Chinese coinage in the Ming dynasty includes many types of coins. During theMing dynasty of China (1368 to 1644),the national economy developed and techniques of producing coinage advanced.
The Ming dynasty cast comparatively few coins when compared with earlierdynasties in Chinese history, and the cash coins they did produce were not regarded to be as beautifully made as those of earlier times.[1][need quotation to verify] The majority of cash coins in circulation at the time of the Ming were actually from theTang (618 to 907) andSong dynasty (960 to 1279) eras.[1] This all indicates that the emperors of the Ming dynasty did not regard coins with the same importance as those who ruled before them.[1]
Zhu Yuanzhang, better known as theHongwu Emperor, proclaimed theGreat Ming in 1368.[2] From the founding of the Ming until 1450, the emperors attempted to usepaper currency, but this caused the Ming to experience the samehyperinflation as itspredecessors. For the most part, the country was starved for silver in the early part of the dynasty and much trade occurred via barter; in later years, silver mostly came in throughtrade with eitherManila[3] in thePhilippines[4] as part of theSpanish East Indies within theSpanish colonial empire andJapan. The flow of Chinese trade goods likechinaware were exported towards the rest of theSpanish colonial empire inSpanish America and Europe through theManila-Acapulco Galleon Trade betweenManila in thePhilippines toAcapulco inMexico andSpanish treasure fleets fromVeracruz inMexico toSeville in Spain. Meanwhile, the return route also ensured constant supply of theSpanish silver dollar coins which were minted inNew Spain (Mexico), and mined fromPotosí in Bolivia or Peru. TheSpanish dollar coins were often stamped with Chinese characters known as "chop marks" which indicated that the particular coin had beenassayed by a well-known merchant and determined to be genuine. The widespread circulation of theSpanish silver dollar not only affected theMing but also became widespread across many countries in the Far East as a standard for trade. It remained embedded even until theQing dynasty when banknotes started to be printed labeled as "Mexican Dollars" and even later when Western powers also later issuedtrade dollars, and colonial currencies such as theHong Kong dollar, to the same specifications. This silver flowed into the country and was also melted down and traded as bullion now known assycee.[5] However, the emperors also periodically minted coins.[6] Alongside copper coinscowrie shells continued to circulate during this period as well.[7]
After the Chinese became independent following theretreat of the Mongols back north and a bloody civil war culminating with the victory ofZhu Yuanzhang the Ming dynasty rose to power and under it a long period of stability and growth came.[8] Until 1505 cash coins circulated alongside theDa Ming Baochao banknotes,[9][10] but as more silver currency entered theChinese market, currencies such asSpanish silver dollars started supplanting the cash coins.[8] Privately minted cash coins of inferior quality became predominant in the south of China and 4 types ofofficial cash coins were minted of varying quality of which one time with a weight of 1 qián was cast for payment to the imperial government, a second type of 0.9 qián for the salaries of officials, and the two types of lowest quality were mostly used by the commoners and circulated the most.[8] Coins known asgold reverse coins were cast that were smelted four times as opposed to two and these were regarded as being more valuable, ironically because of this thesegold reverse coins were being hoarded which prevented them from circulating causing even cheap and low quality counterfeit cash coins to circulate in larger numbers, after the government of the Ming dynasty started producing "milled rim" cash coins these were universally accepted so fast that at one point merchants accepted only these coins, but as the reputation of thegold reverse cash coins was so strong the "milled rim" coins were eventually viewed as worthless and deprecated.[8]
The amount ofcopper-alloy cash coins produced by the Ming dynasty was higher than under the precedingYuan dynasty (which had usedpaper notes, orzhibi (紙幣), extensively instead of metal coinages), but never reached the annual production outputs of theSong dynasty period.[11]
