Southern Song dynasty coinage


The Southern Song dynasty refers to an era of the Song dynasty after Kaifeng was captured by the Jurchen Jin dynasty in 1127. The government of the Song was forced to establish a new capital city at Lin'an which wasn't near any sources of copper so the quality of the cash coins produced under the Southern Song significantly deteriorated compared to the cast copper-alloy cash coins of the Northern Song dynasty. The Southern Song government preferred to invest in their defenses while trying to remain passive towards the Jin dynasty establishing a long peace until the Mongols eventually annexed the Jin before marching down to the Song establishing the Yuan dynasty.
Coins from the Song dynasty have appeared in variants written in either standard or clockwise.
The Southern Song dynasty saw the emergence of paper money, while coins were increasingly becoming a rarity. Iron cash coins also started to be used in greater numbers, at first due to the lack of copper, but later even as more copper was found the production of iron cash coins remained cheaper and an abundance of iron made it more attractive for the government to produce, while several problems such as the fact that iron is harder to inscribe, and that iron corrodes faster ensured the continued production of copper cash coins. Despite the chronic shortages of copper the Southern Song used special coins as a form of psychological warfare against Jin army defectors, and copper coins would remain the standard of administration even for the newly introduced paper money.

Background

The Northern Song dynasty saw the reunification of China and also of its currency, the Northern Song dynasty saw the widespread usage of "matched cash coins" which used different types of Chinese calligraphy for the same inscriptions and the reintroduction of cash coins of different denominations. Government corruption would lead to the Northern Song government producing large quantities of iron cash coins by the end of the reign of Emperor Zhezong.
By the time of the Chongning Zhongbao cash coins of the Emperor Huizong, 10 wén cash coins had become the norm as the government used it as a method to confiscate the wealth of the people to enrich its treasury. In a story dating to the Northern Song dynasty time period, a man purchasing a bowl of soup is used to illustrate the hardship caused by the lack of 1 wén cash coins, which are known as Xiaoping cash coins. 
These 10 wén cash coins were so overvalued by the government that they were eventually devalued by the market until they were only worth the equivalent of 3 cash coins.

History

The Southern Song would suffer from what had been called "currency famines" or Qian Huang, during the mid-13th century, this was because the production of bronze coinage had fallen to merely 2 to 3% of what it had been under the Northern Song, meanwhile the relative value of silver compared to bronze had steadily increased leading to the Song government adopting silver as the new standard as the value of silver would remain pretty much standard at the entire duration of the Southern Song while the value of bronze would fluctuate enormously.
The Song dynasty had several "monetary regions" which all had their own separate combination of bronze, and/or iron coins, paper money, and silver sycees in circulation. These separate regional currency standards created distinct regional characters that would often hinder interregional trade between them. The Song government's general inability to create enough bronze wén coins to circulate helped strengthen this monetary diversity that would impede trade, even though the Northern Song had enough bronze for this demand and to even create large coins called "biscuit coins", the southern regions lacked these resources after they had lost the North to the Jin.
Despite the large variety in different media of exchange, Southern Song dynasty documents always measure prices in bronze coins, which includes the value of silver bullion itself. After Wang Anshi reformed the fiscal administration of the Southern Song between 1069 and 1085, silver became a vital element in administrative book-keeping, especially in certain regions rich in silver such as modern-day Sichuan.
In the year 1173 during the reign of Emperor Xiaozong the period title was proclaimed to be Chunxi with the "Chun" written as "纯". Only six days later after this proclamation, the "Chun" was officially changed to be written in Hanzi as "淳". The Tongan mint in the Anhui region produced a very small quantity of Chunxi Yuanbao iron cash coins with the chun written as "纯".  These diminutive iron coins today are considered to be very rare. Furthermore, during the beginning of the Chunxi period, bronze cash coins produced from this era and continuing to the very end of the Southern Song dynasty, tended to have their inscriptions written in a form of Chinese calligraphy that is today known as the "Song style script" or "regular script". For this reason, there are in fact fewer number of varieties of bronze Song dynasty cash coins from this period onwards compared to those from earlier periods.
Until 1179 the Northern Song era's policies of casting coins in varying typefaces continued but after this year most coins tended to only have Regular script inscriptions. Beginning in 1180 coins cast by the Southern Song government started to cast the reign year on the reverses of coins as well as mint marks in order to stop forgeries from circulated, this was because the technology to cast inscriptions on both sides of the coins hasn't been adopted yet by private mints at the time. From 1180 until the end of the Song dynasty very few bronze coins were produced by the government as the preference went to iron, this was because bronze cash coins needed to have a specific typeface which was more intricate to produce.
A constant problem for the Song government was the outflow of its currency, particularly to the Jin dynasty which didn't produce much coinage of its own. This outflow of coins eventually caused the Song government to produce more paper money in order to sustain its economy.
By 1160 bronze coins had become a rarity, and became largely an abstract measurement of value rather than a tangible currency, the most important attribute of bronze coins after this year was as a measurement for the value of other currencies, by 1161 a shortage in wén coins had forced the Southern Song government to halve the salary of their soldiers and rather than pay them 50% in Huizi, 30% in silver, and only 20% in bronze coins. After 1170 the Song court established Huizi paper money on a permanent basis based on the "Pinda" formula that mandated that taxes were only half paid in coin and the other half in Huizi notes. This formula would prove successful as it increased the value of Huizi in circulation, while also increasing the demand for the uncommon wén coins. Huizi notes were increasingly used for commercial purposes while bronze coins were often being hoarded up as savings, although the Huizi notes were also hoarded up as savings, the government had set up a 3 year expiry term so people would have to constantly renew their banknotes at government offices to stop them from hoarding the value up like what happened with bronze coinage.
Due to the constant threat of the Mongol Empire and increased military expenditures the Song government started to cast more coins leading to inflation. Eventually coins became a rarely used item in Lin'an causing the Southern Song government to start producing small coin tallies called Qian Pai in denominations of 10, 40, 100, 200, 300, and 500 wén, in reality however the denominations were discounted per 100 wén and were worth less on the actual market, an example of this would be 77 wén for official business, 75 wén for trading purposes, and could be discounted to as low as 56 for writings. The majority of Qian Pai tablets tend to have the description " use in Lin'An Prefecture", the contemporary capital city. The Qian Pai are attributed to the Jingding period.
As the Mongols started to advance Southwards the last 3 emperors of the Song dynasty did not cast any coins as they had neither the time to set up any mints nor the resources to produce any cast coins.

