Lot 2049

Description

China, Hsin Dynasty, Wang Mang rebel, (A.D. 7-22), gold inlayed key money of value 5000, but missing the gold inlay but with incuse area for the gold, a stack of 5 (five) of these pieces (total weight 170 g), obv. Yih-tao (no gold) p'ing wu-chien, "one knife : value five thousand", (Hartill 9.12, Sch.119, cf.TFP 456 & 458). Mostly very fine, all with dirt patination and tied together in a block with wire, nice examples with fairly clear characters and minor encrustation, rare in this condition.

Stephen Album, USA notes the following interesting comment about this type coin. At that time 5,000 Wu Shu was equal to 1/2 cattie of gold. A cattie weighed about 120 grams, so these knives were valued at about 60 grams (2 ounces) of pure gold. We have not been able to find a relative value for gold in ancient China, but in the same time frame in the Roman Empire, two ounces of gold would have been at least a year's wages to an average citizen, thus the problem with this issue. It was fiat currency with a named value very high, but with little intrinsic value.