Item number: A3295

Year: AD 7-14

Material: Bronze

Size: 26.6 x 26.6 mm

Provenance: Da Chen Stamps and Coins Collection 2015

This is a Daquan Wushi coin that circulated during the period spanning the Western Han dynasty and the usurpation of power by Wang Mang under the Xin regime. It follows the traditional format of Chinese coinage, with a round outer shape and a square central hole, consistent with earlier forms such as the Banliang and Wuzhu coins. Among the various coins issued under Wang Mang’s monetary reforms, the Daquan Wushi had the longest circulation period, from the second year of Jushe (AD 7) to the first year of Dihuang (AD 20). Multiple recastings occurred during this time, and the coin’s weight appears to have gradually decreased. Based on the weight of this particular specimen, it is likely to have been cast before the first year of Tianfeng (AD 14). As Wang Mang decentralised minting to local commanderies and kingdoms, the coins exhibit significant variation in mould styles and calligraphic forms.

The coin’s form follows the traditional round coin with a square hole, a standardised design established within the Han cultural sphere during the Qin and Han periods. Both the outer rim and the inner rim of the coin are intact. The inscription “Daquan Wushi” is written in seal script (zhuanshu), specifically in the xuanzhen style, characterised by the downward extension of the final strokes in certain characters. The four characters are to be read in vertical columns from top to bottom and from right to left. The horizontal stroke of the character “大” is rendered with angular turns. The character “泉” leans slightly to the left and forward, with the strokes of the “日” radical combining square and rounded elements. The cross stroke in “十” slants to the right. The characters “大” and “五” display ghost inscriptions, or overlapping stroke patterns, likely caused by unintentional vibration of the mould during casting. The character “泉” is in contact with the central square hole, while “大” and “十” connect with the coin’s outer rim.

The reverse also features an outer rim and inner border, but bears no inscription.

The phrase “Daquan” (Great Spring) was employed in place of the traditional term for coin, qian (錢), as part of a broader reform in naming conventions introduced by Wang Mang around the time of his seizure of power. This was done to avoid the use of the character “Liu” (劉), the Han imperial surname, which contained radicals such as “卯”, “金” (metal), and “刀” (knife)—all of which were present in the character for “coin” (qian, 錢). Consequently, the term “Daquan” served both as a name for the coin and a symbolic reference to Wang Mang’s new order.

In AD 6, Wang Mang, as the nominal Duke of Anhan, assumed control of the Han government in what was known as the “Jusha” regency. He later declared himself emperor and established the Xin dynasty. From AD 7 to 14, four successive currency reforms were introduced to amass wealth centrally and secure popular support. Influenced by the Zhou dynasty’s “mother-child” coinage theory, Wang Mang repeatedly changed currency categories and forcibly promoted overvalued new coins. At its peak, his currency system included five materials and six denominations, totalling twenty-eight types. The legal code governing these was extremely complex, leading to widespread confusion. Each reform triggered economic and social disruption; contemporary accounts describe citizens’ ruin and mass imprisonment.

In the 2nd year of Jusha (AD 7), Wang Mang issued large-denomination coins to extract wealth: “Cuodao” was valued at 5,000 Wuzhu, “Qiedao” at 500, and “Daquan Wushi” at 50. All values were benchmarked to the five-zhu standard. However, “Daquan Wushi” had a nominal weight of only twelve zhu, yet it was valued at fifty Wuzhu coins—equivalent to a devaluation to less than one-twentieth. Tomb excavations reveal that “Daquan Wushi” coins adhering to the legal twelve-zhu weight (approximately 7.55 grams) comprise less than 3% of finds.

In AD 9, with the formal establishment of the Xin dynasty, “Daquan Wushi” was designated the “great coin” and circulated alongside “Xiaoquan Zhi Yi” (Small Coin of Value One), which weighed one zhu and replaced the abolished Wuzhu coin. Public distrust of the new coinage was met with harsh punishment. Historical records recount widespread economic collapse, unemployment, and such misery that “commoners wept openly in the streets.”

In AD 10, Wang Mang introduced a comprehensive currency system of five materials (gold, silver, tortoiseshell, cowries, and copper) and six denominations (coin currency, gold currency, silver currency, tortoiseshell currency, cowry currency, and cloth currency), comprising twenty-eight types in total: one gold currency, two silver, four tortoiseshell, five cowry, ten cloth, and six coin currencies. Among the coin currencies, “Daquan Wushi” had the highest face value. This reform lasted four years before certain prohibitions, such as on holding copper charcoal, were repealed due to excessive arrests.

In AD 14, the fourth reform banned residual coins and introduced “Huoquan” and “Huobu”. One “Huobu” equalled twenty-five “Huoquan”; “Huoquan” weighed five zhu. At the same time, Wang Mang suspended production of “great coins” (e.g., “Daquan Wushi”), but fearing continued private hoarding, issued a decree that allowed temporary circulation of “Daquan Wushi” and “Huoquan” together, both valued at one unit, for up to six years, after which only “Huoquan” would be legal tender. This suggests that by then “Daquan Wushi” coins—still nominally twelve zhu—had likely fallen below five zhu in actual weight (based on excavated Xin bronze balance rings averaging 3.15 grams). Otherwise, they would have been melted for copper arbitrage and could not have circulated alongside the heavier “Huoquan”.

