The History of the Former Han Dynasty

PART B

When Wang Mang acted as Regent, he changed the Han institutions. Because in the Chou [dynasty] 22 its cash were larger and smaller coins 23 which acted as standards for each other, 24 [Wang Mang] thereupon changed [the currency] and [additionally] coined large cash, with a diameter of an inch and two fen, a weight of 12 shu, and a legend which reads, "Large cash (ta-ch'ien) [worth] fifty [cash]." 25 He also coined graving-knife (ch'i-tao) [coins] and [gold] inlaid knife (ts'o-tao) [coins]. The circular [heads] of the graving-knife [coins] are like the large cash; their bodies are shaped like knives and are two inches long. Their legend reads, "a graving-knife [coin], worth five hundred [cash]." 26 The inlaid knife [coins] are inlaid with actual gold. Their legend reads, "One knife [coin], worth five thousand [cash]." 27 Together with the five-shu cash, altogether four denominations [of money] were to circulate at the same time.

28 When Wang Mang became actual [Emperor], he considered that in the writing for the word Liu [there are the words] metal and knife, so he abolished the 29 inlaid knife and the graving-knife [coins], together with the five-shu cash. [Later] he changed and made [six] kinds [of money]: gold, silver, tortoise[shells], cowries, cash, and spade-money, [giving them] the name, "Valuable currency (pao-huo)." 30 The diminutive cash (hsiao-ch'ien) are six fen in diameter, one shu in weight, and their legend is, "Diminutive cash worth one [cash]." 31 The next are seven fen [in diameter] and three shu [in weight, with the legend], "Young cash (yao-ch'ien) [worth] ten [cash]." 32 The next are eight fen [in diameter and weigh] five shu, [with the legend], "Small cash (yu-ch'ien) [worth] twenty [cash]." 33 The next are nine fen [in diameter and weigh] seven shu, [with the legend], "Medium cash (chung-ch'ien) [worth] thirty [cash]." 34 The next are one inch [in diameter and weigh] nine shu, [with the legend], "Adult cash (chuang-ch'ien) [worth] forty [cash]." 35 [The use of] the previous large cash [worth] fifty [cash] was [also] continued. 36 These were the six denominations of cash currency, each of which are valued according to its legend.

Actual gold weighing one catty was [declared to be] worth ten thousand cash.

Shu-shih silver weighing eight taels made [one unit], (a liu), and was [declared to be] worth 1580 [cash]. 37 One liu of other silver was [declared to be] worth one thousand cash. These were the two denominations of silver currency.

[The Emperor] asked about 85 the generals of [Ch'en] Hsi, [and found that] they were all former merchants. The Emperor said, "Then I know how to deal with them." So he bribed the generals of [Ch'en] Hsi with much gold, and many of [Ch'en] Hsi's generals surrendered.