Lot 2050

Description

China, Hsin Dynasty, Wang Mang rebel, (A.D. 7-22), knife money with value indicated of 500, a cast pair joined at base, (53.51 g), obv. Qi Dao Wu Bai (inscribed knife five hundred), (Coole 703 [for joined pair], cf.Hartill 9.13, cf.Sch.116, cf.TFP 454) (illustrated). Fine - very fine, and very rare as a cast pair, generally with very clear characters and some encrustation.

Stephen Album, USA notes the following interesting comment about this type coin. At that time 5,000 Wu Shu (ten tiomes more value than a single coin above) 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.