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貨幣之興遠矣，夏商以前，幣為三品。太公立九府圜法。周景以母子相權。秦用黃金銅錢為上下二等。漢興為八銖，或為莢錢，或作白金，或作赤仄，八銖五分，迭廢迭用。王莽又設錯刀金銀龜貝凡數十品。公孫述始作鐵錢。魏文帝穀帛相貿。劉備以一當百。孫權以一當千。理道陵夷，則有鵝眼、線環之別；王綱解紐，又有風飄、水浮之異。名目繁雜，不能遍舉，緬徵損益，可略而言。原夫立錢之意，誠深誠遠。凡萬物不可以無其數，既有數，乃須設一物而主之。其金銀則滯於為器為飾，穀帛又苦於荷擔斷裂，唯錢但可貿易流注，不住如泉。若穀帛為市，非獨提挈斷裂之弊，且難乎銖兩分寸之用。歷代錢貨，五銖為中，一品獨行，實臻其要。今錢雖微重於古之五銖，大小斤兩，便於時矣。 |
| | The origin of currency is very ancient. Before the Xia and Shang dynasties, there were three types of money. Tai Gong established the system of nine treasuries and circular currency regulations. Zhou Jing used a system where weights were determined by parent-child relationships. The Qin dynasty used gold and copper coins as upper and lower grades, respectively. When the Han dynasty rose to power, it used coins weighing eight zhu. Sometimes they were made as "jia qian," sometimes as white metal, and sometimes as red-edged currency; these included coins of eight zhu and five fen, which were alternately abolished and put into use. Wang Mang also established several dozen types of currency, including the cuodao, gold, silver, tortoise shells, and cowrie shells. Gongsun Shu was the first to produce iron coins. Wei Wen Di traded grain and silk with each other. Liu Bei made one coin equivalent to a hundred. Sun Quan made one coin equal to a thousand. As the system declined, there emerged distinctions such as "eyeball coins" and "ring-shaped coins"; When royal authority loosened, there also appeared unusual types like "wind-blown" and "water-floating" coins. The names and categories were numerous and cannot all be listed; a brief summary of their losses and gains can suffice. Originally, the intention behind establishing currency was indeed profound and far-reaching. All things in the world cannot exist without quantity; once there is a quantity, it becomes necessary to establish an object to represent and manage it. Gold and silver are often tied up in making objects or ornaments; grain and silk are cumbersome to carry and prone to damage. Only coins can be used for trade and circulation, flowing continuously like a spring. If grain and silk were used as mediums of exchange in the market, it would not only suffer from the disadvantages of being cumbersome to carry and easily damaged but also be difficult to use for small transactions measured in zhu, liang, fen, or cun. Throughout history, the currency of various dynasties had five-zhu coins as standard; a single type in circulation truly reached the essence. Nowadays, although current coins are slightly heavier than the ancient five-zhu coins, their size and weight are convenient for contemporary use.
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太公既立之於周，退行之於齊，曰：「知開塞之術者，其取天下如化，是謂政之大端也。」又管仲曰：「三幣握之，非有補於溫飽也，捨之非有切於飢寒也，先王以守財物、以御人事而平天下也。命之曰衡，衡者，使物一高一下，不得有常，故與奪貧富，皆在君上，是以人戴君如日月，親君若父母，用此道也。夫生殖眾則國富而人安，農桑寡則人貧而國危。使物之重輕，由令之緩急。權制之術，實在乎錢，鍵其多門，利出一孔，摧抑浮浪，歸趣農桑，可致時雍，躋於仁壽，豈止於富國強兵者哉！」 |
| | Tai Gong had established it during the Zhou dynasty and later implemented it in Qi, saying: "He who understands the art of opening or blocking channels can gain the world as if by magic; this is called the fundamental principle of governance." Guan Zhong also said: "Holding onto the three types of currency does not help with warmth or food, and abandoning them is not urgent for hunger or cold. The ancient kings used them to safeguard wealth, manage human affairs, and thus bring peace to the world." They named it "Heng," meaning balance. Balance ensures that the value of goods rises and falls, never remaining constant; thus, granting or taking away wealth lies in the hands of the sovereign. Therefore, people revere their ruler as they do the sun and moon, and love him like a parent—this is the way of governance. When production flourishes, the country becomes wealthy and its people peaceful; when agriculture and sericulture decline, the people become poor and the nation endangered. The value of goods—whether high or low—is determined by the urgency or leniency of government orders. The method of controlling power truly lies in currency. By closing many avenues and directing profit through a single channel, suppressing speculation and idleness, and guiding people back to agriculture and sericulture, one can achieve an era of harmony and prosperity, advancing the nation toward benevolence and longevity. This is not merely about enriching the country or strengthening its military!"
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其後言事者，或惜銅愛工，改作小錢，或重號其價，以求贏利，是皆昧經通之遠旨，令盜鑄滋甚，棄南畝日多，雖禁以嚴刑，死罪日報，不能止也。昔賢有云：「銅不布下，乃權歸於上。」誠為篤論，固有國之切務，救弊之良算也。況當今人疲賦重，康俗濟用，莫先於斯矣。 |
| | Later, those who commented on state affairs either lamented the cost of copper and labor, leading to the production of small coins, or exaggerated their value in pursuit of profit. These actions ignored the long-term principles of sound policy, resulting in rampant illegal coinage, increasing neglect of farmland, and despite strict punishments with daily reports of capital crimes, such practices could not be stopped. Ancient sages once said: "If copper is not circulated among the people, authority will remain concentrated at the top." This was indeed a profound statement and an essential matter for any nation, as well as a sound strategy to correct abuses. Moreover, in the current era of exhausted people and heavy taxation, nothing is more urgent than restoring prosperity and easing economic hardship through this means.
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自神農列阖於國，以聚貨帛，日中為市，以交有無。虞夏商之幣，金為三品，或黃或白，或赤或錢，或布或刀，或龜貝。 |
| | Since Shen Nong established markets in the state to gather goods and silk, people gathered at midday for trade, exchanging what they had for what they lacked. The currency of the Yu, Xia, and Shang dynasties consisted of three types of metal: either yellow or white, red or coin-shaped, or in the form of cloth or blades, or tortoise shells and cowrie shells.
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周制：以商通貨，以賈易物。太公又立九府圜法。黃金方寸，而重一斤。錢圜函方，輕重以銖。布帛廣二尺二寸為幅，長四丈為疋。故貨寶於金，利於刀，流於泉，布於布，束於帛。 |
| | The Zhou dynasty system: merchants facilitated trade, and traders exchanged goods. Tai Gong also established the nine treasuries' circular currency regulations. A square inch of gold weighs one jin. Coins were round with a square hole, Their weight was measured in zhu. Cloth and silk had a width of two chi and two cun as one fu, and a length of four zhang constituted one pi. Therefore, goods were valued in gold, traded with blades (coins), and circulated like water; Cloth was used for cloth transactions; Bundles were measured in silk.
