Item number: A2968

Year: AD 1912-1928

Material: Brass

Size: 27.7 x 27.7 x 1.2 mm

Weight: 6.2 g

Provenance: Spink 2023

This is a privately cast ten-cash copper coin, modelled after the founding commemorative coin issued by the Ministry of Finance of the Republic of China between AD 1912 and AD 1928.

On the obverse, the central inscription reads “Ten Cash” in regular script, with thick, bold strokes. It is flanked on both sides by clusters of grain and foliage; however, the rice stalks have been omitted. The leaves are tied together at the bottom with tasselled cords forming a complete circular loop. A thin ring separates the central motif from the outer legend. In the original version, the upper perimeter bore the inscription “THE REPUBLIC OF CHINA”, representing the national title “Zhonghua Minguo”, but on this specimen, it is only faintly legible as “IIIE ∩EPUCIIC OI CIIINΛ”. The two lines of text are separated on both sides by four-dot floral motifs. At the bottom, where the original should read “TEN CASH”, this coin bears a distorted inscription approximately reading “IEN CΛSII”.

The reverse features a pair of crossed flags at the centre. The flag on the right is the Five-Coloured Flag used during the Beiyang Government period, symbolising the unity of five ethnic groups. The flag on the left is the Iron-Blood Eighteen-Star Flag, representing the federated republic of the eighteen Han provinces after the Wuchang Uprising. On this coin, the original star rays of the Eighteen-Star Flag have been altered to a petal-like outline delineated with raised curved lines, forming nine petals with eight terminal dots. At the centre appears a cluster resembling raised nine points, yet lacking a central dot. The two flags are crossed and tied with tasselled cords into a knot composed of four loops, with tassells hanging downward. The cord knot is intertwined. A beaded ring separates the inner design from the outer legend. Along the upper perimeter is the national title “Zhonghua Minguo” (“Republic of China”). On each side, five-petal floral ornaments composed of six dots are placed to separate the two lines of text. The lower perimeter bears the inscription “Founding Commemorative Coin”, though the characters are blurred and indistinct, with dispersed and degraded strokes.

The rims on both obverse and reverse feature a raised ring, interspersed with square denticles or inward-facing bead-like points. The coin edge is flat, smooth, and without decoration. This coin may have been recast from a circulation coin using sand casting, or altered by a worker unfamiliar with English who attempted to enhance illegible or faint inscriptions during the sand-moulding process. Consequently, numerous errors and omissions are present.

In AD 1912 (1st year of the Republic), the Republic of China was established, marking the end of monarchy and the rise of republican governance. The new government decided to issue “Founding of the Republic Commemorative Coins” to promote republican ideals, stabilise public sentiment and finances, and to replace the traditional Chinese cash coins with square holes. The form and style of the new coinage aligned with international monetary standards. The initiative was first led by the Nanjing Provisional Government and subsequently continued under the Beiyang Government. Thereafter, due to prolonged political instability and the fragmentation of authority among regional warlords, copper coins, though nominally auxiliary currency, in practise formed a separate monetary system. Their exchange rate with the silver-based primary currency fluctuated constantly. Coin designs varied across regions, and there were considerable differences in minting quality and copper composition. The units of denomination were also diverse and complex, including wen, mei, fen, li, and xian. In AD 1935 (24th year of the Republic), the Nationalist government initiated further monetary unification, designating the Shanghai Mint as the sole institution authorised to issue coinage, thereby bringing an end to the copper coin system inherited from the late Qing dynasty and ushering in the era of legal tender currency.

In addition to disorder caused by a lack of central authority and rampant private minting, large-scale unauthorised official imitations also existed. In AD 1920 (the 9th year of the Republic), General Kong Fanjin, then Commander of the Longnan Garrison, was stationed in Tianshui. He ordered the mass sand-casting of imitation ten-cash and twenty-cash coins modelled after other provinces, with extremely poor craftsmanship and materials, to make up for fiscal shortages. This illicit minting continued for five years. In AD 1924, after acquiring new machinery, Kong shifted production to larger denominations—fifty-cash and one-hundred-cash coins—intended for sale and recasting. Ironically, the so-called “Tianshui sand-cast” inferior coins have become rare survivors and valuable artefacts for numismatic study today.

物件編號: A2968

年代: 公元 1912-1928 年

材質: 黃銅

尺寸: 27.7 x 27.7 x 1.2 mm

重量: 6.2 g

來源: 斯賓克拍賣行 2023

這是一枚以財政部於公元1912至1928年所發行之開國紀念幣之幣圖為範，私鑄之十文銅元。

銅元正面中央幣文為「十文」楷書，文字粗壯，兩側以嘉禾及草葉簇擁，稻桿被略去，兩側草葉於下方以纓相繫，結環呈圓。以細環相隔，外圈上方原環列英文「THE REPUBLIC OF CHINA」即國號「中華民國」，此幣則為「IIIE ∩EPUCIIC OI CIIINΛ」；以四點花飾分列兩側，相隔兩行幣文；下方原環列「TEN CASH」，即「十文」，此幣則為「IEN CΛSII」。

銅元背面中央為雙旗圖，右為北洋政府時期之國旗五色旗，象徵五族共和；左為鐵血十八星旗，自武昌起義後象徵漢地十八省聯省共和。十八星旗原星芒改為以陽刻曲線勾勒花瓣狀輪廓，呈九瓣，末端共八點，中央似陽刻九點簇擁，正中央則無點。雙旗交叉，以纓相繫，呈四繩圈，有穗垂下，纓結交繞。以珠圈相隔，外圈上方環列國號「中華民國」；以六點構成的五瓣花分飾兩側相隔兩行幣文；下方環列「開國紀念幣」，文字漫漶不清，筆劃渙散。

銅元正背面幣緣為凸環，另間有方齒或珠點朝內。幣稜平直，光素無紋。此幣或以行用幣翻砂改鑄而成，或再經工人不識英字者於掛砂而字形不顯處加筆，故多有錯漏。

民國元年(公元1912年)，中華民國成立，帝制終結，共和方興。政府決定發行「開國紀念幣」，藉此宣揚共和理念、穩定民心與財政，同時替代傳統中國使用的方孔圓錢，形制上接軌世界。最初由南京臨時政府主導，隨後北洋政府繼續發行。此後，由於長期政局板蕩，軍閥割據，銅元名為輔幣，實則自成體系，與銀主幣匯率隨時而升降。幣圖各地不同，工藝與銅質更是差別頗大，紀值單位亦複雜多元，有文、枚、分、釐、仙等。民國二十四年(公元1935年)，國民黨政府開始進一步統一幣制，規定僅上海鑄幣廠有鑄幣權，終結作為晚清遺緒的銅元制，進入法幣時代。

除中央威權不彰，民間私鑄混亂外，另有官方大宗倣鑄者。民國九年(公元1920年)，孔繁錦任隴南鎮守使，駐防天水。孔繁錦並下令大量翻砂倣鑄他省十文、二十文幣，工藝、品質皆低劣，以補財政，其濫鑄達五年之久。但民國十三年(公元1924年)，孔新購機器後，購銷銅錢以改鑄五十文、一百文之大錢。所謂「天水砂版」劣錢如今反而存世不多。