Item number: A3854

Year: AD 14-23

Material: Bronze

Size: 21.8 x 21.8 x 0.7 mm

Provenance: Spink 2023

This is a Huoquan coin that circulated from Tianfeng 1 to Dihuang 4 of the Xin dynasty (AD 14–23). Its form is a round coin with a square central hole, consistent with the earlier Banliang and Wuzhu types.

The obverse has an outer rim but no inner border. The obverse inscription, Huo Quan (貨泉), is written in xuanzhen seal script and read from right to left. The defining features of xuanzhen script are strokes that are thicker at the top and taper towards the bottom, with a structure that is denser above and more open below, producing an effect described as pared-down, refined, forceful, and upright. The character huo (貨) appears to be a variant form, with the ren (亻) radical rendered as a single stroke. The use of quan (泉) to denote money reflects naming conventions adopted around the time of Wang Mang’s usurpation of the Han, when taboos were imposed on the surname Liu and on the components mao, jin, and dao contained within the character; since the character qian (錢) includes the jin (metal) radical, it was therefore replaced.

On the reverse, both the outer rim and inner border are present, and the surface is plain and uninscribed. Overall, both the outline of the coin and the obverse inscription are relatively worn and indistinct.

In AD 6, Wang Mang assumed control of the Han court under the title of Acting Emperor (Jushe), and later proclaimed himself emperor, founding the Xin dynasty. Between AD 7 and 14, in an effort to consolidate central power and gain popular support through wealth redistribution, the coinage system was reformed four times. Wang Mang, influenced by the Zhou dynasty’s doctrine of matched mother and child coins, repeatedly introduced coins of varying names and denominations, many of which were undervalued. At its peak, the system comprised five materials and six names, amounting to twenty-eight types of currency. The legal framework became excessively complex, leaving the populace confused and disoriented. Each reform triggered economic and social upheaval, with contemporary records stating that “the people were bankrupted and fell into severe punishment.”

In the first year of Tianfeng (AD 14), surplus coinage was prohibited, and the “Huo Quan” and “Huo Bu” coins were minted. Twenty-five Huo Quan coins equalled one Huo Bu, and each Huo Quan coin weighed five zhu. In the fourth year of Dihuang (AD 23), the Xin dynasty was overthrown. In the second year of Gengshi (AD 24), Liu Xuan, the Gengshi Emperor, minted Wuzhu coins, but he was killed the following year by the Red Eyebrow Army. In the third year of Gengshi, Liu Xiu declared himself emperor and established the Jianwu reign. In the seventeenth year of Jianwu (AD 41), Wuzhu coins were reissued, remaining in circulation for over five centuries. However, Huo Quan coins continued to be used sporadically in the market, possibly until the accession of Emperor Ming of Han in the first year of Yongping (AD 58).

Wang Mang (c. 45 BC–AD 23) was a member of the Wang clan, a prominent consort family of the Western Han dynasty, and was deeply influenced by Confucian thought. Known for his upright character, he rose swiftly through the ranks of government as the nephew of Empress Wang Zhengjun, consort of Emperor Yuan of Han. In AD 9, Wang Mang seized the throne and established the Xin dynasty. Claiming to restore ancient institutions, he enacted sweeping reforms in land ownership and currency systems to create an ideal Confucian society. However, his reforms were overly idealistic and poorly attuned to social and economic realities, ultimately inciting widespread unrest and rebellion. He was killed during the Red Eyebrow uprising, and has since remained a controversial figure—viewed variously as a usurper or a visionary reformer.

物件編號: A3854

年代: 公元 14-23 年

材質: 青銅

尺寸: 21.8 x 21.8 x 0.7 mm

來源: 斯賓克拍賣行 2023

這是一枚於新莽天鳳元年至地皇四年(公元14至23年)所流通的「貨泉」錢幣，其形制為圓形方穿，與此前半兩、五銖相同。

錢面具外輪而無內廓。錢面錢文「貨泉」，以懸針篆書寫，由右至左順讀。懸針篆特徵為筆劃上粗下細，結構上密下疏，「削秀勁直」。「貨」字疑為異書，「亻」旁僅一劃。以「泉」作「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。

錢背外輪內廓俱全，光素無文。整體輪廓面文較為漫漶。

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」。

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。地皇四年(公元23年)，新莽被推翻。更始二年(公元24年)，更始帝劉玄鑄五銖，但次年，劉玄旋見殺於赤眉軍。更始三年，劉秀稱帝，改元建武。建武十七年(公元41年)，始復鑄五銖，此後續用五百餘年。但貨泉仍持續於市場上雜用，可能直至漢明帝於永平元年(公元58年)即位。

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。