Item number: A3671

Reference number: LZ-DMQP#0736

Year: AD 1503-1505

Material: Brass

Size: 25.1 x 25.0 x 1.5 mm

Weight: 4.05 g

Provenance: Spink 2023

This is a small cash coin cast under the reign title of Emperor Xiaozong, the tenth ruler of the Ming dynasty, bearing the inscription Hongzhi tongbao.

The coin follows the traditional round form with a square central hole, characteristic of the Chinese cultural sphere. The obverse inscription reads Hongzhi tongbao (circulating treasure of the Hongzhi era), arranged from top to bottom and right to left. The character Hong (弘) is slightly narrow in proportion, a form known as “narrow Hong,” while its second horizontal stroke extends beyond the left side, a feature termed “bow extending to the left.”

The reverse is plain and uninscribed. Numerous cut marks of varying direction and intensity appear on the obverse field, suggesting that they were made later by a collector attempting to remove corrosion.

During the reign of Emperor Xiaozong (AD 1488–1505), following the collapse of the earlier paper-money system and a prolonged shortage of copper coins, the Ming government renewed efforts to restore monetary order. Since the Hongwu reign, the dynasty’s ideal monetary structure had been based on baochao paper currency, supplemented by copper coinage. However, excessive over-issuance and counterfeiting eroded public confidence, and after the Yongle period paper notes remained nominally printed by the Ministry of Revenue but were no longer in actual circulation. Commercial transactions increasingly relied on silver, while copper coins served only for small-value exchange, and paper money had degenerated into an accounting symbol. At the beginning of the Hongzhi reign, the government’s fiscal system still followed that of the Chenghua era, yet silver had already assumed a de facto dominance far beyond its officially sanctioned role.

Against this background, in AD 1503 the court ordered the resumption of official coin casting, producing the Hongzhi tongbao. Mints were re-established not only in the southern and northern capitals and nine provinces including Shandong, Henan, and Zhejiang, but also newly in Huguang, Fujian, Yunnan, and Guizhou. The reform aimed to alleviate the shortage of currency in circulation and to suppress widespread private minting and counterfeiting. Nevertheless, owing to fiscal strain and scarcity of raw copper, actual mint output fell far short of quota, and the coins circulated poorly. Contemporary memorials reported that official and illicit issues coexisted; the new coins were crudely made, and people continued to prefer earlier, finer pieces such as the Hongwu, Yongle, and Xuande issues. This reflected the weakening of both administrative and financial control. The scholar Gu Yanwu later observed that after the Hongzhi reign the state gradually declined and population diminished.

In AD 1505, the government standardised coin production anew: each piece was to weigh 1.2 qian, and every jin of base copper was to be alloyed with two liang of fine tin. Officials argued that the addition of tin increased the fluidity of molten copper and facilitated casting; consequently, most subsequent coins were made of yellow brass. This adjustment was not merely technical but also a deliberate effort to restore confidence through standardised alloy composition. The inscription Hongzhi tongbao was written in regular script with careful engraving, though numerous minor varieties exist, revealing inconsistencies among provincial mints.

From a broader economic perspective, the Hongzhi era was politically stable and administratively upright, yet the circulation of silver had become irreversible. Urban markets and tax payments were valued predominantly in silver, while copper coins were confined to petty trade. Although the baochao system was never formally abolished, it had entirely lost its practical function. The monetary policy of the Hongzhi reign thus represented a transitional restoration: the state sought to maintain the nominal continuity of the traditional currency system through official coinage, while society in practice moved toward a dual structure dominated by silver with copper coinage in a subsidiary role. This configuration became more pronounced under the Zhengde and Jiajing reigns, forming the monetary pattern characteristic of the middle and later Ming periods.

Emperor Xiaozong, personal name Zhu Youcheng, reigned from AD 1470 to 1505 under the title Hongzhi. Upon his accession, the court was burdened by long-standing corruption, which he endeavoured to reform. He dismissed powerful eunuchs such as Wan An and Liang Fang, curtailed palace interference in government, and appointed upright officials including Liu Daxia, Li Dongyang, and Xie Qian, bringing clarity to administration. To economise, he halted construction of palaces and gardens, reduced superfluous posts and expenditures, and personally reviewed memorials, attending court almost daily. He focused on livelihood policies—ordering the Ministry of Revenue to resurvey farmland, repair waterways, promote sericulture, and remit taxes in disaster-stricken regions. His reign was later described as the “Hongzhi Restoration.” In foreign affairs, he upheld the Yongle tribute system and adopted conciliatory diplomacy toward Annam, Japan, and Korea. Militarily, he strengthened northern defences, appointing Wang Yue and Liu Daxia to guard Xuanfu and Datong, effectively curbing Mongol incursions. Culturally, he valued education, reorganised the National Academy, oversaw the compilation of the Collected Statutes of the Great Ming, and refined the civil service examination to encourage upright scholarship. Though mild-tempered and averse to harsh decisions in his later years, his eighteen-year reign was marked by political integrity, lenient governance, and general prosperity.

