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Yuan Dynasty
Zhiyuan Tongbao
Two Cash
(Phagspa Version)
元
至元通寶
折二
(八思巴文版)
Item number: A3649
Year: AD 1285-1294
Material: Bronze
Size: 28.4 x 22.2 x 1.4 mm
Weight: 4.45 g
Provenance: Spink 2023
This is a Zhiyuan tongbao two-cash coin issued under the authority of Kublai Khan, the Shizu Emperor of the Yuan dynasty.
The coin follows the traditional Chinese form of a round piece with a square central hole. The inscription is written vertically from top to bottom and left to right in ’Phags-pa script as “ꡆꡃ, ꡝꡧꡦꡋ, ꡉꡟꡃ, ꡎꡓ,” corresponding sequentially to “Zhiyuan tongbao.” The reverse is plain and uninscribed. The coin is chipped on the left side.
In AD 1284, the twenty-first year of the Zhiyuan era, Kublai Khan, in response to the increasingly severe problem of inflation, authorised his minister of the Central Administration, Sangge (Sengge), to adopt the proposal of the Chinese official Lu Shirong. The following year, Lu, having been appointed Right Chancellor of the Secretariat, began reforming the currency system. Among his measures was the casting of the Zhiyuan coins to balance the value of the existing Zhongtong paper notes. The coins bore the inscription “Zhiyuan tongbao” in two scripts: Chinese regular script and ’Phags-pa script. The former appeared in denominations of xiaoping qian (one-cash), zhe’er (two-cash), and zheshi (ten-cash); the latter in zhe’er and zhesan (two- and three-cash). However, Lu’s reforms were short-lived: possibly due to court opposition or the limited effectiveness of his measures, his policies were in force for only four months before he was impeached, imprisoned, and later executed. In AD 1287, to address the continued depreciation of the Zhongtong notes, the court issued the “Regulations for the Circulation of Zhiyuan Treasure Notes” and introduced the Zhiyuan bao chao (“Zhiyuan Treasure Notes”). One Zhiyuan note was set equivalent to five Zhongtong notes in an effort to withdraw the older currency and restrain inflation. Nevertheless, with heavy military expenditure and insufficient revenue, the government resorted to further issues of paper money, which exacerbated the inflationary pressure.
The ’Phags-pa script had been officially promulgated in AD 1269 (the sixth year of the Zhiyuan era) by the State Preceptor ’Phags-pa, who devised it on the basis of the Tibetan script as a phonetic system for representing the sounds of the Mongolian language. Although it ceased to be promoted by the state after the fall of the Yuan, the script survived in use in certain regions as late as the Qing period.
Kublai Khan (AD 1215–1294), the Shizu Emperor of the Yuan, was the fifth Great Khan of the Mongol Empire and the founder of the Yuan dynasty. A grandson of Genghis Khan and the second son of Tolui, Kublai was highly regarded within the imperial lineage and served under Ögedei Khan in his early military campaigns. Later entrusted with the administration of the former Jin territories, he demonstrated a strong interest in Chinese governance and Confucian learning, recruiting scholars such as Liu Bingzhong, Yao Shu, and Zhang Wenqian to advise him on statecraft. He established the Branch Secretariat at Kaiping (modern Duolun, Inner Mongolia), which became the prototype of the Yuan provincial system. After Möngke Khan ascended the throne, Kublai was placed in charge of the regions of Yan and the southern campaigns against the Song. During his tenure, he introduced agricultural colonies, repaired the Grand Canal, and reorganised the taxation system, thereby gaining the support of the northern Chinese populace. Following Möngke’s death during the southern campaign, Kublai proclaimed himself Great Khan at Kaiping in AD 1260. He adopted the dynastic title “Great Yuan” to signify the mandate of Heaven and moved the capital to Yanjing, renamed Dadu (modern Beijing), thereby founding the Yuan dynasty. His administration implemented the provincial system, standardised weights, measures, and currency, and promoted trade throughout the empire. After more than two decades of warfare, he completed the conquest of the Southern Song in AD 1279, unifying China under Mongol rule. He twice launched expeditions against Japan, both of which failed due to storms and supply difficulties, and dispatched envoys to southwestern kingdoms and island polities of Southeast Asia, establishing Yuan suzerainty over much of East and Southeast Asia. Politically, Kublai reconciled Mongol traditions with Chinese institutions, while culturally he advocated the coexistence of Buddhism and Confucianism and adopted a policy of religious pluralism, leading to a period of prosperity and cosmopolitan vibrancy during his reign.