibility in circulation, becoming intermixed with older iron coins, and its actual value gradually declined. According to the Shihuo Dian, the zhe-er iron coins used in Shaanxi at that time were worth only one copper cash on the market, indicating a significant depreciation in their purchasing power. The court consequently declared the tin-alloyed coins equivalent to zhe-er iron coins in official use, thereby shifting their standard of valuation from copper to iron.

Emperor Huizong of Song, Zhao Ji (reigned AD 1103–1135), was the eighth emperor of the Northern Song dynasty. He was renowned for his mastery of painting and calligraphy, creating the celebrated “Slender Gold” script and leaving a lasting legacy in Chinese art history. However, his reign was politically disastrous. He placed excessive trust in ministers such as Cai Jing and Tong Guan, leading to governmental corruption and mismanagement. During the Zhenghe era, he formed the maritime alliance with the Jin dynasty to jointly destroy the Liao regime, inadvertently inviting Jin aggression against the Song. In AD 1126, the capital Bianjing fell in the Jingkang Incident, and in the following year, Huizong, along with his son Emperor Qinzong and members of the royal family, was captured and exiled to Wuguo Fortress in the north, marking the fall of the Northern Song. Huizong died in captivity.

物件編號: A2736

年代: 公元 1111-1118 年

材質: 鐵

尺寸: 31.7 x 31.7 x 2.8 mm

重量: 10.8 g

來源: 大城郵幣社 2020

此錢應為「政和通寶」折二鐵錢，疑為夾錫錢。於北宋徽宗政和元年至政和八年(公元1111至1118年)間鑄造。「折二」意即可折二枚小平錢。

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「政和通寶」，隸書，自上而下、自右而左對讀。字口深峻，四字均未接穿連輪。「和」字「口」旁上下較短，稱「扁口和」。錢面右上有反光之灰白斑，疑為錫在特定保存環境中析出於表面，形成氧化錫膜所致，錢幣學中稱「水銀古」。錢背光素無文。

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。

折二鐵錢主要流通於北宋後期的陝西路(今陝西及甘肅東部地區)。由於西北邊地銅源匱乏、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。

北宋崇寧年間，蔡京推行夾錫鐵錢，初於陝西鑄行，詔定一枚當二文銅錢，反映其初期法定價值相對較高。其後擴及多地，政和、宣和年間續有鑄造，面額多標為折二。然流通不久即因信用不繼，與舊鐵錢混雜使用，實值漸失。《食貨典》載，當時陝右所用折二鐵錢，在市價上僅當一文銅錢，顯示其購買力大幅貶損。朝廷遂將夾錫錢視同折二鐵錢通行，原權銅改為權鐵。

宋徽宗趙佶(公元1103至1135年在位），北宋第八位皇帝。他精於書畫，創「瘦金體」，留名於中國藝術史。然其政治昏庸，寵信蔡京、童貫等人，國政敗壞。政和年間與金國締結海上之盟，聯金滅遼，終致引金兵南侵。靖康元年(公元1126年)汴京陷落，翌年徽宗與欽宗等人被俘北遷五國城，北宋滅亡，徽宗並卒於幽禁。