Ancient Chinese coinage includes some of the earliest known coins of all time. These coins, used as early as the Spring and Autumn period (770–476 BCE), took the form of imitations of the cowrie shells that were used in ceremonial exchanges. The same period also saw the introduction of the first metal coins; however, they were not initially round, instead being either knife shaped or spade shaped. Round metal coins with a round, and then later square hole in the center were first introduced around 350 BCE. The beginning of the Qin dynasty (221–206 BCE), the first dynasty to unify China, saw the introduction of a standardised coinage for the whole Empire. Subsequent dynasties produced variations on these round coins throughout the imperial period. At first, the distribution of the coinage was limited to use around the capital city district, but by the beginning of the Han dynasty, coins were widely used for such things as paying taxes, salaries and fines.
Ancient Chinese coins are markedly different from their European counterparts. Chinese coins were manufactured by being cast in moulds, whereas European coins were typically cut and hammered or, in later times, milled. Chinese coins were usually made from mixtures of metals such copper, tin and lead, from bronze, brass or iron: precious metals like gold and silver were uncommonly used. The ratios and purity of the coin metals varied considerably. Most Chinese coins were produced with a square hole in the middle. This was used to allow collections of coins to be threaded on a square rod so that the rough edges could be filed smooth, and then threaded on strings for ease of handling.
Some coins were produced in very large numbers – during the Western Han, an average of 220 million coins a year were produced. Other coins were of limited circulation and are today extremely rare – only six examples of Da Quan Wu Qian from the Eastern Wu dynasty (222–280 CE) are known to exist. Occasionally, large hoards of coins have been uncovered. For example, a hoard was discovered in Jiangsu containing 4,000 Tai Qing Feng Le coins, and at Zhangpu in Shaanxi, a sealed jar containing 1,000 Ban Liang coins of various weights and sizes was discovered.
Pre-Imperial (770–220 BCE)
The earliest Chinese coinage emerged during the Zhou dynasty amid growing trade, urbanization, and socio-economic changes in the Spring and Autumn (770–476 BCE) and Warring States (475–221 BCE) periods. As described by the historian Sima Qian around 100 BCE:
With the opening of exchange between farmers, artisans, and merchants, there came into use money of tortoise shells, cowrie shells, gold, coins (Chinese: 錢; pinyin: qián), knives (刀; dāo), spades (布; bù). This has been so from remote antiquity.
While tortoise shells are mentioned but unattested as currency, gold and cowries (real or imitations) circulated south of the Yellow River. Spade and knife money are the best-documented forms, evolving from agricultural tools into standardized exchange media. Items like fish, halberds, or metal chimes, sometimes sold as coins, lack hoard evidence and are likely funerary objects. Socio-economic conditions—similar to those in ancient Greece—favored this adoption, with archaeological finds confirming spade and knife use from the Spring and Autumn period onward.
Cowries
Cowrie shells held significant value in the Shang dynasty (c. 1600–1046 BCE), as shown by inscriptions and archaeology. During the Zhou period, they often appeared as royal or noble gifts and rewards. Later imitations in bone, stone or bronze likely served as money in some cases.
Some scholars propose that the first metallic Chinese coins were bronze cowrie imitations, with examples from a tomb near Anyang around 900 BCE, though these lack inscriptions.
Inscribed bronze pieces, known as Ant Nose Money (蟻鼻錢; yǐ bí qián) or Ghost Face Money (鬼臉錢; guǐ liǎn qián), were definitely used as currency from the Late Spring and Autumn to Early Warring States periods (6th–5th centuries BCE). Found mainly south of the Yellow River in Chu territory—one hoard contained about 16,000 pieces—these show variable weights and high lead content in the alloy. The name "Ant Nose" derives from the inscription's appearance, unrelated to any funerary practice.
Gold
The only known minted gold coinage from this era is Chu gold block money (郢爰; yǐng yuán), consisting of 3–5 mm thick gold sheets in varying sizes, stamped with square or round inscriptions (one or two characters). Unearthed south of the Yellow River, these are linked to the State of Chu. One character often denotes a monetary unit or weight, read as yuan (爰; yuán). Stamps validated the entire block rather than marking break points. Specimens in copper, lead, or clay are likely funerary, found in tombs, unlike genuine gold examples.
Jade pieces
It has been suggested that pieces of jade were a form of money in the Shang dynasty.
Money brand
Metal money brands (錢牌; qián pái) were rarely used in the state of Chu. They reappeared in the Song dynasty.