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周景王時，患錢輕，將更鑄大錢。大夫單旗曰：「不可。古者天降災戾，於是乎量資幣、權輕重以救民。民患輕，則為之作重幣以行之，於是有母權子而行，民皆得焉。若不堪重，則多作輕而行之，亦不廢重，於是乎有子權母而行，小大利之。今王廢輕而作重，民失其資，能無匱乎。民若匱，王用將有所乏，乏將厚取於民，民不給，將有遠志，是離民也。且絕民用以實王府，猶塞川原為潢洿也，竭亡日矣，王其圖之。」弗聽，卒鑄大錢，文曰「寶貨」，肉好皆有周郭，以勸農贍不足，百姓蒙利焉。 |
| | During the reign of King Jing of Zhou, there was concern that coins were too light in value; he planned to recast larger coins. The official Shan Qi said: "No, that cannot be done." In ancient times, when calamities and misfortunes were sent from heaven, At that time, they measured resources and currency, balanced their values to rescue the people. When the people found coins too light in value, they created heavier currency for circulation; thus there arose a system of parent and child weights to regulate it, and all the people benefited. If the currency became too heavy to bear, they produced more lighter coins for circulation, without abolishing the heavier ones. Thus there arose a system where child weights regulated parent weights, benefiting both large and small transactions. Now, if a ruler abolishes light currency in favor of heavy coinage, the people lose their means of exchange; can there not be shortages? If the people face shortages, the ruler's expenditures will inevitably fall short. When this happens, he will have to heavily tax the people; if the people cannot afford it, they may develop distant ambitions, This is alienating the people. Moreover, cutting off the people's means of livelihood to enrich the royal treasury is like blocking rivers and springs to create stagnant pools; The day of exhaustion and ruin is near; the king should think about this carefully." He did not listen, and eventually cast large coins inscribed with "Bao Hua," both the central hole (meat) and outer rim had surrounding borders; This was intended to encourage agriculture and support those in need, thus benefiting the common people.
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管子曰：「人君鑄錢立幣，人庶之通施也。人有若干百千之數矣，然而人事不及、用不足者何？利有所藏也。然則人君非能分并財利而調人事也，則君雖自為鑄幣而無已，乃使人下相役耳，惡能以為理乎？」又曰：「湯七年旱，禹五年水，人之無●，有賣子者。湯以莊山之金鑄幣而贖人之無●賣子者，禹以歷山之金鑄幣以救人之困。夫玉起於禺氏，金起於汝漢，珠起於赤野。東西南北去周七八千里，水絕壤斷，舟車不能通。為其途之遠，其至之難，故託用於其重。以珠玉為上幣，以黃金為中幣，以刀布為下幣。三幣，握之則非有補於煖也，食之則非有補於飽也，先王以守財物、以御人事而平天下也。是以命之曰衡。衡者，使物一高一下，不得有調也。」 |
| | Guan Zi said: "When a ruler casts money and establishes currency, this is for the general circulation among the people. People may have hundreds or thousands of such coins, yet why do some still lack sufficient resources and fail in their endeavors? Because wealth is hoarded. If this is the case, then a ruler cannot simply divide and regulate wealth and benefits to manage human affairs. Even if he personally casts currency without end, it merely results in people exploiting one another from above; how can such governance be considered just?!" It also says: "During King Tang's reign, there was a seven-year drought; during Yu the Great's time, there were five years of floods. People had no ●," Some people were forced to sell their children. King Tang used gold from Zhuangshan to cast coins in order to redeem people who had no millet and were forced to sell their children; Yu the Great used gold from Lishan to mint currency to rescue those in distress. Jade originated with the Yu family, gold from Ruhanshui, and pearls from Chiyeh. They were located thousands of miles away in the east, west, south, and north; rivers dried up and land was cut off, making it impossible for boats or carriages to pass. Because of the great distance and difficulty in reaching these places, people relied on their value as a means of exchange. Precious pearls and jade served as upper currency; gold as middle currency; blades (coins) and cloth as lower currency. Holding the three types of currency did not help with warmth, and eating them did not satisfy hunger. Yet ancient kings used them to protect wealth, manage human affairs, thus bringing peace to the world. Therefore, it was named "Heng," meaning balance. "Heng" means to ensure that the value of goods fluctuates—some rise and others fall—so they cannot remain in a fixed state."
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楚莊王以為幣輕，更以小為大，百姓不便，皆去其業。孫叔敖為相，市令言於相曰：「市亂，人莫安其處，行不定。」叔敖白於王，遂令復如故，而百姓乃安也。 |
| | King Zhuang of Chu considered currency too light in value and changed small coins into large ones; this caused inconvenience to the people, who all abandoned their occupations. Sun Shuao served as prime minister; a market official reported to him: "The markets are in chaos, and people cannot find stability or peace." Shu Ao informed the king, who then ordered the currency system to be restored as it was; thus the people found peace once again.
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荀卿曰：「北海則有走馬吠犬焉，然而中國得而畜使之。南海則有羽翮齒革繒菁焉，然而中國得而賦之。東海則有紫蛤魚鹽焉，然而中國得而衣食之。西海則有皮革文純焉，然而中國得而用之。故天之所覆，地之所載，財貨流通，無不盡致其用，四海之內，若一家也。凡理，亡者使有，利者使阜，害者使亡，靡者使微。王之所寶者六，聖人能制議百姓，以輔相國家，則寶之；玉足以庇廕嘉穀，使無水旱之災，則寶之；龜足以獻臧否，則寶之；珠足以禦火災，則寶之；金足以禦兵亂，則寶之；山林藪澤足以備財用，則寶之。」 |
| | Xun Qing said: "The Northern Sea has running horses and barking dogs, yet Central China is able to raise and use them. "The Southern Sea has feathers, beaks, hides, and fine silk, yet Central China can collect taxes from these resources. "The Eastern Sea has purple clams, fish, and salt, yet the people of Central China wear clothes made from them and eat with their help. The Western Sea has hides and fine cloth, yet the people of Central China are able to use these goods. Therefore, under Heaven's coverage and upon Earth's bearing, wealth and goods circulate freely, with no resource failing to be put to full use. Within the Four Seas, it is as one family. Generally speaking, governance ensures that what has been lost is restored, what is beneficial becomes abundant, what causes harm disappears, and what is wasteful diminishes. The six treasures of a king are as follows: A sage who can manage the people's discussions and assist in governing the state is considered a treasure; Jade that is sufficient to protect and shelter good grains, preventing floods or droughts, is considered a treasure; Tortoises whose omens can reveal what is good or bad are considered treasures; Pearls that are sufficient to ward off fire disasters are considered a treasure; Gold that is sufficient to resist war and chaos is considered a treasure; Mountains, forests, marshes, and lakes that are sufficient to provide for the people's needs are considered treasures."