The term "Zhiqian" (制錢) was used to discern full-valued cash coins produced by the imperial government fromolder ones from theSong dynasty period, which were known asjiuqian (舊錢), and privately produced forgeries of non-standard weights and alloys that were referred to assiqian (私錢) orsizhuqian (私鑄錢).[11] Other terms used during the Ming dynasty for various types of cash coins includeyangqian (样錢, "Model coin"), also known asBeiqian (北錢, "Northern coin"), which referred to full weight (1qián) and fine quality cash coins had were delivered to Beijing as seigniorage revenue.[8]Fengqian (俸錢, "Stipend coin") which referred to second rate cash coins that had a weight of 0.9qián and were distributed through the salaries of government officials and emoluments.[8] andShangqian (賞錢, "Tip money") which is a term used to refer to cash coins that were small, thin, and very fragile (comparable toSizhuqian) that were used to pay the wages of employees of the imperial government (including the mint workers themselves) and was one of the most commonly circulating types of cash coins during the Ming dynasty among the general population.[8]
In the year 1393 there were a total of 325 furnaces in the mints all over theprovinces which together had an annual production performance of 189,000strings of cash coins (with a string being 1000 cash coins). This amount was only 3% of the annual mint production under theNorthern Song dynasty.[11] The raw material copper that was necessary for the production of Ming dynasty cash coinage came from mines in the provinces ofJiangxi,Shaanxi, andShanxi.[11] In the province of Jiangxi alone, a total of 115 furnaces were operating.[11] In the other Chinese provinces, wherecopper ores were not naturally found to be mined, the government of the Ming dynasty had ordered the local people to deliver their copper objects to the provincial government mints for melting down to produce more cash coins.[11]
Despite the government preferringpaper money over copper-alloy cash coins, the Chinese market had a highdemand for them, this demand would stimulate an overproduction of forgeries that inundated the markets of Ming China, often these forged cash coins were cast in such miserable quality that a single real Zhiqian could buy 300 fake ones.[11] Consequently, this caused inflation in many different places.[11] Under the reign of theJiajing Emperor the government of the Ming dynasty would alleviate the situation by producing a large amount of Zhiqian with the inscriptionJiajing Tongbao (嘉靖通寶) in the year Jiajing 5 (1527).[11] In the year Jiajing 11 (1553) the government of the Ming dynasty cast 10,000,000 additional Jiajing Tongbao cash coins as well as Zhiqian with 9 earlier reign era names. In total, this amount of coinage amounted to 1,000,000dìng (錠).[a][11]
Despite reigning only for one month, cash coins were produced that bear the reign title of theTaichang Emperor.[12] These cash coins with the inscriptionTaichang Tongbao (泰昌通寶) were produced by his son, theTianqi Emperor, in large quantities as a sign offilial piety.[12]
In the early 17th century an increase in the price of copper caused the government to reduce the amount of copper in the composition of the Zhiqian in favour of lead.[11] Cash coins with the inscriptionsTianqi Tongbao (天啟通寶) andChongzhen Tongbao (崇禎通寶) were of poorer quality than those producing during preceding periods. These cash coins tended to be both thin and brittle, due to the lowered amount of copper in their compositions.[11] Chinese people at this point started to refrain from using copper-alloy cash coins and the markets preferred the usage ofsilver ingots instead.[11]
In the year 1621,Wang Xiangjian, the minister of war, had requested the government to cast Tianqi Tongbao cash coins n the denominations of 10wén, 100wén, and 1000wén.[13] The government granted him permission to cast 10wén cash coins leading todebasement, in 1622 their production had ceased.[13] Initially these cash coins weighed 1 tael but was reduced to 0.5 tael, because of their reduced weight they were only accepted for 6 to 8 standard cash coins.[13]
In 1644 the Manchus captured Beijing from theShun dynasty,[14] and thenmarched south capturingthe forces loyal to the Ming.[15] One of the first monetary policies they enacted was accepting Ming dynasty cash coins at only half the value of Qing dynasty cash coins, because of this Ming era coinage was removed from circulation to be melted into Qing dynasty coinage, this is why in modern times evenSong dynasty coins are more common than those from the more recent Ming dynasty.[15]