List of cash coins produced by the Song dynasty

The coins produced during the Song dynasty period include:

Northern Song dynasty cash coins

InscriptionTraditional ChineseSimplified ChineseScriptsPeriod mintedEmperorImage
Song Yuan Tong Bao宋元通寶宋元通宝Regular script960–976Taizu
Tai Ping Tong Bao太平通寶太平通宝Regular script976–989Taizong
Chun Hua Yuan Bao淳化元寶淳化元宝Regular script, Seal script, Running script990–994Taizong
Zhi Dao Yuan Bao至道元寶至道元宝Regular script, Grass script, Running script995–997Taizong
Xian Ping Yuan Bao咸平元寶咸平元宝Regular script998–1003Zhenzong
Jing De Yuan Bao景德元寶景德元宝Regular script1004–1007Zhenzong
Xiang Fu Tong Bao祥符通寶祥符通宝Regular script, Running script1008–1016Zhenzong
Xiang Fu Yuan Bao祥符元寶祥符元宝Regular script1008–1016Zhenzong
Tian Xi Tong Bao天禧通寶天禧通宝Regular script1017–1022Zhenzong
Tian Sheng Yuan Bao天聖元寶天圣元宝Regular script, Seal script1023–1031Renzong
Ming Dao Yuan Bao明道元寶明道元宝Regular script, Seal script1032–1033Renzong
Jing You Yuan Bao景佑元寶景佑元宝Regular script, Seal script1034–1038Renzong
Huang Song Tong Bao皇宋通寶皇宋通宝Regular script, Seal script, Nine-fold seal script1039–1054Renzong
Kang Ding Yuan Bao康定元寶康定元宝Regular script1040Renzong
Qing Li Zhong Bao慶歷重寶庆历重宝Regular script1041–1048Renzong
Zhi he Tong Bao至和通寶至和通宝Regular script, Seal script1054–1055Renzong
Zhi he Yuan Bao至和元寶至和元宝Regular script, Seal script1054–1055Renzong
Zhi he Zhong Bao至和重寶至和重宝Regular script, Seal script1054–1055Renzong
Jia You Tong Bao嘉佑通寶嘉佑通宝Regular script, Seal script1056–1063Renzong
Jia You Yuan Bao嘉佑元寶嘉佑元宝Regular script, Seal script1056–1063Renzong
Zhi Ping Tong Bao治平通寶治平通宝Regular script, Seal script1064–1067Yingzong
Zhi Ping Yuan Bao治平元寶治平元宝Regular script, Seal script1064–1067Yingzong
Xi Ning Tong Bao熙寧通寶熙宁通宝Regular script, Seal script1068–1077Shenzong
Xi Ning Yuan Bao熙寧元寶熙宁元宝Regular script, Seal script1068–1077Shenzong
Xi Ning Zhong Bao熙寧重寶熙宁重宝Regular script, Seal script1068–1077Shenzong
Yuan Feng Tong Bao元豐通寶元丰通宝Regular script, Seal script, Running script1078–1085Shenzong
Yuan You Tong Bao元佑通寶元佑通宝Seal script, Running script1086–1094Zhezong
Shao Sheng Tong Bao紹聖通寶绍圣通宝Regular script, Seal script, Running script1094–1098Zhezong
Shao Sheng Yuan Bao紹聖元寶绍圣元宝Regular script, Seal script, Running script1094–1098Zhezong
Yuan Fu Tong Bao元符通寶元符通宝Regular script, Seal script, Running script1098–1100Zhezong
Jian Guo Tong Bao建國通寶建国通宝Regular script, Seal script1101Huizong
Sheng Song Tong Bao聖宋通寶圣宋通宝Regular script, Seal script1101–1106Huizong
Sheng Song Yuan Bao聖宋元寶圣宋元宝Clerical script, Seal script, Running script1101–1106Huizong
Chong Ning Tong Bao崇寧通寶崇宁通宝Regular script1102–1106Huizong
Chong Ning Yuan Bao崇寧元寶崇宁元宝Regular script1102–1106Huizong
Chong Ning Zhong Bao崇寧重寶崇宁重宝Regular script1102–1106Huizong
Da Guan Tong Bao大觀通寶大观通宝Regular script1107–1110Huizong
Zheng He Tong Bao政和通寶政和通宝Regular script, Seal script1111–1117Huizong
Chong He Tong Bao重和通寶重和通宝Regular script, Seal script1118–1119Huizong
Xuan He Tong Bao宣和通寶宣和通宝Regular script, Seal script1119–1125Huizong
Xuan He Yuan Bao宣和元寶宣和元宝Regular script, Seal script1119–1125Huizong
Jing Kang Tong Bao靖康通寶靖康通宝Regular script, Seal script1126–1127Qinzong
Jing Kang Yuan Bao靖康元寶靖康元宝Regular script, Seal script1126–1127Qinzong