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秦一中國之幣為二等，黃金以鎰為名，上幣。銅錢質如周錢，文曰「半兩」，重如其文，為下幣。而珠玉龜貝銀錫之屬，為器飾寶藏，不為幣，然各隨時而輕重無常。 |
| | The Qin unified the currencies of Central China into two grades; gold, measured in yi, was designated as upper currency. Bronze coins were made with a quality similar to Zhou money, inscribed "Banliang," and weighed as stated in the inscription; these served as lower currency. Precious pearls, jade, tortoises, shells, silver, and tin were used as ornaments or treasures rather than currency; however, their value fluctuated with time and was not fixed.
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漢興，以為秦錢重難用，更令民鑄莢錢。黃金一斤。 |
| | When the Han dynasty rose to power, it considered Qin coins too heavy for convenient use and ordered the people to cast "jia qian" (slender coin). One jin of gold.
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高后二年，行八銖。六年，行五分錢。 |
| | In the second year of Empress Dowager Gao's reign, coins weighing eight zhu were put into circulation. In the sixth year, five-fen coins were put into circulation.
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孝文五年，為錢益多而輕，乃更鑄四銖錢，其文為「半兩」。除盜鑄錢令，使民放鑄。賈誼諫曰：「法使天下公得顧租鑄銅錫為錢，敢雜以鉛鐵為他巧者，其罪黥。然鑄錢之情，非殽雜為巧則不可得贏，而殽之甚微，為利甚厚。夫事有召禍而法有起姦，今令細民操造幣之勢，各隱屏而鑄作，因欲禁其厚利微姦，雖黥罪日報，其勢不止。夫懸法以誘民，使入陷阱，孰積於此！曩禁鑄錢，死罪積下；今公鑄錢，黥罪積下。為法若此，上何賴焉？又民用錢，郡縣不同，或用輕錢，百加若干，或用重錢，平稱不受。法錢不立，吏急而壹之乎，則大為煩苛而力不能勝；縱而弗呵乎，則市肆異用，錢文大亂。苟非其術，何嚮而可哉！今農事棄捐而采銅者日蕃，釋其耒耨，冶鎔炊炭，姦錢日多，五穀不為多。國知患此，吏議必曰禁之，禁之不得其術，其傷必大。令禁鑄錢則錢必重，重則其利深，盜鑄如雲而起，棄市之罪又不足以禁矣。姦數不勝而法禁數潰，銅使之然也。故銅布於天下，則人鑄錢者大抵必雜以鉛鐵，黥人日繁，一禍也。偽錢無止，錢用不信，人愈相疑，二禍也。采銅者棄其田疇，鑄者捐其農事，五穀不為多，則鄰於飢，三禍也。故不禁鑄錢則錢常亂，黥罪日積，是陷阱也。且農事不為，有類為災，故人鑄錢不可不禁，四禍也。上禁鑄錢，必以死罪。鑄錢者禁，則錢必還重，則盜鑄者起，則死罪又復積矣，其禍五也。故銅布於天下，其為禍博矣。今博禍可除，而七福可致也。何謂七福？上收銅勿令布，則民不鑄錢，黥罪不積，一矣。偽錢不蕃，民不相疑，二矣。采銅鑄作者反於耕田，三矣。銅畢歸於上，上挾銅積以御輕重，錢輕則以術斂之，重則以術散之，貨物必平，四矣。以作兵器，以假貴臣，多少有制，用別貴賤，五矣。以臨萬貨，以調盈虛，以收奇羡，則官富實而末民困，六矣。制吾棄財，以與匈奴逐爭其民，則敵必壞，七矣。今久退七福而行博禍，臣誠傷之。」上不聽。是時，吳以諸侯即山鑄錢，富埒天子，後卒叛逆。鄧通，大夫也，以鑄錢財過王者。故吳、鄧錢布天下。 |
| | In the fifth year of Emperor Xiaowen's reign, as more and lighter money was being produced, they cast new four-zhu coins inscribed "Banliang." They abolished the decree against private coin casting, allowing the people to freely mint coins. Jia Yi advised: "The law allows the public to cast copper and tin coins for rent, but anyone daring to mix in lead or iron with other deceptions shall be punished by tattooing. However, in coin casting, profit cannot be made without mixing impurities; yet even a slight admixture yields substantial gains. Some affairs invite disaster, and some laws encourage corruption; now the common people are given control over coin production. They secretly cast coins, and even if one attempts to ban their small but profitable frauds, the situation cannot be stopped, no matter how many are punished daily with tattooing. To set laws to lure the people into traps—how much suffering has accumulated from this! In the past, when coin casting was prohibited, capital punishment piled up; Now, with public coin casting allowed, tattooing punishments also accumulate in judgment. With laws like this, on what can the sovereign rely? Furthermore, the people's use of coins varied by commandery and county; some used lighter coins, adding a certain amount to make up for it. Some used heavier coins; the standard weight would not accept them. The legal coin was not established. If officials tried urgently to unify them, it would create great bureaucratic burdens and excessive demands that people could not bear; But if they were left unchecked, the markets would use different standards, causing chaos in coinage. If the proper method is not used, how can one possibly proceed in any direction! Now, farming is neglected as more and more people daily turn to mining copper; they abandon their hoes and plows, instead smelting metal and burning charcoal. Fraudulent coins increase daily, while the production of five grains does not. The state is aware of this problem; officials will certainly argue for a ban, but if the method of prohibition is wrong, the damage will be great. If an order were issued to ban coin casting, the value of coins would rise; as their value rises, so does the profit, and illicit minting would erupt like clouds. Even capital punishment by public execution would no longer be sufficient to stop it. Fraudulent activities would become uncontrollable, and legal prohibitions would collapse repeatedly—this is caused by copper. Therefore, when copper spreads throughout the land, people who cast coins will inevitably mix in lead and iron. The number of those punished by tattooing increases daily—this is one disaster. Counterfeit coins cannot be stopped; the currency loses credibility, and people increasingly doubt each other—this is a second disaster. Those mining copper abandon their fields, and those casting coins neglect farming; the five grains do not multiply, bringing people close to famine—this is a third disaster. Therefore, if coin casting is not banned, the currency will always be in chaos and tattooing crimes will accumulate daily; this is a trap. Moreover, when farming declines, it resembles a disaster; therefore, private coin casting cannot be left unchecked—this is the fourth disaster. The sovereign prohibits private coin casting and imposes capital punishment for such crimes. If coin casting is banned, the value of money will inevitably rise again; illicit minting will then arise, and capital crimes will accumulate once more—this constitutes a fifth disaster. Therefore, when copper is spread throughout the land, its disasters are extensive indeed. Now these widespread disasters can be eliminated, and seven blessings may yet be achieved. What are the Seven Blessings? If the sovereign collects copper and prevents its widespread distribution, then people will not cast coins, tattooing crimes will not accumulate—this is the first blessing. Counterfeit money will not proliferate, and the people will no longer doubt one another—this is the second blessing. Those who mine copper or cast coins will return to farming—the third blessing. All copper will be collected by the sovereign, who can then hold a reserve of copper to control fluctuations in value. When money is too light, the sovereign can use strategies to collect it; when it is too heavy, he can employ methods to distribute it. This ensures that goods remain in balance—the fourth blessing. This can also be used to make weapons. It can also be distributed as rewards to high-ranking officials, with amounts regulated according to rank, distinguishing the noble from the lowly—this is the fifth blessing. It can be used to oversee all goods, regulate surpluses and shortages, and collect surplus or residual resources This ensures the government is wealthy and substantial while common people are kept in hardship—this is the sixth blessing. Controlling our discarded wealth and using it to compete with the Xiongnu for their people will surely weaken them—this is the seventh blessing. Now, for a long time we have abandoned the Seven Blessings and instead pursued widespread disasters; I truly grieve over this." The emperor did not listen. At that time, Wu, as a feudal lord, cast coins in the mountains and became as wealthy as the Son of Heaven. Later, Wu finally rebelled. Deng Tong was a court official who cast coins His wealth surpassed that of kings. Thus, Wu and Deng's coins circulated throughout the land.