物件編號: A3671

參考書目編號: LZ-DMQP#0736

年代: 公元 1503-1505年

材質: 黃銅

尺寸: 25.1 x 25.0 x 1.5 mm

重量: 4.05 g

來源: 斯賓克拍賣行 2023

這是一枚以明朝第十任皇帝明孝宗的年號，所鑄造之「弘治通寶」小平錢。

錢幣形制為漢文化圈傳統的方孔圓錢。錢面錢文為「弘治通寶」由上至下，由右至左對讀。「弘」字左右寬度略窄，稱「狹弘」。第二筆橫劃向左出頭，稱「左出弓」。

錢幕則光素無文。錢面幕地章多有刀痕，方向不一、力道不均，疑為藏家加刀清除鏽跡所致。

明孝宗弘治年間(公元1488至1505年)，在經歷了前期紙幣制度的崩壞與長期的銅錢短缺之後，政府重新關注貨幣秩序的整頓。自洪武以來，明代的理想貨幣體系是以寶鈔為本位，以銅錢輔助。然而，由於濫發與偽造並行，紙幣信用迅速喪失。至永樂以後，寶鈔雖名義上仍由戶部設局印行，實際上已不再流通。商賈與民間交易普遍以白銀為主，銅錢只作小額支付之用，紙幣則退化為會計符號。弘治初年，朝廷財政仍循成化舊制，白銀的實際地位與使用範圍已遠超官方法令的預期。

在這種背景下，弘治十六年(公元1503年)朝廷下令恢復官鑄銅錢，鑄造「弘治通寶」。鑄錢地區除南北兩京及山東、河南、浙江等九省外，又增湖廣、福建、雲南、貴州四省。此次復鑄旨在補足市場通貨不足、抑制民間私鑄與偽錢橫行。然而由於財政困乏與原料不足，實際鑄額遠未達定額，流通狀況不佳。根據當時奏議，官鑄與盜鑄並行，市面錢文粗劣，民間仍偏愛舊時精錢，如洪武、永樂、宣德錢。反映了政府行政與財政能力的弱化，顧炎武也認為，弘治以後，國勢漸衰，戶口日耗。

弘治十八年(公元1505年)政府再度明定錢制，每文重一錢二分，每生銅一斤加錫二兩。奏議者認為加錫可使銅液流速加快、易於鑄成，因而弘治以後所鑄多為黃銅錢。這一制度調整不僅是鑄造技術的改進，也反映政府試圖透過標準化成色來恢復貨幣信任。錢文「弘治通寶」楷書鏤刻端整，局鑄差異甚多，顯示官方在管理分鑄上尚欠統一。

從整體經濟情勢觀之，弘治朝政治雖相對清明，社會相對安定，但白銀流通已成不可逆的趨勢。市井買賣及賦稅折納多以銀計值，而銅錢僅用於小額交易。寶鈔制度雖未正式廢止，實際上已喪失功能。弘治年間的貨幣政策因此可視為一種過渡性的修復：國家試圖以官鑄銅錢維繫舊有體系的名義存在，而社會經濟則正邁向以白銀為主、銅錢為輔的雙軌體系。這一局面在正德、嘉靖之際愈加明顯，形成明中後期貨幣結構的基本格局。

明孝宗朱祐樘，公元1470至1505年在位，年號「弘治」。他即位時宮廷內外積弊叢生，遂力圖整頓。登基後，罷免宦官萬安、梁芳等人，減少內廷干政，重用劉大夏、李東陽、謝遷等賢臣，使朝政為之一清。為節省開支，他下令停建宮殿苑囿，裁減冗官冗費，親閱奏章，幾乎每日早朝不輟。對民生政策尤為關注，命戶部清丈田畝、修復河道與水利，興辦農桑，並屢次下詔減免災區田租。弘治年間社會相對安定，史稱「弘治中興」。外交上，他維持永樂以來的朝貢制度，對安南、日本、高麗等國採取懷柔政策；軍事上則加強北方邊防，命王越、劉大夏鎮守宣府、大同，成功遏止蒙古侵擾。文化上，他重視教育，整飭國子監，主持修訂《大明會典》，整飭科舉取士，使學風端正。雖然晚年體弱、性情寬厚，不善嚴斷，但在位十八年間政治清明、刑法平謹、民生富庶。