Spade money
Spade money evolved from weeding tools used in barter to stylized currency forms.
Hollow handled spade money
Hollow handled spades (布幣; bùbì) bridge functional tools and monetary objects. Too flimsy for practical use, they retain a rectangular hollow socket (with casting clay remnants) and a handle-attachment hole.
- Prototype spade money: Similar in shape and size to original implements. Some are robust enough for field use; others are lighter with inscriptions (likely city names). Found in Shang and Western Zhou tombs (c. 1200–800 BCE); inscribed examples date to c. 700 BCE.
- Square shoulder spades: Feature square shoulders, straight or slightly curving foot, and three parallel lines on obverse/reverse. Found in hundreds in the Zhou Royal Domain (south Hebei, north Henan), dating to early Spring and Autumn (c. 650 BCE onward). Inscriptions are single characters (numbers, cyclical, place/clan names); over 200 known, many undeciphered. Writing is crude artisan style, consistent with mid-Zhou. Alloy: typically 80% copper, 15% lead, 5% tin. Hoards contain hundreds, often bundled; clearly not small change.
- Sloping shoulder spades: Have sloping shoulders; outside lines angled, central line often absent. Smaller than prototypes or square-shoulder types; clearer two-character inscriptions. Associated with Zhou Kingdom and Henan; smaller size suggests later date.
- Pointed shoulder spades: Pointed shoulders/feet, long hollow handle; three parallel lines, occasional inscriptions. Found in northeastern Henan and Shanxi (Jin, later Zhao). Later than square-shoulder; shape aids bundling.
Flat-handled spade money
Flat-handled spades lack the hollow handle, featuring distinct legs (influenced by pointed-shoulder types but stylized for handling). Generally smaller, with denominations and place names in inscriptions. Dated to the Warring States (475–221 BCE) by mint-town evidence and archaeology. Arched-foot alloy ~80% copper; others 40–70%.
- Arched foot spades: Arched crutch (often inverted U); rounded/angular shoulders. Denominations: half, one, or two jin. Associated with Liang/Wei (425–344 BCE) and Han (403–230 BCE).
- Special spades of Liang: Similar shape; inscriptions debated but now linked to Liang, relating jin to lie unit.
- Pointed foot spades: Pointed feet, square crutch; shoulders up/straight. Descendant of pointed-shoulder hollow types. Larger match one jin; smaller often half jin (or unspecified). Associated with State of Zhao; finds in Shanxi/Hebei. Numerals on reverses; two-character mint names aid identification.
- Square foot spades: Square feet/crutch; central obverse line. Reverses usually have three lines (some Zhao mints add numerals). More mints than pointed-foot; weights match half jin. Associated with Han, Zhao, Liang, Zhou, Yan; widespread finds (Inner Mongolia to Zhejiang). Contemporary with pointed-foot; some mints issued both; found together in hoards. * Sharp-cornered spades: Sub-series of square-foot; triangular handle projections. Larger inscriptions include jin (金; jīn) and nie (涅; niè), interpreted as "metal coin" (nie = hua/money per Fang Yan). Weights slightly above 14g jin standard; finds match Liang/Han.
- Dang Jin spades: Inscriptions suggest unit equivalence across areas; jin (伒; jìn) character. Larger ~28g (twice standard jin); smaller 7–8g (quarter). Smaller often cast joined at the feet. Consensus reading: [City of] Pei coin equivalent to a jin (斾比當伒; pèi bǐ dāng jìn).
- Round foot spades: Round handle/shoulders/feet. Rare; from five Shanxi cities (Fen-Yellow Rivers area). Two sizes (one/half jin); reverse numerals. Attributed variably to late Qin/Zhao or 4th-century Zhongshan.
- Three-hole spades: Holes in handle/feet; round handle/shoulders/feet. Rare. Large: reverse liang (兩; liǎng); small: shi'er zhu (十二銖; shí'èr zhū) (12 zhu). Liang = 24 zhu, so one/half denominations; reverse series numbers on handle. Mint cities occupied by Zhongshan/Zhao; finds in eastern Shanxi/Hebei.
Knife money
Knife money retained the shape of Zhou-period knives, evolving parallel to spade money in northeastern China.
- Qi knives: Large; attributed to State of Qi (Shandong); limited circulation outside area. Warring States date per archaeology. Named by inscription characters (Three, Four, etc.). Some reverses have three lines/marks. Inscription refers to Qi establishment (possible dates: 1122, 894, 685, or 386 BCE; the latter two are the most likely). Three-Character alloy ~54% copper/38% lead/8% tin; Four/Five-Character ~70% copper.