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孝武帝有事於四夷，又徙平民七十萬口於新秦中，用度廣，出御府錢以贍不足，而冶鑄或累萬金，不佐公家之急。於是天子與公卿議，更造錢幣以贍用，而摧浮淫并兼之徒。是時禁苑有白鹿而少府多銀錫。自孝文更造四銖錢，至是歲四十餘年。從建元以來用少，縣官往往即多銅山而鑄錢，民閒亦盜鑄，不可勝數，錢益多而輕，物益少而貴。有司言曰：「古者皮幣，諸侯以聘享。金有三等，黃金為上，白金為中，赤金為下。今半兩錢法重四銖，而姦或盜磨錢質而取鋊，錢益輕薄而物貴，則遠方用幣，煩費不省。」乃以白鹿皮方尺，緣以藻繢，為皮幣，直四十萬。王侯宗室朝覲聘享必以皮幣薦璧，然後得行。又造銀錫為白金，以為天用莫如龍，地用莫如馬，人用莫如龜。故白金三品，其一曰重八兩，圜之，其文龍，名曰「白選」，直三千。二曰以重差小，方之，其文馬，直五百。三曰復小，橢之，其文龜，直三百。令縣官銷半兩錢，更鑄三銖錢，文如其重。盜鑄諸金錢罪皆死，而吏民之盜鑄白金者不可勝數。有司言三銖錢輕，易姦詐，乃更請郡國鑄五銖錢，周郭其下，令不可磨取鋊焉。自造白金、五銖錢後五歲，赦吏民之坐盜鑄金錢死者數十萬人，其不發覺相殺者不可勝計，赦自出者百餘萬人。然不能半自出，天下大抵無慮皆鑄金錢矣。犯法者眾，吏不能盡誅，於是遣博士褚大、徐偃等分行郡國，舉并兼之徒、守相為利者劾之。於是公卿大夫多諂諛取容。郡國多姦鑄錢，錢多輕，而公卿請令京師鑄官赤仄，一當五，賦官用非赤仄不得行。白金稍賤，民不寶用，縣官以令禁之，無益，歲餘終廢不行。其後二歲，赤仄錢賤，民巧法用之，不便，又廢。於是悉禁郡國無鑄錢，專令上林三官鑄，錢既多，而令天下非三官錢不得行。諸郡國前所鑄錢皆廢銷之，輸入其銅三官。而民之鑄錢益少，計其費不能相當，唯真工大姦乃盜為之。 |
| | Emperor Xiaowu was engaged in military campaigns against the Four Barbarians. He also relocated seventy thousand commoners to the new Qinzhong region, which greatly increased expenditures. To cover shortages, he used money from the imperial treasury, yet some who smelted and cast coins accumulated tens of thousands of gold units without assisting the government's urgent needs. Thus, the Son of Heaven and his ministers deliberated on creating new currency to meet expenses while curbing those who engaged in excessive accumulation and monopolies. At that time, the imperial park had white deer, and the Shao Fu department had abundant silver and tin. Since Emperor Xiaowen first minted the Sizhu coin, more than forty years had passed by this time. Since the Jianyuan era, coinage had decreased; local officials often cast coins using copper-rich mountains, and common people also secretly minted them in large numbers, too numerous to count. As a result, there were more coins but they became lighter Goods became scarcer and more expensive. An official reported, "In ancient times, leather and cloth were used as currency; feudal lords used them for diplomatic gifts and banquets. Gold had three grades: yellow gold was the highest, white gold the middle, and red gold the lowest. Now, the Banliang coin's legal weight is four zhu yet some criminals secretly ground down the coins to extract their metal "As coins became lighter and thinner, goods grew more expensive; thus, using currency for distant transactions became cumbersome and costly without saving." They then used square-foot white deer hides, bordered with embroidered patterns as a form of currency, each valued at forty thousand. Dukes, marquises, and members of the imperial clan had to present these deer-hide currencies along with jade discs during court visits or diplomatic exchanges; only then were they allowed to proceed. They also cast silver and tin into white gold It was believed that for heavenly use, nothing was better than the dragon; for earthly use, nothing surpassed the horse; and for human use, no creature equaled the turtle. Therefore, white gold was divided into three grades; the first weighed eight liang and was round in shape, with a dragon pattern on it. It was named "Baixuan" Valued at 3,000. The second type was slightly smaller in weight and square-shaped, with a horse pattern on it, valued at five hundred. The third type was even smaller and oval-shaped, with a turtle pattern on it, valued at three hundred. The emperor ordered local officials to melt down Banliang coins and recast them as Sanzhu coins, with inscriptions matching their weight. Those who illegally cast gold and copper coins were all sentenced to death, yet the number of officials and commoners secretly minting white gold coins was too numerous to count. An official reported that the Sanzhu coins were too light and easily counterfeited, so they requested that all commanderies and states recast Wuzhu coins with a rim around their edges to prevent people from grinding them down for metal. Five years after the production of white gold and Wuzhu coins, tens of thousands of officials and commoners who had been sentenced to death for illegally minting currency were pardoned. Those who committed murder without being discovered could not be counted; over a million people received amnesty on their own initiative. Nevertheless, less than half of them were pardoned voluntarily; in general, the entire world was estimated to have been involved in illegal coin casting. With many people breaking the law, officials could not execute them all. Thus, the emperor sent scholars such as Chu Da and Xu Yan to travel through commanderies and states, investigating those who engaged in monopolies or corrupt local magistrates and censors for personal gain, and reporting them for punishment. From then on, many ministers and officials flattered the emperor for personal gain. Many commanderies and states engaged in illegal coin casting, resulting in an oversupply of light-weight coins. The ministers then requested that the capital mint official red-edged coins . Now, some existing coins have red edges; however, it is unknown exactly how they were made.}} Each of these was worth five regular coins, and for official duties or taxes, only those with red edges could be used; otherwise, they would not be accepted. White gold gradually lost its value and people no longer valued it; the government issued orders to ban its use, but this was ineffective. After more than a year, the system was ultimately abandoned and not enforced. Two years later, red-edged coins also lost their value; people found loopholes to use them improperly, causing inconvenience. As a result, they were abolished again. Thus, the government completely banned all commanderies and states from minting coins, authorizing only the San Guan of Shanglin to produce them. With a large supply of these coins, an order was issued that no coin other than those made by the San Guan could circulate nationwide. All coins previously minted by the commanderies and states were confiscated, melted down, and their copper was sent to the San Guan. As a result, private coin casting by common people decreased significantly; calculating the costs, it was no longer profitable. Only skilled artisans and major criminals continued to produce counterfeit coins illegally.
