Item number: A2796

Year: AD 1094-1098

Material: Iron

Size: 33.9 x 33.7 x 2.4 mm

Weight: 11.45 g

Provenance: Fuchin Coin 2020

This coin is presumed to be a “Shaosheng Tongbao” zhe’er iron coin, cast during the reign of Emperor Zhezong of the Northern Song dynasty between the first and fifth years of the Shaosheng era (AD 1094 to 1098). The term “zhe’er” indicates a denomination equivalent to two small standard coins.

The coin adopts the traditional form of the Han cultural sphere, consisting of a round shape with a square central aperture. The obverse bears the inscription “Shaosheng Tongbao” in semi-cursive script, to be read in a clockwise direction starting from the top. The character “Sheng” is relatively broad on both sides, with its upper and lower halves being proportionally balanced in width. The reverse is plain and uninscribed.

During the Northern and Southern Song dynasties, the casting of iron coinage arose primarily due to copper shortages and mounting military expenditure. Particularly in the mid-to-late Northern Song period, frequent conflicts in the northwest compelled the central government to adopt iron coinage in regions such as Shaanxi, Hedong, and Liangzhe, both to conserve copper for weaponry and to exert economic control over border areas. Iron coins were inexpensive to produce and easily smelted, proving effective in the short term. However, their poor quality, limited durability, tendency to corrode, and inconvertibility with copper coins resulted in market disorder, price volatility, and widespread public discontent. The Southern Song continued this policy, with iron coinage extensively issued in Sichuan and Liangzhe, yet circulation difficulties persisted. Instances of unauthorised local smelting and casting emerged, exacerbating monetary instability. In essence, iron coinage was a provisional solution to fiscal strain under the Song, sufficient for short-term demand but ultimately detrimental due to its inferior material and systemic weaknesses, contributing to economic hardship and eroding public confidence in the state.

Zhe’er iron coins circulated primarily in the later Northern Song period within the Shaanxi Circuit (encompassing present-day Shaanxi and eastern Gansu). Owing to the acute scarcity of copper in the northwest and the heavy burden of military spending, the court substituted copper with iron for coin production to conserve essential resources. The iron coinage system also served to centralise control over military provisioning. The government concurrently implemented measures to prohibit the flow of copper coins from the Central Plains into Western Xia, aiming to weaken the enemy’s economy and prevent the outflow of strategic materials. Nevertheless, the intrinsic flaws of iron coinage—its susceptibility to degradation and unsuitability for long-distance circulation—significantly hindered regional commerce. The value disparity and unstable exchange rate between iron and copper coinage further disrupted monetary stability and eroded public trust in currency. In combination with inconsistent central economic policies and the failure to establish a stable system of exchange and supply, these issues ultimately undermined frontline morale.

Emperor Zhezong of Song (reigned AD 1085–1100), personal name Zhao Xu, was the seventh emperor of the Song dynasty. Ascending the throne at the age of nine, his early reign was under the regency of his grandmother, Empress Dowager Gao, who presided over a conservative administration led by Sima Guang and other opponents of Wang Anshi’s reforms. This period, known as the “Yuanyou Restoration,” was marked by the reversal of New Policies. Following the Empress Dowager’s death, Zhezong assumed personal rule and reversed course, reinstating reformist policies under the leadership of Zhang Dun in what became known as the “Shaosheng Renewal.” Zhezong was known for his obstinate and autocratic character, favouring harsh ministers, which contributed to political instability and intensification of factional conflict. Diplomatically, he maintained peace with the Liao dynasty but launched several unsuccessful military campaigns against Western Xia. His reign was marked by domestic unrest and increasing fiscal pressure and is widely regarded as a significant turning point in the decline of the Northern Song. Zhezong died in the third year of the Yuanfu era (AD 1100) without an heir, and the throne passed to his younger brother Zhao Ji, later Emperor Huizong.

物件編號: A2796

年代: 公元 1094-1098 年

材質: 鐵

尺寸: 33.9 x 33.7 x 2.4 mm

重量: 11.45 g

來源: 福君錢幣 2020

此錢應為「紹聖通寶」折二鐵錢，於北宋哲宗紹聖元年至紹聖五年(公元1094至1098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之方孔圓錢。錢面錢文為「紹聖通寶」行書，自上順時針旋讀。「聖」字左右較寬，且上半與下半寬度較平均。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。

宋哲宗(公元1085 年至1100年在位)，名趙煦，為宋朝第七位皇帝。哲宗即位時年僅九歲，由祖母宣仁聖烈皇后(高太后)垂簾聽政，初期政局由司馬光等新舊黨爭中的舊黨主導，推行「元祐更化」，廢止王安石變法。太后去世後，哲宗親政，轉而重用章惇等新法派，恢復變法政策，史稱「紹聖紹述」。哲宗個性剛愎自用，政治風格偏向任用嚴厲之臣，造成朝政動盪，黨爭激烈。外交上與遼國維持和議，對西夏則數次用兵，但戰果有限。哲宗時期內政不穩，財政日益緊張，是北宋由盛轉衰的重要轉折時期之一。他於元符三年(公元1100年)駕崩，無子，由其弟趙佶(即宋徽宗)繼位。