The monetary system of the Song Dynasty was unprecedentedly diverse, encompassing a wide range of monetary forms from small transactions to large trades. Among them, there are not only portable small banknotes "small banknotes", but also as official financial documents "guanzi", as well as "huizi" circulating in different regions, including the "huaijiao" dedicated to the two Huai regions, the "Huhui" prevalent in the Jingchu area, and the "Guanwai Yinhuizi" and "Tieqian Huizi" issued for the special environment of the Sichuan-Shaanxi border, etc., the emergence of these banknotes jointly built an intricate and highly adapted to the market demand of the monetary network, showing the economic prosperity of the Song Dynasty and the innovation of the monetary system.
At the same time, the Jin dynasty in the north was not far behind in its nearly 120-year reign. According to its own economic needs and social changes, the court of the Jin Dynasty successively launched a series of banknotes such as "Jiao Yuan", "Zhenyou Treasure Coupon", "Zhenyou Tongbao", "Xingding Baoquan" and "Yuanguang Heavy Treasure", which not only have a wide variety, but also have been in circulation for more than 80 years, almost throughout the entire historical stage of the Jin Dynasty. This series of currency issuance measures not only shows the initiative and continuous exploration of the Jin Dynasty government in monetary management, but also reflects its flexibility and adaptability in economic governance, leaving profound thoughts and valuable cases on monetary development and national economic policy formulation for future generations. Through these rich forms of currency, we can get a glimpse of the social and economic activity of the Song and Jin dynasties, as well as the exchange and competition between the two countries in monetary culture.
1. Small banknotes
In the fifth year of Emperor Huizong of the Song Dynasty, that is, in 1107 AD, the imperial court made an innovative decision aimed at optimizing currency circulation and promoting economic development, and officially launched a new type of small-value banknote, "small banknotes". The core purpose of this measure is to effectively absorb and circulate too many "dangshi" copper coins on the market with the help of small banknotes, a convenient form of currency, so as to achieve the purpose of regulating the amount of money in the market and promoting the smooth flow of economic activities. The small banknote was given a definite denomination, that is, consistently, which was equivalent to 1,000 copper coins at that time, which accurately met the needs of market transactions, trying to replace bulky copper coins with lighter paper money forms and improve transaction efficiency.
However, this forward-looking monetary reform did not last long. Only three years later, in the third year of the Song Dynasty's reign, that is, in 1110 AD, the imperial court had to issue an edict announcing the termination of the issuance and circulation of small banknotes in view of various internal and external factors. This means that from the birth to the withdrawal of small banknotes from the stage of history, its short life course is only three years. Despite this, this short historical episode has left a deep imprint on the history of monetary development, especially in the scope of circulation, small banknotes have shown a broad influence beyond their predecessors "Jiaozi".
Compared with the initial use of Jiaozi in the Sichuan Basin, especially in Chengdu and its surrounding areas, the issuance strategy of small banknotes shows a broader national vision. It was not just a local emergency response to currency shortages, but a bold attempt to bring the convenience of paper money to every corner of the empire. The implementation of this decision enabled the small banknotes to reach a wider area and more classes of people in a short period of time, and although it did not last for a long time, it undoubtedly provided valuable experience and inspiration for future generations.
The short-term circulation of small banknotes was not only a brave attempt to innovate the form of money, but also reflected the complex and changeable economic environment of the Song Dynasty and the government's exploration and adjustment of monetary management. Its appearance and disappearance, like a meteor across the financial sky of the Song Dynasty, although short but brilliant, laid the cornerstone for the subsequent maturity and improvement of the paper money system, and also reminded future generations that every step of the monetary reform needs to be carefully considered, not only to conform to the trend of economic development, but also to properly handle the complex problems in the issuance and circulation of currency.
Second, Guanzi
During the reign of Emperor Xuanhe of the Song Dynasty, Guanzi became a kind of voucher for extracting coins. It is particularly noteworthy that in the first year of Shaoxing of Gaozong of the Song Dynasty, that is, in 1131 AD, in the face of the transportation problems caused by the geographical barrier of Wuzhou (today's Jinhua, Zhejiang), the government issued a special kind of customs in this place. This innovative move was inspired by the Tang Dynasty's financial wonder - flying money, both of which have the characteristics of exchange, allowing holders to cross space constraints and easily exchange them for cash in Hangzhou, Yuezhou (now Shaoxing, Zhejiang) and other places, greatly alleviating the bottleneck of military material transportation and ensuring the supply and demand of front-line troops. Not only that, but the practicality and convenience of Guanzi soon surpassed its original design purpose, and it was gradually accepted by the people as a medium of funds for the purchase of grain and grass, and then naturally evolved into a widely recognized form of paper money.
