|Literal meaning||Knife coin|
|Alternative Chinese name|
|Literal meaning||Knife money|
|Second alternative Chinese name|
|Literal meaning||Gold-plated knife|
Knife money is the name of large, cast, bronze, knife-shaped commodity money produced by various governments and kingdoms in what is now China, approximately 2500 years ago. Knife money circulated in China between 600 and 200 B.C. during the Zhou dynasty.[page needed]
See also: Zhou dynasty coinage
There are several stories that attempt to explain how knife money was introduced but it is not certain if any or all are true.[page needed] In one of the stories, a prince who was running low on money to pay his troops allowed them to use their knives as a form of currency to barter with villagers, and the medium became so popular that it became generally accepted. In another story, the same prince began accepting knives as payment for small fines in place of the current legal ring money.
Knife Money is much the same shape as the actual knives in use during the Zhou period. They appear to have evolved in parallel with the Spade money in the north-east of China.[self-published source]
Qi knives can be categorised based on the number of Chinese characters are present on the obverse side of the knife. The Qi Knife Money evolved from an ancient Chinese bronze implement with a ring at the end, this ancient knife was known as a xue (削). While knife money is shaped like a knife, the Qi Knives were never actually used as actual knives.
This categorisation further subdivides these knives into Three Character Knives (三字刀), Four Character Knives (四字刀), Five Character Knives (五字刀), and Six Character Knives (六字刀). It is believed that of all these categories that the Four Character Knives are the oldest and that they were introduced sometime early during the Spring and Autumn Period. The Five Character Knives began to be produced in the late Spring and Autumn Period. The Three Character Knives are found to have begun circulating during the early to middle Warring States Period.
While earliest form of knife money circulated in the State of Qi, knife money would later spread to the States of Yan and Zhao.
All types of Qi knife money are considered to be rare in the modern era.
Some Three Character Knives (三字刀) bear the inscription "Qi fa hua" (齊法化, "Qi Legal Money").
The Six Character Knives from the State of Qi were issued as a type of "commemorative coin" (simplified Chinese: 开国纪念币; traditional Chinese: 開國紀念幣; pinyin: kāi guó jì niàn bì). Six Character Knives tend to be quite large and thick, they were usually finely cast and made from quality bronze, and their inscriptions tend to display exquisite Chinese calligraphy. Six Character Knives are typically between 18.2 and 18.5 centimeters in length, between 2.8 and 2.9 centimeters in width, and their weight tends to be 45.5 and 50.9 grams.
One of the earlier commemorative issues of the Six Character Knives is to commemorate when Duke Tai of Tian Qi was formally recognised as the ruler of the State of Qi in the year 386 BC. This is the first known commemorative coin in the history of China and its inscription is written in an ancient Chinese script which today has become difficult to decipher.
The inscription is believed to be "qi zao bang chang fa huo" (simplified Chinese: 齐造邦长法化; traditional Chinese: 齊造邦長法化; pinyin: qí zào bāng cháng fǎ huà) which translates into English as "Qi, establish state long, legal money". However, other than this reading there are alternative interpretations of the inscription of this Six Character Knife. There are some experts who believe that the inscription doesn't read "齊造邦長法化", but rather "齊複邦長法化" or "齊返邦長法化". In this context this inscription refers to a "return" instead of an "establishment".
This alternative reading may be a reference to an event where Duke Tai of Tian Qi defeated the Yan military at Jimo in the year 284 BC, which allowed the return King Xiang of Qi from the State of Ju back to Linzi, the Qi capital, in the year 279 BC.
While the obverse side of Six Character Knives feature six Chinese characters, the reverse side usually only contain one character. It is believed that this character may refer to the knife's denomination or served as a type of mint mark, alternatively as these knives were cast in stone moulds, it is believed that other characters on the reverse side may indicate in which mould the knife was cast. The character "十" (ten) is generally believed to be a denomination, while the characters "司" (Si), "工" (Gong), and "日" (Ri) are believed to represent the names of newly established mints in the city of Linzi, where all the Six Character Knives were cast. The rarest Chinese characters found on the reverse sides of Six Character Knives are "化" (Hua) and "上" (Shang).
Professor Song Jie (宋杰; 宋傑; sòng jié) wrote in an academic paper entitled "A History of China’s Ancient Money" (中国古代货币史; 中國古代貨幣史; zhōng guó gǔ dài huò bì shǐ) about the contemporary purchasing power of a Qi knife. During the late Warring States Period, one dou (斗) of rice, equivalent to about 10 litres, could be purchased with 3 Ban Liang cash coins. According to Professor Song Jie, a Qi knife would have been the equivalent of 7 or 8 Ban Liang cash coins. Therefore, one Qi knife would have been able to buy more than 2 dou or 23 to 26 litres of rice.
The largest collection of Qi knife money in the world is located at the Qi Heritage Museum (齐文化博物院) in Linzi, Shandong. This museum is located at the site of what once was the capital city of the State of Qin. All the artifacts in the collection of the Qi Heritage Museum have been obtained through archaeological excavations.
The Six Character Knives (六字刀) issued by the State of Qi were the first Chinese form of money to commemorate the founding of a new ruling family or dynasty (開國紀念幣). Because they were sometimes cast to commemorate a special event and because of their status as a monetary object, they are considered to one of China's earliest commemorative coinages.
Because Six Character Knives are the rarest of all the different types of Qi knives and also among the rarest of all ancient Chinese coinages, they tend to sell for very high prices at auctions. In the year May 2014 a Six Character Knife was sold at an auction conducted by the Xiling Yinshe Auction Co. (西泠印社拍卖有限公司) in the city of Hangzhou for the equivalent of US$140,239 (or 862,500 yuan).
Main article: Xin dynasty coinage
Wang Mang was a nephew of the Dowager Empress Wang. In AD 9, he usurped the throne, and founded the Xin Dynasty. He introduced a number of currency reforms which met with varying degrees of success.
Many of the newly introduced currencies under Wang Mang had denominations that did not reflect the intrinsic value of the currency. As an example, a monetary piece may have had a nominal value of 1000 Wu Zhu cash coins had only an intrinsic value of three or four Wu Zhu cash coins. In his attempt to restore the ancient institutions of the Zhou dynasty, Wang Mang had issued many different types of money in very many forms.
Because of the unrealistically high nominal value of the money issued under Wang Mang, many Chinese people had turned to casting their own coinages as a response, in order to minimise their losses. As a countermeasure, however, Wang Mang issued edicts that stipulated very strict punishments for those who were caught privately casting coins during his reign.
The first reform, in AD 7, retained the Wu Zhu series of cash coins, but reintroduced two versions of the knife money:
|Wang Mang era knife money|
|Yi Dao Ping Wu Qian (Chinese: 一刀平五千; pinyin: yīdāo píng wǔqiān; lit. 'One Knife Worth Five Thousand') on which the Yi Dao characters are inlaid in gold.|
|Qi Dao Wu Bai (Chinese: 契刀五百; pinyin: qì dāo wǔbǎi; lit. 'Inscribed Knife Five Hundred')|
Unlike the Yi Dao Ping Wu Qian knives, the inscription of the Qi Dao Wu Bao knives aren’t inlaid with gold. The nominal value of the Qi Dao Wu Bao knives was 500 Wu Zhu cash coins.
The history of Korean currency dates back to around the 3rd century BC, when first coins in the form of knife coins, also known as "Myeongdojun" in Korean belonging to the state of Yan and Gojoseon; which were said to have been circulated.
See also: List of coin hoards in China