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宣帝時，貢禹言：「鑄錢采銅，一歲十萬人不耕，民坐盜鑄陷刑者多。富人藏錢滿室，猶無厭足。民心動搖，棄本逐末，耕者不能半，姦邪不可禁，原起於錢。疾其末者絕其本，宜罷采珠玉金銀鑄錢之官，毋復以為幣，除其販賣租銖之律。租稅祿賜皆以布帛及穀，使百姓壹意農桑。」議者以為交易待錢，布帛不可尺寸分裂，禹議亦寢。 |
| | During the reign of Emperor Xuan, Gong Yu said: "Minting coins and mining copper required ten thousand people each year who did not farm; many commoners were punished for illegal coin casting." Wealthy individuals hoarded money in their homes, yet remained insatiably greedy. The people's hearts became restless, abandoning agriculture for commerce; less than half the population remained engaged in farming. Deceit and corruption could not be controlled, all of which originated from currency. To curb the root of these evils, one must cut off their source. It is advisable to abolish offices responsible for mining pearls, jade, gold, and silver or minting coins; no longer use them as currency, and remove laws concerning taxes on trading and coin production. Taxes, salaries, and imperial gifts should all be paid in cloth or grain to encourage the people to focus solely on agriculture and sericulture." Those who deliberated argued that transactions required money, as cloth could not be easily divided into small pieces. Thus, Gong Yu's proposal was also put aside.
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自孝武元狩五年三官初鑄五銖錢，至平帝元始中，成錢二百八十億萬餘云。 |
| | From the first minting of Wuzhu coins by the San Guan in the fifth year of Yuanshou under Emperor Xiaowu to the middle of Yuanshi under Emperor Ping, a total of more than 280 million coins were produced.
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王莽居攝，變漢制，以周錢有子母相權，於是始造大錢，徑一寸二分，重十二銖，文曰「大錢五十」。又造契刀、錯刀。契刀，環如大錢，身形如刀，長二寸，文曰「契刀五百」。錯刀，以黃金錯，其文曰「一刀直五千」。與五銖錢凡四品，並行。 |
| | When Wang Mang assumed regency, he changed the Han system. Since Zhou dynasty coins had a "mother and son" weight relationship for exchange purposes, he then began minting large coins with a diameter of one cun two fen and weighing twelve zhu, inscribed as "Da Qian Wu Shi," meaning each was worth fifty regular coins. He also minted Qi Dao and Cuo Dao coins. The Qi Dao coin was circular like a large coin, with the body shaped like a knife and measuring two cun in length. It bore the inscription "Qi Dao Wu Bai," meaning it was worth five hundred regular coins. The Cuo Dao coin had inscriptions made of yellow gold, with the text reading "Yi Dao Zhi Wu Qian," meaning one such coin was worth five thousand regular coins. Together with the Wuzhu coin, there were four types of currency circulating simultaneously.
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莽即真，以為書「劉」字有金刀，乃罷錯刀、契刀及五銖錢，而更作金、銀、龜、貝、錢、布之品，名曰「寶貨」。小錢，徑六分，重一銖，文曰「小錢直一」。次七分，三銖，曰「么錢一十」。次八分，五銖，曰「幼錢二十」。次九分，七銖，曰「中錢三十」。次一寸，九銖，曰「壯錢四十」。因前「大錢五十」，是為錢貨六品。直各如其文。黃金重一斤，直錢萬。朱提銀重八兩為一流，直一千五百八十。他銀一流直千。是為銀貨二品。元龜岠冉長尺二寸，直二千一百六十，為大貝十朋。公龜九寸，直五百，為壯貝十朋。侯龜七寸以上，直三百，為么貝十朋。子龜五寸以上，直百，為小貝十朋。是為龜寶四品。大貝四寸八分以上，二枚為一朋，直二百一十六。壯貝三寸六分以上，二枚為一朋，直五十。么貝二寸四分以上，二枚為一朋，直三十。小貝寸二分以上，二枚為一朋，直十。不盈寸二分，漏度不得為朋，率枚直錢三。是為貝貨五品。大布、次布、第布、壯布、中布、差布、厚布、幼布、么布、小布。小布長寸五分，重十五銖，文曰「小布一百」。自小布以上，各相長一分，相重一銖，文各為其布名，直各加一百。上至大布，長二寸四分，重一兩，而直千錢矣。是為布貨十品。凡寶貨五物，六名，二十八品。鑄作錢布，皆用銅，殽以鏈錫，文質周郭放漢五銖錢云。其金銀與他物雜，色不純好，龜不盈五寸，貝不盈六分，皆不得為寶貨。元龜為蔡，非四民所得居，有者入太卜受直。 |
| | After Wang Mang officially became emperor, he believed that the character "Liu" (used in the imperial surname) contained the radicals for gold and knife. Thus, he abolished the Cuo Dao, Qi Dao, and Wuzhu coins and instead created a new system of currency including gold, silver, turtles, shells, coins, and cloth, collectively named "Bao Hua." The small coin had a diameter of six fen and weighed one zhu. It was inscribed with the words "Xiao Qian Zhi Yi," meaning it was worth one regular coin. The next size had a diameter of seven fen and weighed three zhu, inscribed "Yao Qian Shi," meaning it was worth ten regular coins. The next size had a diameter of eight fen and weighed five zhu, inscribed "You Qian Er Shi," meaning it was worth twenty regular coins. The next size had a diameter of nine fen and weighed seven zhu, inscribed "Zhong Qian San Shi," meaning it was worth thirty regular coins. The next size had a diameter of one cun and weighed nine zhu, inscribed "Zhuang Qian Si Shi," meaning it was worth forty regular coins. Including the previously mentioned "Da Qian Wu Shi" (large coin worth fifty), these formed six grades of coinage, known as the Six Grades of Currency. Each was valued exactly as indicated by its inscription. One jin of gold was worth ten thousand coins. Zhuditian silver weighing eight liang made one "liu," valued at 1,580 coins. Other silver of the same weight was valued at one thousand coins. These formed two grades of silver currency. The largest turtle shell, named Ju Ran, measured one chi and two cun in length. It was valued at 2,160 coins, equivalent to ten pings of large shells. The "Gong Gui" measured nine cun and was valued at five hundred coins, equivalent to ten pings called Zhuang Bei. The "Hou Gui," measuring seven cun or more, was valued at three hundred coins, equivalent to ten pongs of small shells (Yao Bei). The "Zi Gui," measuring five cun or more, was worth one hundred coins, equivalent to ten pons of small shells (Xiao Bei). These formed four grades of turtle shell currency. Large shells (Da Bei) measuring four cun and eight fen or more, two made one ping, valued at 216. Strong shells (Zhuang Bei) measuring three cun and six fen or more, two made one pong, valued at fifty. Small shells (Yao Bei) measuring two cun and four fen or more, two making one ping, were worth thirty. Tiny shells (Xiao Bei) measuring one cun and two fen or more, with two forming one ping, were valued at ten. Shells smaller than one cun and two fen did not meet the standard to form a ping; each was