A known variant of the Chongzhen Tongbao cash coins have only mint marks on the reverse side of the coin.[15] An example of these Chongzhen Tongbao cash coins with mint marks the Chinese character "Zhong" (忠) which translates as either "loyal" or "honest" located above the reverse side of the square centre hole.[15] During theChongzhen Emperor's reign, there were a total of 156 different mint furnaces producing cash coins in operation.[15] It remains currently unclear if the Chinese character "Zhong" (忠) refers to a particular mint or if it doesn't.[15] Cash coins with this character typically have a diameter of 24.8 millimeters and a weight of 3 grams.[15]
Historically,Chinese coins were round with a square hole in the center. On the obverse side, there are usually words indicating the emperor's reign name or era name. On the reverse side, there are words or graphic patterns often indicating denomination or amint mark. It is also possible that there is nothing on the reverse side. In the early period of the Ming dynasty, though, there were many different types of coin. Examples include:[16]
Most of the coinage names are derived from thetitles of the reigns during which they were produced. For example,"Hong Wu Tong Bao" was produced during the Hongwu years (1368–1398).[15] No coins with the inscriptionZheng De Tong Bao (正德通寶) were ever produced for circulation by theZhengde Emperor, however during the late Ming, and early Qing era many "lucky charms" with this inscription were produced. These charms usually contained more decorative reverses featuring various auspicious depictions.[15] Some Chongzhen Tongbao cash coins were produced with the denomination 2wén, and Chongzhen Tongbao cash coins produced by theMinistry of Public Works mint had the mint mark "工" (Gong) inscribed to its reverse.[15]
During the Hongzhi period from 1488 until 1505 some Tribal Commissioners in the province ofGuizhou issued their own cash coins, rather than being bases on reign titles the inscriptions were based on place names.[17]
| Inscription | Traditional Chinese | Simplified Chinese | Emperor | Image |
|---|---|---|---|---|
| Shuiguan Tongbao | 水官通寶 | 水官通宝 | Hongzhi Emperor | _-_Guizhou_local_issue_-_Scott_Semans.jpg) |
| Taiguan Tongbao | 太官通寶 | 太官通宝 | Hongzhi Emperor | _-_Scott_Semans.jpg) |
| Huoguan Tongbao | 火官通寶 | 火官通宝 | Hongzhi Emperor | |
| Dading Tongbao | 大定通寶 | 大定通宝 | Hongzhi Emperor | _-_Guizhou_local_issue_-_Scott_Semans.jpg) |
| Taiding Tongbao | 太定通寶 | 太定通宝 | Hongzhi Emperor | .jpg) |
| Taizi Tongbao | 太子通寶 | 太子通宝 | Hongzhi Emperor |
No cash coins are known to have been cast and put into general circulation with the following seven Ming dynasty period reign titles:[15] Jianwen (建文), Hongxi (洪熙), Zhengtong (正统), Jingtai (景泰), Tianshun (天顺), Chenghua (成化), and Zhengde (正德).[15]
Duringthe transitional period between Ming andQing, various rebels and pretenders made their own money with different Chinese characters on it. Usually, there are four words on each side of a coin.[18][19]
| Chinese characters on the Coinage inPinyin | Traditional Chinese | Simplified Chinese | Producer |
|---|---|---|---|
| Yong Chang Tong Bao[20] | Chinese:永昌通寶 | Chinese:永昌通宝 | Li Zicheng |
| Da Shun Tong Bao[21] | Chinese:大順通寶 | Chinese:大顺通宝 | Zhang Xianzhong |
| Xi Wang Shang Gong[22] | Chinese:西王賞功 | Chinese:西王赏功 | Zhang Xianzhong |
| Xing Chao Tong Bao[23] | Chinese:興朝通寶 | Chinese:兴朝通宝 | Sun Kewang[24] |
| Da Ming Tong Bao[25] | Chinese:大明通寶 | Chinese:大明通宝 | Southern Ming |
| Hong Guang Tong Bao[26] | Chinese:弘光通寶 | Chinese:弘光通宝 | Southern Ming |
| Long Wu Tong Bao[27] | Chinese:隆武通寶 | Chinese:隆武通宝 | Southern Ming |
| Yong Li Tong Bao[28] | Chinese:永曆通寶 | Chinese:永历通宝 | Southern Ming |
| Zhao Wu Tong Bao[29] | Chinese:昭武通寶 | Chinese:昭武通宝 | Wu Sangui |
| Li Yong Tong Bao[30] | Chinese:利用通寶 | Chinese:利用通宝 | Wu Sangui |
| Hong Hua Tong Bao[31] | Chinese:洪化通寶 | Chinese:洪化通宝 | Wu Shifan |
| Yu Min Tong Bao[32] | Chinese:裕民通寶 | Chinese:裕民通宝 | Geng Jingzhong |
"Hong Xi Tong Bao" (洪|熙通寶) was produced in 1425, duringHongxi years, whenZhu Gaochi was the emperor of Ming. These coins are very rare. Until now, only two of them have ever turned up in public. Still, one has been lost and the other now is in theChinese History Museum. "Hong Xi Tong Bao" has been regarded as a piece of national historical relics in China.