Wang Mang (c. 45 BC – AD 23) was a member of the Wang family, a powerful lineage of consort kin during the Western Han. Influenced by Confucian teachings and known for his austere reputation, Wang rose quickly in the court and eventually seized power, proclaiming himself emperor in AD 9 and founding the Xin dynasty. Claiming to restore the ancient Zhou system, he introduced sweeping reforms in land ownership and currency. However, his policies were excessively idealistic and disconnected from economic realities, provoking widespread unrest and rebellion. He was eventually killed during the Red Eyebrows uprising, and remains a polarising historical figure—viewed either as a usurper or as an ambitious reformer.

物件編號: A3295

年代: 公元 7-15 年

材質: 青銅

尺寸: 26.6 x 26.6 mm

來源: 大城郵幣社 2014

這是一枚於西漢至新朝之王莽執政期間所流通的「大泉五十」錢幣，其形制為圓形方穿，與此前半兩、五銖相同。大泉五十為莽錢中流通最久者，自居攝二年至地皇元年(公元7-20年)，期間屢有新鑄，重量或漸次減輕。依此錢重，應鑄於天鳳元年(公元14年)以前。王莽放歸各郡國分鑄錢幣，故版式多元，書體不一。

錢幣形制為漢文化圈於秦漢間確立傳統之方孔圓錢。錢面外輪內廓俱全。錢文「大泉五十」篆書，字體為懸針篆，特徵為一些字的末筆筆尾向下方延長。四字由上至下、由右至左對讀。「大」字「一」筆方折；「泉」字左傾微俯，「日」旁折筆方中帶圓；「十」字橫劃右傾。「大、五」字重文疊影，可能為鑄造過程中意外震動模具所致。「泉、五」字接穿，「大、十」字連輪。

錢背外輪內廓俱全，光素無文。

以「大泉」作「大錢」，是由於王莽篡漢前後，諱「劉」字及「劉」字中「卯、金、刀」旁，而「錢」字存「金」旁，故更名。

公元6年，王莽以安漢公的名義執掌朝政，史稱「居攝」，後更稱帝，代漢立新。自居攝二年至天鳳元年間(公元7-14年)，為中央聚歛財富以收買人心，幣制先後四次改革。王莽持周代子母相權論，不斷變造名目，強行推動不足值的新錢。最盛時達五物六名，共二十八品。法令繁苛，民眾無所適從。每次幣改皆引發市場及社會動盪，「民用破產而大陷刑」。

居攝二年(公元7年)，造大錢以斂財，錯刀直五千，栔刀直五百，大泉直五十，單位皆為五銖，然大泉五十法重僅十二銖，但作價為五十枚五銖，等於貨幣貶值為不到二十分之一。以出土墓葬統計，大泉五十符合法重十二銖者(合約7.55公克)，更是不足3%。

新朝始建國元年(公元9年)，以大泉五十為大錢，以小泉直一為小錢，二者並行。小泉直一重一銖，用以替換此時被廢的五銖錢。市場不信新錢，王莽以嚴刑應之，於是「農商失業，食貨俱廢，民人至涕泣於市道」。

新朝始建國二年(公元10年)，列五物(金、銀、龜、貝、銅)六名(錢貨、金貨、銀貨、龜貨、貝貨、布貨)，其中金貨一品，銀貨二品，龜寶四品，貝貨五品，布貨十品，錢貨六品，共二十八品。其中大泉五十為錢貨六品中面額最大者。施行四年，「以犯挾銅炭者多，除其法。」

天鳳元年(公元14年)，禁餘錢，鑄貨泉、貨布，二十五個貨泉值一貨布，貨泉重五銖，又「以大錢行久，罷之，恐民挾不止，迺令民且獨行大錢(大泉五十)，與新貨泉俱枚直一，並行盡六年，毋得復挾大錢矣。」或可推測此時大泉五十法重雖仍為十二銖，實重或已低於五銖(按出土新朝四兩銅環權衡，合約3.15公克)，否則大泉五十當廣泛遭熔銅取利，不可能與五銖重的貨泉並行。

王莽(約公元前45年至公元23年)，為西漢外戚王氏家族成員，深受儒學薰陶，以品行端正著稱。身為漢元帝皇后王政君之侄，他於成年後迅速崛起於政壇，最終在公元9年自立為帝，建立「新」朝。王莽自稱恢復古制，推行土地與幣制改革，試圖塑造理想儒家社會。然而改革過於理想化且未顧及現實，導致政局動盪與民變四起。最終在赤眉軍起義中被殺，留下篡權者或改革者的兩極評價。