generally worth three coins. These formed five grades of shell currency. Da Bu, Ci Bu, Di Bu, Zhuang Bu, Zhong Bu, Cha Bu, Hou Bu, You Bu, Yao Bu, Xiao Bu. The smallest cloth (Xiao Bu) measured one cun and five fen in length and weighed fifteen zhu, with the inscription "Xiao Bu Yi Bai," meaning it was worth 100. From the smallest cloth (Xiao Bu) upward, each grade was one fen longer and weighed one zhu more than the previous. Each bore an inscription corresponding to its name, with a value increasing by 100 for each grade. The largest cloth (Da Bu) measured two cun and four fen in length, weighed one liang, and was worth 1,000 coins. These formed ten grades of cloth currency. In total, the treasure currencies consisted of five types, six names, and twenty-eight grades. Coins and cloth currencies were all cast using copper alloyed with tianxi. The inscriptions, material quality, and rim design were modeled after the Han Wu Zhu coin. If the gold and silver were mixed with other substances, or their color was not pure and fine, if a turtle shell measured less than five cun, or a shell was smaller than six fen in size, they could not be considered treasure currencies. The largest turtle shells were designated as Cai and could not be possessed by ordinary people; those who had them should surrender them to the Tai Bu office for compensation.
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其後百姓憒亂，其貨不行，民私以五銖錢市買，莽患之，下詔「敢挾五銖錢者為惑眾，投諸四裔」。於是農商失業，食貨俱廢，民涕泣於市道。坐賣買田宅奴婢、鑄錢抵罪者，自公卿大夫至庶人不可稱數。莽知民愁，迺但行小錢直一與大錢五十，二品並行，龜貝布屬遂廢。 |
| | Later, the common people became confused and did not use these currencies; instead, they privately used Wu Zhu coins for trade. Wang Mang was troubled by this and issued an edict: "Anyone who possesses Wu Zhu coins is deceiving the people and shall be exiled to the four distant frontiers." As a result, farmers and merchants lost their livelihoods; both food and goods were no longer available, and people wept in the streets. Those who were punished for buying or selling land, houses, slaves, concubines, or casting coins ranged from high-ranking officials to commoners and could not be counted. Wang Mang, realizing the people's distress, decided to only circulate two types of coins: the small one-coin coin and the large fifty-coin coin. The turtle shells, shells, and cloth currencies were thus abolished.
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莽天鳳元年，復申下金銀龜貝之貨，頗增減其價直，而罷大小錢。改作貨布，長二寸五分，廣一寸，首長八分有奇，廣八分，其圓好徑二分半，足枝長八分，閒廣二分，其文右曰「貨」，左曰「布」，重二十五銖，直貨泉二十五。貨泉徑一寸，重五銖，文右曰「貨」，左曰「泉」，枚直一。與貨布二品並行。又以大錢行久，罷之，恐民挾不止，迺令民且獨行大錢，與新貨泉俱枚直一，並行，盡六年，毋得復挾大錢矣。每壹易錢，民用破業而大陷刑。莽以私鑄錢死及非沮寶貨投四裔、犯法者多，不可勝行，迺更輕其法：私鑄作泉布者，與妻子沒為官奴婢；吏及比伍知而不舉告，與同罪；非沮寶貨，民罰作一歲，吏免官。犯者愈眾，及五人相坐皆沒入，郡國檻車鐵璅，傳送長安鍾官，愁苦死者十六七。 |
| | In the first year of Tianfeng under Wang Mang's reign, he once again issued an order to resume using gold, silver, turtle shells, and shells as currency, adjusting their values somewhat up or down, while abolishing both large and small coins. He changed the currency to "Huo Bu," which measured two cun and five fen in length, one cun in width. The head was slightly more than eight fen long and eight fen wide; its round center hole had a diameter of two fen and a half. Each foot branch was eight fen long with a space of two fen between them. The inscription on the right side read "Huo," while the left side read "Bu." It weighed twenty-five zhu and was valued at twenty-five Huo Quan coins. Huo Quan had a diameter of one cun, weighed five zhu, and bore the inscription "Huo" on the right side and "Quan" on the left. Each was worth one coin. These two types of currency were circulated together. Since the large coins had been in circulation for a long time, and their discontinuation was feared to lead people to continue hoarding them, he ordered that the public temporarily use only the large coins alongside the new Huo Quan, both valued at one coin each. After six years, it would no longer be allowed to possess the old large coins. With every change in currency, people lost their property and fell into serious legal trouble. Wang Mang realized that many people were being executed for privately casting coins, or exiled to the frontier regions and committing crimes by opposing the treasure currencies; as these cases were too numerous to handle, he decided to lighten the punishment: those who privately cast Huo Quan or cloth currency would be enslaved along with their wives and children. Officials and neighbors who knew about such activities but failed to report them would share the same punishment; Those who opposed the treasure currencies without just cause, commoners would be punished with one year of forced labor, and officials would be dismissed from office. The number of offenders continued to increase, and if five people were involved in a case, they would all be seized. The local authorities used barred carts with iron locks to transport them to Chang'an Zhongguan About sixteen or seventeen percent of those involved died from sorrow and hardship.
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漢錢舊用五銖，自王莽改革，百姓皆不便之。及公孫述廢銅錢，置鐵官鑄鐵錢，百姓貨幣不行。時童謠曰：「黃牛白腹，五銖當復。」好事者竊言：「王莽稱黃，述欲繼之，故稱白腹，五銖漢貨，言漢當復并天下。」 |
| | The Han dynasty had previously used the Wu Zhu coin, but after Wang Mang's reforms, the people found it inconvenient. When Gongsun Shu abolished copper coins and ordered the Iron Office to cast iron coins, the people's currency became unusable. At that time, a children's rhyme circulated: "A yellow bull with white belly, the Wu Zhu will return." Those who paid attention to omens secretly said: "Wang Mang claimed the Yellow Mandate; Shu wanted to follow in his footsteps, so he called himself 'White Belly.' The Wu Zhu was Han currency, meaning that the Han would return and reunite the world."