Southern Song dynasty cash coins

InscriptionTraditional ChineseSimplified ChineseScriptsPeriod mintedEmperorImage
Jianyan Tongbao建炎通寶建炎通宝Regular script, Seal script1127–1130Gaozong
Jianyan Yuanbao建炎元寶建炎元宝Regular script, Seal script1127–1130Gaozong
Jianyan Zhongbao建炎重寶建炎重宝Seal script1127–1130Gaozong
Shaoxing Tongbao紹興通寶绍兴通宝Regular script, Seal script1131–1162Gaozong
Shaoxing Yuanbao紹興元寶绍兴元宝Regular script1131–1162Gaozong
Longxing Tongbao隆興通寶隆兴通宝Regular script, Seal script1163–1164Xiaozong
Longxing Yuanbao隆興元寶隆兴元宝Regular script, Seal script1163–1164Xiaozong
Qiandao Tongbao乾道通寶干道通宝Regular script1165–1173Xiaozong
Qiandao Yuanbao乾道元寶干道元宝Regular script1165–1173Xiaozong
Chunxi Tongbao淳熙通寶淳熙通宝Regular script1174–1189Xiaozong
Chunxi Yuanbao淳熙元寶淳熙元宝Regular script, Seal script1174–1189Xiaozong
Shaoxi Tongbao紹熙通寶绍熙通宝Regular script, Seal script1190–1194Guangzong
Shaoxi Yuanbao紹熙元寶绍熙元宝Regular script, Seal script1190–1194Guangzong
Qingyuan Tongbao慶元通寶庆元通宝Regular script1195–1200Ningzong
Qingyuan Yuanbao慶元元寶庆元元宝Regular script1195–1200Ningzong
Jiatai Tongbao嘉泰通寶嘉泰通宝Regular script1201–1204Ningzong
Jiatai Yuanbao嘉泰元寶嘉泰元宝Regular script1201–1204Ningzong
Kaixi Tongbao開禧通寶开禧通宝Regular script1205–1207Ningzong
Kaixi Yuanbao開禧元寶开禧元宝Regular script1205–1207Ningzong
Shengsong Yuanbao聖宋元寶圣宋元宝Regular script1210Ningzong
Shengsong Zhongbao聖宋重寶圣宋重宝Regular script1210Ningzong
Jiading Tongbao嘉定通寶嘉定通宝Regular script1208–1224Ningzong
Jiading Zhongbao嘉定重寶嘉定重宝Regular script, seal script1208–1224Ningzong
Jiading Yuanbao嘉定元寶嘉定元宝Regular script1208–1224Ningzong
Jiading Dabao嘉定大寶嘉定大宝Regular script1208–1224Ningzong
Jiading Chongbao嘉定崇寶嘉定崇宝Regular script1208–1224Ningzong
Jiading Quanbao嘉定全寶嘉定全宝Regular script1208–1224Ningzong
Jiading Yongbao嘉定永寶嘉定永宝Regular script1208–1224Ningzong
Jiading Zhenbao嘉定真寶嘉定真宝Regular script1208–1224Ningzong
Jiading Xinbao嘉定新寶嘉定新宝Regular script1208–1224Ningzong
Jiading Anbao嘉定安寶嘉定安宝Regular script1208–1224Ningzong
Jiading Longbao嘉定隆寶嘉定隆宝Regular script1208–1224Ningzong
Jiading Quanbao嘉定泉寶嘉定泉宝Regular script1208–1224Ningzong
Jiading Zhengbao嘉定正寶嘉定正宝Regular script1208–1224Ningzong
Jiading Hongbao嘉定洪寶嘉定洪宝Regular script1208–1224Ningzong
Jiading Wanbao嘉定万寶嘉定万宝Regular script1208–1224Ningzong
Jiading Zhibao嘉定之寶嘉定之宝Regular script1208–1224Ningzong
Jiading Zhenbao嘉定珍寶嘉定珍宝Regular script1208–1224Ningzong
Jiading Xingbao嘉定興寶嘉定兴宝Regular script1208–1224Ningzong
Jiading Yongbao嘉定用寶嘉定用宝Regular script1208–1224Ningzong
Jiading Zhibao嘉定至寶嘉定至宝Regular script1208–1224Ningzong
Jiading Fengbao嘉定封寶嘉定封宝Regular script1208–1224Ningzong
Baoqing Yuanbao寶慶元寶宝庆元宝Regular script1225–1227Lizong
Dasong Tongbao大宋通寶大宋通宝Regular script1225Lizong
