Item number: A2798

Year: AD 1086-1094

Material: Iron

Size: 33.5 x 33.7 x 2.4 mm

Weight: 11.9 g

Provenance: Fuchin Coin 2020

This coin is a “Yuanyou Tongbao” zhe’er (value-two) iron coin. It would have been cast between the first and eighth years of the Yuanyou era under Emperor Zhezong of the Northern Song dynasty (AD 1086–1093). The designation “zhe’er” indicates that the coin was worth the equivalent of two small-denomination 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 “Yuanyou Tongbao” in seal script, to be read in a clockwise direction starting from the top. The characters are orderly and well-balanced in form. The reverse is plain and uninscribed.

The widespread issuance of iron coinage during the Northern and Southern Song dynasties was primarily a response to shortages in copper resources and rising military expenditure. In the mid to late Northern Song period, as warfare intensified in the northwest, the central government implemented iron coinage policies in regions such as Shaanxi, Hedong, and Liangzhe to conserve copper for armaments and to exert tighter control over frontier economies. Iron coins, being inexpensive and easy to smelt, initially proved effective. However, their poor quality, limited durability, susceptibility to corrosion, and lack of parity with copper coins led to severe issues in circulation. These included market confusion, price instability, and widespread public dissatisfaction. The Southern Song inherited this system and continued to mint large quantities of iron coins in regions like Sichuan and Liangzhe, but circulation difficulties remained unresolved. In some areas, private iron coin casting became rampant, further exacerbating monetary instability. Overall, iron coinage functioned as a temporary fiscal solution under duress, capable of meeting short-term monetary demands but ultimately undermining public confidence and contributing to fiscal disarray due to its inferior quality and flawed policy design.

Zhe’er iron coins were primarily circulated in the later Northern Song period in the Shaanxi Circuit (encompassing present-day Shaanxi and eastern Gansu). Owing to the scarcity of copper in the northwest and the burden of military expenditure, the court turned to iron for coin production to conserve copper, while also using the iron coinage system to centralise control over military provisioning. Copper coin inflows into the Western Xia frontier were prohibited to weaken the enemy’s economy and prevent resource leakage. However, the fragile nature of iron coins, coupled with their limited portability, severely hindered local markets. The fluctuating exchange rates between iron and copper coins further destabilised the monetary system and eroded public trust. Combined with inconsistent central economic policies and the absence of a stable exchange or goods supply framework, these factors ultimately undermined morale on the front lines.

Emperor Zhezong of Song, Zhao Xu (r. AD 1085–1100), was the seventh emperor of the Song dynasty. He ascended the throne at the age of nine under the regency of his grandmother, Empress Dowager Gao (Xuanren Shenglie). During the early years of his reign, the government was dominated by conservative ministers such as Sima Guang, who led the Yuanyou Reforms, effectively repealing the New Policies introduced by Wang Anshi. After the empress dowager’s death, Zhezong assumed direct rule and reversed course by reinstating the New Policies under reformist officials such as Zhang Dun, a political shift referred to as the Shaosheng-Shaoshu Restoration. Zhezong’s temperament was considered obstinate and self-willed, and his preference for strict and authoritarian ministers led to political instability and intensified factional strife. Diplomatically, he maintained peace with the Liao dynasty but launched several military campaigns against the Western Xia, with limited success. His reign marked a turning point in the decline of the Northern Song, characterised by internal disorder and growing fiscal stress. Zhezong died in the third year of the Yuanfu era (AD 1100) without an heir and was succeeded by his younger brother Zhao Ji, later known as Emperor Huizong.

物件編號: A2798

年代: 公元 1086-1094 年

材質: 鐵

尺寸: 33.5 x 33.7 x 2.4 mm

重量: 11.9 g

來源: 福君錢幣 2020

此錢為「元祐通寶」折二鐵錢。於北宋哲宗元祐元年至元祐八年(公元1086至1093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。錢面錢文為「元祐通寶」，篆書，自上順時針旋讀，字體端整。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。