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後漢光武除王莽貨泉。自莽亂後，貨幣雜用布帛金粟。建武十六年，馬援上書曰：「富國之本，在於食貨，宜如舊鑄五銖錢。」帝從之，於是復鑄五銖錢，天下以為便。 |
| | After the Later Han Emperor Guangwu came to power, he abolished Wang Mang's Huo Quan. Since the chaos caused by Wang Mang, currency was mixed with cloth, silk, gold, and grain for use. In the sixteenth year of Jianwu, Ma Yuan submitted a memorial stating: "The foundation for enriching the country lies in food and currency; we should resume casting Wu Zhu coins as before." The emperor followed his advice, so they resumed casting Wu Zhu coins, which the people throughout the land found convenient.
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及章帝時，穀價貴，縣官經用不足，朝廷憂之。尚書張林言：「今非但穀貴，百物皆貴，此錢賤故爾。宜令天下悉以布帛為租，市買皆用之，封錢勿出，如此則百物皆賤矣。」帝用其言，少時復止。 |
| | During Emperor Zhang's reign, grain prices rose and government expenses were insufficient, causing concern for the court. Shangshu Zhang Lin said: "Now it is not only grain that has become expensive, but all goods are costly. This is because the value of coins has declined." He suggested that all taxes should be collected in cloth and silk, and that all market transactions should use them. He proposed sealing the coins so they would not circulate; if this were done, then all goods would become cheap." The emperor adopted his suggestion, but after a short time, he stopped it.
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和帝時，有上書言，人以貨輕錢薄，故致貧困，宜改鑄大錢。事下四府群僚及太學能言之士。孝廉劉陶上議曰：「當今之憂，不在於貨，在乎民飢。蓋民可百年無貨，不可一朝有飢，故食為至急也。議者不達農殖之本，多言鑄冶之便，或欲因緣行詐以賈國利，國利將盡，取者爭競，造鑄之端，於是乎生。蓋萬人鑄之，一人奪之，猶不能給，況今一人鑄之，則萬人奪之乎！夫欲民殷財阜，要在止役禁奪，則百姓不勞而足。陛下欲鑄錢齊貨以救其弊，此猶養魚沸鼎之中，棲鳥烈火之上。」帝竟不鑄錢。 |
| | During Emperor He's reign, someone submitted a memorial stating that people had become poor and destitute because the currency was light in weight and of low value; they should recast large coins. The matter was referred to the four ministries, their officials, and scholars from Taixue who were capable of offering opinions. Liu Tao, a Xiaolian official, submitted an opinion stating: "The concern today does not lie in currency; it lies in the people's hunger. People can live for a hundred years without currency, but they cannot endure even one day of starvation; therefore, food is the most urgent need. Those who argue fail to understand the fundamentals of agriculture and production, often speaking only about the convenience of casting coins. Some even seek to take advantage for personal gain by manipulating state profits; as national resources are exhausted, people will compete to seize them, thus giving rise to coinage-related schemes. If ten thousand people cast coins and one person takes them, it still cannot meet the demand; how much more so now when one person casts a coin and ten thousand vie to take it! If we wish for the people to prosper and wealth to increase, the key lies in stopping forced labor and prohibiting exploitation; then the common people will have enough without hardship. Your Majesty wishes to cast coins and regulate currency in an attempt to remedy the problem, but this is like raising fish in a boiling cauldron or nesting birds on a fire. The emperor ultimately did not proceed with casting new coins.
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及靈帝作五銖錢，而有四出道，連於邊緣，有識者尤之曰：「豈非京師破壞，此四出散於四方乎？」 |
| | When Emperor Ling ordered the casting of Wu Zhu coins, they had four protrusions on their edges. Some who were observant remarked: "Is this not a sign that the capital will be destroyed and these four protrusions will scatter to all directions?"
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| | 錢幣上: |
至董卓焚宮室，乃劫鑾駕，西幸長安，悉壞五銖錢，更鑄小錢，大五分。盡取洛陽及長安銅人飛廉之屬充鼓鑄。其錢無輪郭文章，不便時人，由是貨輕而物貴，穀一斛至錢數百萬。 |
| | When Dong Zhuo burned the palaces, he seized the imperial court and moved west to Chang'an. He destroyed all Wu Zhu coins and recast small ones with a diameter of five fen. He took all the bronze statues, including those of Feilian, from Luoyang and Chang'an to melt down for casting coins. These coins had no rims or inscriptions and were inconvenient for the people of that time. As a result, currency depreciated while goods became expensive; one hu of grain could cost millions in coins.
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| | 錢幣上: |
曹公為相，於是罷之，還用五銖。是時不鑄錢既久，貨本不多，又更無增益，故穀賤而已。 |
| | When Cao Cao became prime minister, he abolished these coins and resumed the use of Wu Zhu. At that time, no new coins had been cast for a long period; the money supply was limited and there were no additional increases, so grain prices simply remained low.
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| | 錢幣上: |
魏文帝黃初二年，罷五銖錢，使百姓以穀帛為市買。至明帝代，錢廢穀用既久，人閒巧偽漸多，競溼穀以要利，作薄絹以為市。雖處以嚴刑，而不能禁也。司馬芝等舉朝大議，以為用錢非徒豐國，亦所以省刑，今若更鑄五銖，於事為便。帝乃更立五銖錢，至晉用之，不聞有所改創。 |
| | In the second year of Huangchu under Emperor Wen of Wei, he abolished Wu Zhu coins and ordered that people use grain and silk for market transactions. By the time of Emperor Ming, since coins had been abolished and grain used for a long time, people began to become increasingly deceitful. They competed in using damp grain to seek profit and made thin silk for trade. Although severe punishments were imposed, they could not prevent such practices. Shi Ma Zhi and others held a major court discussion, arguing that using coins not only enriched the state but also reduced crime. They believed it would be beneficial to resume casting Wu Zhu coins. The emperor then resumed the Wu Zhu coin system, which was used until the Jin dynasty without any reported modifications or innovations.
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| | 錢幣上: |
晉元帝過江，用孫氏赤烏舊錢，輕重雜行。大者謂之比輪，中者謂之四文。吳興沈充又鑄小錢，謂之沈郎錢。錢既不多，由是稍貴。 |
| | When Jin Yuan Di crossed the river to the south, he used the old Chuwu coins of Sun's dynasty, and both light and heavy coins circulated together. The larger ones were called Bilun, and the medium-sized ones were known as Sifen. Shen Chong of Wuxing also cast small coins, which came to be called Shen Lang Qian. Since the coins were not numerous, they gradually became more valuable.