- Needle tip knives: Long pointed tip. Unknown until 1932 Chengde (Hebei) hoard; later finds nearby. Possibly for Chinese-Xiongnu trade; perhaps local variant or original inconvenient form. ~50 inscriptions (numbers, cyclical, undeciphered).
- Pointed tip knives: Curved blade end (no long point). Northeastern finds link to State of Yan. Hoards of up to 2,000, bundled (25/50/100). >160 inscriptions (numbers/cyclical; many undeciphered; not tied to place names). Variable size/weight (11–16 g); sub-types proposed.
- Ming knives: Smaller; straighter tips. Obverse character traditionally ming (明; míng); alternatives: yi (易), ju (莒), meng (盟), zhao (召). Xiadu (Yan capital Yi from 360 BCE) mint favors yi. Moulds in Shandong. Widespread finds: Hebei/Henan/Shandong/Shanxi/Shaanxi/Manchuria/Korea/Japan; often with pointed/square-foot spades.
Two shapes: early curved (like pointed-tip); later straight with angled qing (磬; chime stone) bend. Alloy ~40% copper; ~16 g.
Reverses: single characters/numerals (like pointed-tip); large groups start you (右; right/junior/west) or zuo (左; left/senior/east), followed by numerals/characters (consistent system); smaller wai (外; outside) group; fourth unclear (analogous to nei/內 inside or zhong/中 centre).
- State of Qi Ming knives (Boshan knives): Similar appearance; large angular ming. Extensive reverses. Jiaqing-era (1796–1820) Boshan (eastern Shandong) hoard; later finds same area (Qi territory). Likely from the Yan occupation of Qi (284–279 BCE). Reverses possibly place names (one reading: Ju/莒 for Ju city).
- Straight knives: Smaller, non/slightly curved blades. Issued by a few Zhao places; various shapes. Found in hoards with Ming knives.
Early round coins
Round coins (圜錢 huánqián or 圜金 huánjīn), precursors to cash coins, circulated in both spade and knife areas from ~350 BCE.
Spade-area coins had round holes ("good") in the face ("meat"), denominated in yǐn (釿) centrally or liǎng (兩) in Qin. Knife-area had square holes, denominated in huà (化).
Archaeology shows mixed circulation: 1981 Hebi (Henan) hoard: 3,537 Gong spades, 3 Anyi arched-foot, 8 Liang Dang Lie, 18 Liang square-foot, 1,180 Yuan round (in jars). 1984 Liaoning: 2,280 Yi Hua round, 14 spades, 120 Ming knives. 1960 Shandong: 2 Yi Hua round with 600 Qi round/59 Qi knives. 1976 Luoyang: 116 flat-handled spades (various), 46 Anzang round, 1 yuan round, small/sloping spades (Sanchuan etc.).
Qin dynasty
These coins were traditionally associated with Qin Shi Huang Di, the first Chinese Emperor, who united China in 221 BCE. The History of Han says: "When Qin united the world, it made two sorts of currency: that of yellow gold, which was called yì (鎰) and was the currency of the higher class; and that of bronze, which was similar in quality to the coins of Zhou, but bore an inscription saying Half Ounce, and was equal in weight to its inscription."
Ban Liang or Banliang coins take their name from their original size and typical two-character inscription 半兩 (bànliǎng), meaning "half liang", written right to left in Classical Chinese. The liang was a small Qin unit of weight, also known as the "tael" or "Chinese ounce", approximately equal to 16 g (0.56 oz). The liang was divided into 24 zhu (銖, zhū), so that the Ban Liang coins were each notionally 12 zhu or about 8 g (0.28 oz). The inscription was maintained through repeated rounds of debasement and despite constant counterfeiting, however, so that in practice Ban Liangs are found in a great variety of sizes and calligraphic styles and are difficult to date and classify exactly, especially with regard to local and unofficial mints.
Archaeological evidence now shows that the Ban Liang was first issued in the Warring States period by the State of Qin, possibly as early as 378 BC. A remarkable find was some bamboo tablets, amongst which were found regulations (drawn up before 242 BCE) concerning metal and cloth money. A thousand coins, good and bad mixed, were to be placed in pen (baskets or jars) and sealed with the Seal of the Director. At Zhangpu in Shaanxi, a sealed jar containing 1,000 Ban Liang of various weights and sizes was discovered. 7 Ban Liang were found in a tomb datable to 306 BCE.