Money

No one really takes a good hard look at money these days. It is, however, the pride of every nation. Here we take a look at the faces of money across Asia, noting each prominent element

Money may not grow on trees, but the overwhelming majority (about 95 percent) of the raw material used to make paper money comes from wood. Paper currency first developed in Tang Dynasty China during the 7th century, although true paper money did not appear until the 11th century, during the Song Dynasty. The usage of paper currency later spread throughout the Mongol Empire and Yuan Dynasty China. European explorers like Marco Polo introduced the concept in Europe during the 13th century, Napoleon issued paper banknotes in the early 1800s, and the rest, as they say, is history.

The currency of various dynasties, ancient Chinese coins carry with them a far greater significance than mere monetary value. Produced continuously for approximately 2,500 years since the Zhou period in 350 BC, Chinese coins underwent subtle transformations in design with every change of dynasty along with each new emperor. Initially, apart from round coins, other types of money were in circulation, such as “knife coins” and “spade coins”, which eventually died out during the Zhou Dynasty and Xin Dynasty, respectively.

Before the appearance of ancient coinage in China, the Chinese were accustomed to a system of bartering, trading whatever they had for whatever they wanted. However, this system became used less and less with the introduction of money in the form of coins. The first round coin was made of bronze, and all coins held the standardised value of one. Over time, they were fashioned from alloys, using metals such as tin, lead and, above all, copper.

With the founding of the Xin Dynasty (9–23 AD), its ruler, Wang Meng, introduced currency reform whereby copper coins were made in different designs and sizes to signify various denominations. The smallest, Xiao Quan Zhi Yi, had a value of one; Yao Quan Yi Shi had a value of 10; and Zhong Quan San Shi had a value of 30.

With the full implementation of coinage and the dying out of bartering, the desperate and the criminal resorted to counterfeiting as a form of livelihood. During the Tang Dynasty, minting and copper extraction were controlled by the government and private casting was punishable by law. After the Tang Dynasty collapsed, an edict in the year 955 banned the holding of bronze utensils:

“From now on, except for court objects, weapons, official objects and mirrors, and cymbals, bells and chimes in temples and monasteries, all other bronze utensils are banned... Those who hoard more than 5 jin, no matter how much the amount, will be executed. Those who abetted them will be exiled for two years, followed by labour service for one year. Those around them will suffer 100 strokes of the cane. Informers will be rewarded with 30 strings of cash.”

Today, ancient Chinese coins are held in high regard as historical artefacts of immense cultural value. Feng shui practices dictate that the coins should be placed in threes or multiples of threes to attract wealth and growth. The coins symbolise prosperity, abundance and good fortune, because in ancient times, apart from their monetary use, they were worn as amulets protecting against disease, evil and negative energy.