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| | 錢幣上: |
孝武帝太元三年，詔曰：「錢，國之重寶，小人貪利，銷壞無已，監司當以為意。廣州夷人，寶貴銅鼓，而州境素不出銅，聞官私賈人皆貪比輪錢斤兩差重，以入廣州，貨與夷人，鑄敗作鼓。其重為禁制，得者科罪。」 |
| | In the third year of Taoyuan during the reign of Emperor Xiaowu, an edict was issued: "Coins are a vital treasure to the state. Greedy commoners constantly melt them down for profit; officials must take this matter seriously. The Yi people of Guangzhou valued bronze drums highly. However, the region itself had never produced copper. Upon learning that both official and private merchants coveted Bilun coins for their slightly heavier weight per catty, they brought these coins into Guangzhou to trade with the Yi people, who then melted them down to cast drums. Such activities were strictly prohibited; those caught would be punished accordingly."
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| | 錢幣上: |
安帝元興中，桓玄輔政，立議欲廢錢用穀帛。孔琳之議曰：「洪範八政，貨為食次，豈不以交易之所資，為用之至要者乎？若使百姓用力於為錢，則是妨為生之業，禁之可也。今農自務穀，工自務器，各肄其業，何嘗致勤於錢。故聖王制無用之貨，以通有用之財，既無毀敗之費，又省運致之苦，此錢所以嗣功龜貝，歷代不廢者也。穀帛本充於衣食，今分以為貨，則致損甚多。又勞毀於商販之手，耗棄於割截之用，此之為弊，著於目前。故鍾繇曰：『巧偽之人，競溼穀以要利，制薄絹以充資。』魏代制以嚴刑，弗能禁也。是以司馬芝以為用錢非徒豐國，亦所以省刑。錢之不用，由於兵亂積久，自致於廢，有由而然，漢末是也。今既用而廢之，則百姓頓亡其利。今計度天下之穀，以周天下之食，或倉庫充溢，或糧靡斗儲，以相資通，則貧者仰富，致之之道，實假於錢。一朝斷之，便為棄物，是有錢無糧之人，皆坐而飢困，此斷之又立弊也。且據今用錢之處不為貧，用穀之處不為富，又人習來久，革之怨惑。語曰：『利不百，不易業。』況又錢便於穀也。魏明帝時，錢廢穀用，四十年矣。以不便於人，乃舉朝大議，精才達政之士，莫不以宜復用錢，下無異情，朝無異論。彼尚捨穀帛而用錢，足以明穀帛之弊，著於已試也。代或謂魏氏不用錢久，積藏巨萬，故欲行之，利公富國。斯殆不然。晉文取舅犯之謀，而先成季之信，以為雖有一時之勳，不如萬代之益。於時名賢在列，君子盈朝，大謀天下之利害，將定經國之要術。若穀實便錢，義不昧當時之近利，而廢永用之通業，斷可知矣。斯實由困而思革，改而更張耳。近孝武之末，天下無事，時和年豐，百姓樂業，穀帛殷阜，幾乎家給人足，驗之事實，錢又不妨人也。愚謂救弊之術，無取於廢錢。」朝議多同琳之，故玄議不行。 |
| | During the Yuangxing period of Emperor An, Huan Xuan, who was assisting in governance, proposed a plan to abolish coins and instead use grain and silk as currency. Kong Linzhi argued: "The Eight Policies in Hongfan rank goods second after food; is this not because they are essential for trade and of utmost importance?" "If the people must exert effort to produce coins, it would hinder their livelihoods; thus, a ban is justified. Nowadays, farmers focus on growing grain and artisans concentrate on making tools; each follows their own profession—when have they ever been burdened by coin production? ล Therefore, sage kings created currency of no practical use to facilitate the circulation of useful goods. This not only avoided waste from deterioration but also reduced the hardship of transporting goods—this is why coins succeeded shells and tortoise shells as currency and remained in use through all dynasties without being abandoned. Grain and silk were originally meant to satisfy clothing and food needs; now, if they are diverted for use as currency, it will cause great losses. Moreover, they suffer damage in the hands of merchants and are wasted through being cut or altered for use. These drawbacks are evident today. Therefore, Zhong Yao said: "Cunning and deceitful people compete in using damp grain to gain profit and produce thin silk to serve as capital." The Wei dynasty imposed severe punishments, yet could not prevent such activities. Therefore, Shi Ma Zhi believed that using coins was not only a way to enrich the state but also a means of reducing crime. The discontinuation of coins resulted from prolonged warfare and disorder, which naturally led to their abandonment—this was the case at the end of the Han dynasty. Now that they are in use, abolishing them would suddenly deprive the people of their benefits. Now, if we calculate the grain available nationwide to supply food for all people, some regions may have overflowing granaries while others suffer from a lack of even a single measure of rice. To facilitate mutual support and circulation, the poor rely on the rich—this process truly depends on coins. If this system is suddenly abolished, grain and silk will become useless objects. Those who have money but no food would be left to starve; this is another immediate drawback of such a policy. Moreover, regions that currently use coins are not necessarily poor, and those using grain as currency are not necessarily wealthy. Furthermore, since people have long been accustomed to this system, changing it would cause resentment and confusion. The saying goes: "Unless the benefit is a hundredfold, one should not change an established practice." Moreover, coins are more convenient than grain. During the reign of Wei Mingdi, coins had been abolished in favor of grain for forty years. Because this system was inconvenient for the people, a major court discussion was held. Scholars and officials with wisdom and administrative insight all agreed that coins should be restored; there were no dissenting voices among the common people or in the government. They still chose to abandon grain and silk for coins, which clearly demonstrates the drawbacks of using grain and silk—drawbacks that have already been proven. Some people claimed that the Wei dynasty had not used coins for a long time and had accumulated vast reserves, so they wished to resume their use in order to benefit the state and enrich the treasury. This is probably incorrect. Jin Wen adopted the strategy of his maternal uncle Fan and upheld the trust of Xian Cheng Ji, believing that even a momentary achievement was less valuable than benefits for generations to come. At that time, renowned scholars and virtuous men filled the court; they deliberated on the gains and losses for the entire nation to establish essential strategies for governing the state. If grain were truly more convenient than coins, they would not have ignored immediate benefits and abandoned a universally useful system; this decision alone is clear evidence. This was indeed a reform born out of hardship, an adjustment to improve the situation. In recent times, toward the end of Emperor Xiaowu's reign, there was peace and prosperity; harvests were abundant, people enjoyed their livelihoods, grain and silk were plentiful, and nearly every household had enough. Verified by actual conditions, coins did not hinder the people at all. I believe that abolishing coins is not a viable solution to address these problems." Many in the court agreed with Kong Linzhi, so Huan Xuan's proposal was not implemented.
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