"Yǒng-Lè Tōng-Bǎo" (永|樂通寶) was produced byZhu Di, one of the emperors of the Ming. In the earliest days of the dynasty, paper money was widely used. After Zhu Di came to the throne, he carried out a series of reforms covering all fields, including politics, economy, culture, military and diplomacy. Stemming from diplomatic and foreign trade needs, he produced the "Yǒng-Lè Bǎo-Tōng" in 1408.[33]
Originally, the "Yǒng-Lè Bǎo-Tōng" was not intended to circulate within China itself as cash coins had gradually been replaced by silver sycees and paper money. The coin was instead intended for trade with countries like Japan and theRyukyu Kingdom.[34]
"Chong Zhen Tong Bao" (崇|禎通寶) was the coin produced by the last Ming Emperor, theChongzhen Emperor. It was issued in various denominations. On the reverse side, there are numerous characters and dots, whose meaning are still not clear. At the time, there were mints run by the Board of Revenue inNanjing and Beijing.[35]
"Xing Chao Tong Bao" (興|朝通寶) was produced by Sun Kewang, in 1649 (sixth year ofShunzhi), when he became the Dongping King.[36] At that time, Sun produced a large number of "Xing Chao Tong Bao" and it had its distinct features with a profound influence.[36] The style of the Chinese characters on the coinage was plain.[36] Most of the coinage was made of copper.[36] Though the work was a little rough, it was given full weight.[36] This style was reflected in the later "Li Yong Bao Tong", "Zhao Wu Tong Bao" (昭|武通寶) produced by Wu San-Gui and "Hong Hua Tong Bao" produced by Wu Shifan.[36]
Zhang Xianzhong was the famous leader of a peasant rebel army in the late Ming dynasty.[37] In 1630, he joined the peasant rebel army. In 1643, he was entitled "Da Xing Wang". In 1644, he dominatedSichuan and became the king ofChengdu, named the reigning dynasty as "Da Xi" and his reign as "Da Shun". Zhang produced his own money called the "Da Shun Tong Bao" (大|順通寶) as the official currency.[38] In order to honor those who made contributions to Da Xi dynasty, he produced another money called "Xi Wang Shang Gong" (西|王賞功) as an award to them. There are four kinds of "Xi Wang Shang Gong", which are made of gold, gilding, silver and copper. At that time, the peasant rebel army won the people's great admiration and support. The "Da Shun Tong Bao" was often sewn onto clothing as a sort of celebration to honor the peasant rebel army. Since it was very difficult to acquire the "Xi Wang Shang Gong", it was very rare and precious. It was nearly impossible to get, enough so that ordinary people could not often get it. As a result, there are very few remaining today.[39]
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| Preceded by: Yuan dynasty coinage Reason:Red Turban Rebellion. | Currency ofChina 1368 – 1644 | Succeeded by: Qing dynasty coinage Reason:Manchu conquest of China. Ratio: 1 Qing wén for 2 Ming wén. |