In the 29th year of Shaoxing of Gaozong of the Song Dynasty, that is, in 1159 AD, in order to cope with the huge military expenditure, the government decided to make more bold use of the financial function of Guanzi and issue up to 800,000 guanzi to the general offices of Huaixi and Huguang as an effective payment tool within three years; At the same time, the Commander-in-Chief of Huaidong also obtained a quota of 400,000 yuan, which is valid for two years. This move not only demonstrates the flexibility of Guanzi's fiscal management, but also proves its stability and reliability as a monetary equivalent.
Then, in the thirtieth year of Shaoxing, that is, in 1160 AD, the government further expanded the scale of the use of guanzi, and issued a total of 3 million guanzi to various armies, which not only strengthened guanzi as the main form of military salary, but also was an important turning point, because it explicitly allowed merchants to use gold and silver for the first time to buy guanzi directly, or to trade freely between guanzi, this series of policies greatly activated the market and promoted the circulation of money. At the same time, it also highlights the core position of Guanzi in the economic system of the Southern Song Dynasty.
To sum up, Guanzi in the Southern Song Dynasty was not only an effective supplement to military finance, but also a representative of paper money that transcended geographical restrictions and lasted for a long time, which played an irreplaceable role in promoting commodity exchange, simplifying payment processes, and enhancing economic vitality, and became a landmark achievement of financial innovation and practical wisdom in that era.
III. Aiko
At the end of the reign of Emperor Gaozong of the Southern Song Dynasty, the bustling city of Lin'an (present-day Hangzhou) witnessed a different style of financial innovation. At that time, many wealthy merchants in the city began printing and putting into use a new type of banknote called "Benqian Huizi" on their own, with the aim of simplifying the transaction process and promoting market circulation. This kind of spontaneous monetary innovation of the people quickly became a trend in Lin'an City and even the broader market, laying the groundwork for future monetary reform.
Insight into the positive effect of the circulation of money in the people, in the 31st year of Song Gaozong Shaoxing, that is, in 1161 AD, the imperial court decided to bring this financial instrument under official jurisdiction, and officially nationalized the issuance right of the money huizi. This move marks the beginning of a new era of official dominance in the issuance of Huizi, which not only strengthens the credibility of the currency, but also heralds the government's in-depth involvement in financial management.
In the early days, the official Huizi was divided into three denominations: consistent, two-run, and three-run, and it was mainly circulated to the market in the southeast region, so it was affectionately called "Southeast Huizi" by the people. The circulation of this series of meetings has effectively alleviated the problem of insufficient currency circulation in the southeast region, promoted the further development of the commodity economy, and also reflected the government's accurate grasp and timely intervention of regional economic differences.
With the wide acceptance of huizi in the market and the continuous growth of circulation demand, the government has further enriched the denomination system of huizi, adding new banknotes such as 200 wen, 300 wen, and 500 wen, which are closer to the needs of daily small-value transactions. This adjustment not only improved the applicability and circulation efficiency of Huizi, but also better met the needs of all sectors of society for monetary diversity, further consolidated the core position of Huizi in the economic system of the Southern Song Dynasty, and laid a solid practical foundation for the maturity and improvement of the paper money system in the future. This series of policies and innovations not only reflects the active exploration and practice of the financial field in the Southern Song Dynasty, but also demonstrates the wisdom and creativity of the ancient Chinese people in the field of currency circulation.
Fourth, Huaijiao
In the early years of the Southern Song Dynasty, the turbulence of the current situation prompted special changes in the monetary system, forming a unique financial pattern of "rendezvous and parallelism". In this troubled land, the Lianghuai region (Huainan East Road and Huainan West Road) came into being as the times require, and was affectionately called "Huaijiao" by the locals. The emergence of Huaijiao is not only a product of the current situation, but also a clear proof of the adaptive development of the local economy, and its widespread use in the private sector reflects the wisdom and resilience of regional economic self-regulation.
During the reign of Xiaozong of the Southern Song Dynasty, the imperial court further deepened the reform and innovation of the monetary system, so the government carefully planned and implemented a large-scale Huizi issuance plan in the strategic area of Lianghuai. This batch of newly issued huizi covers 200 Wen, 300 Wen, 500 Wen and four different denominations, with a total issuance of up to 4 million yuan, which is enough to demonstrate the determination and strength of the imperial court to stabilize the financial market and activate economic circulation. The circulation of these meetings is mainly focused on the two Huai regions, and has become an important financial tool to connect the market and lubricate trade.
In the third year of the reign of Emperor Guangzong of the Song Dynasty, that is, in 1192 AD, the government formulated more specific regulations on the use of Huaijiao, making it clear that each Huaijiao was equivalent to 720 Wen of iron money, and at the same time introduced the management system of "one boundary in three years", which means that every three years is a border change cycle, and the new needs to be replaced with the old when it expires, so as to maintain the stability of currency circulation and value reputation. This series of measures not only strengthened the standardized management of Huaijiao, but also indirectly accelerated its popularity and acceptance in the two Huai regions, and finally, Huai Jiao lived up to expectations, gradually replacing the cumbersome and inconvenient iron money, becoming the protagonist in the field of circulation in the region, leading the new trend of economic exchanges between the two Huai and even the wider region.