Dasong Yuanbao大宋元寶大宋元宝Regular script1225–1227Lizong
Shaoding Tongbao紹定通寶绍定通宝Regular script1228–1233Lizong
Shaoding Yuanbao紹定元寶绍定元宝Regular script1228–1233Lizong
Duanping Tongbao端平通寶端平通宝Regular script1234–1236Lizong
Duanping Yuanbao端平元寶端平元宝Regular script1234–1236Lizong
Duanping Zhongbao端平重寶端平重宝Regular script1234–1236Lizong
Jiaxi Tongbao嘉熙通寶嘉熙通宝Regular script1237–1240Lizong
Jiaxi Zhongbao嘉熙重寶嘉熙重宝Regular script1237–1240Lizong
Chunyou Tongbao淳佑通寶淳佑通宝Regular script1241–1252Lizong
Chunyou Yuanbao淳佑元寶淳佑元宝Regular script1241–1252Lizong
Huangsong Yuanbao皇宋元寶皇宋元宝Regular script1253–1258Lizong
Kaiqing Tongbao開慶通寶开庆通宝Regular script1259Lizong
Jingding Yuanbao景定元寶景定元宝Regular script1260–1264Lizong
Xianchun Yuanbao咸淳元寶咸淳元宝Regular script1265–1274Duzong

List of Qian Pai by inscription

Cash coins issued for Jin Army defectors

In the year Shaoxing 1 the military forces of the Song and Jurchen Jin dynasties were encamped opposite to each other on each side of the Yangtze River, General Liu Guangshi created a special cash coin-like "trust token" with the inscription Zhaona Xinbao which could be translated as "Treasure that recruits soldiers who desire to return to their home" and adopted a policy that these special cash coins could be used to show that their defection from the Jin Army. The soldiers who deserted didn’t only include ethnic Han Chinese but also included Khitans and Jurchens. These additional soldiers were organised into two newly created armies named the "Read Hearts" and the "Army Appearing from Nowhere". The enormous number of deserters forced the Jin general Wan Yanchang to call for his remaining troops to retreat.
InscriptionTraditional ChineseSimplified ChineseImage
Zhaona Xinbao
Shi Shang 		招納信寶
使上 		招纳信宝
使上

Contemporary coin books

In the year 1149 the Quan Zhi was written by Hong Zun, which is recognised as the world's oldest extant coin book. The Quan Zhi annotated the various forms of Chinese currency from ancient China to the Song dynasty period.

Fantasy inscriptions

While no cash coins were cast by the final three emperors of the Song dynasty with the dynastic titles, or reign era dates, of Deyou, Jingyan, and Xiangxing, both in the past and in order to meet the demand for such Southern Song dynasty era cash coins by avid coin collectors, a small number of unscrupulous ancient Chinese coin dealers manufactured fantasy Deyou and Jingyan cash coins for their own profits. 
There exists a diminutive, thin cash coin with the Xiangxing inscription, but this specific cash coin was manufactured in what is today Vietnam and is not associated with the coinage of the Southern Song dynasty.