This transformation process is not only a visual demonstration of the iterative upgrading of the monetary form, but also an active exploration of the Southern Song Dynasty government to seek economic stability and development in the complex situation. The rise of Huaijiao witnessed the historical process of survival in turmoil and development in innovation of the ancient Chinese monetary system, and left valuable practical cases of economic management and monetary reform for future generations.
5. Lake Meeting
During the reign of Emperor Xiaozong of the Southern Song Dynasty, with the adjustment of the national economy and the evolution of the monetary system, a unique paper money "Huhui" came into being in the land of Jingchu, that is, in the area of present-day Hubei Province, and became an important circulation medium in the region's commercial exchanges and daily transactions. The land of Jingchu has a long history and a rich collection of humanities, and the popularity of the "Lake Club" is a vivid embodiment of the economic vitality and financial innovation in this land.
In this context, under the leadership of Emperor Xiaozong of the Southern Song Dynasty, the imperial court further deepened the pace of monetary reform and issued a direct market "Zhibenhuizi", with a total amount of 7 million guan, which was a huge amount of money at that time, fully demonstrating the great importance that the imperial court attached to currency circulation and economic revitalization. These "Zhihui Huizi" are mainly circulated in the two lakes region (Hunan and Hubei), aiming to increase the money supply, activate the vitality of the market, and promote the rapid growth and stability of the regional economy.
The "Straight Meeting" is carefully designed with two denominations, 500 wen and the same denomination, which not only takes into account the convenience of small transactions, but also takes into account the needs of large payments, showing the government's meticulous consideration in currency design and accurate grasp of market demand. These two denominations quickly took root in the Lianghu area, which not only facilitated the daily life of the people, but also strongly promoted the prosperity of commercial activities.
With the passage of time, in view of the successful practice of the "Huhui" in the Lianghu area and its good circulation performance, the government reviewed the situation and made a further decision, that is, to expand the circulation area of the "Huhui" to cross the Yangtze River and extend to the Lingnan area. This measure not only enhanced the versatility of the "Lake Meeting", but also promoted the deep integration and coordinated development of the inter-regional economy, showing the trend of regionalization of currency circulation in the Southern Song Dynasty to expand to a broader field.
The process of "Huhui" starting from the land of Jingchu and gradually expanding its circulation boundary to Lingnan is not only a bright spot in the history of currency circulation, but also a vivid example of the government's flexible response to economic needs and the promotion of monetary system reform during the Southern Song Dynasty. It not only reflects the openness and inclusiveness of China's economic system in ancient times, but also indicates the key role played by money as an economic lever in promoting regional economic development and enhancing economic integration.
In addition, the Song Dynasty government skillfully implemented a variety of special banknotes to adapt to the special local conditions at the junction of Sichuan and Shaanxi, a geographically and economically strategic location, including several innovative forms such as "Guanwai Yinhuizi" and "Tieqian Huizi". The issuance of these banknotes not only alleviates the problem of currency circulation in the border areas, but also cleverly uses the concept of silver and iron to enhance the credit endorsement of banknotes and promote the smooth progress of commodity trading and economic exchanges in the region.
In northern China, the Jin Dynasty, which stood alongside the Song Dynasty, also wrote its own unique history of banknote issuance in its nearly 120 years. The Jin court was well aware of the importance of currency circulation to the country's economic lifeline, so during its reign, it created and circulated a series of banknotes such as "Jiao Bank", "Zhenyou Bao Certificate", "Zhen You Tongbao", "Xingding Baoquan" and "Yuanguang Heavy Treasure". The successive advent of these banknotes marked the continuous development and reform of the monetary system of the Jin Dynasty, and its banknotes were in circulation for more than 80 years, showing the active exploration and long-term practice of the monetary system of the Jin Dynasty.
The diversified issuance of Jin Dynasty banknotes not only reflects its reference and innovation to the experience of Song Dynasty banknotes, but also highlights the wisdom of the Jin Dynasty authorities in flexibly adjusting monetary policy to maintain economic stability in the face of internal economic needs and external environmental challenges. The circulation of these banknotes not only promoted the prosperity of the commodity economy in the Jin Dynasty, but also deepened the acceptance of currency among the people, leaving valuable historical experience and enlightenment for future generations.
Please note that the images used in this article do not directly correspond to the specific banknote styles discussed in this article, and due to the difficulty of obtaining pictures of actual historical banknotes, we have used banknote images from other periods as auxiliary notes to enhance the reading experience and visualize the style of ancient banknotes.