Ancient Chinese Currency: Coins, Ban Liang, and the First Paper Money

Ancient Chinese coins and currency systems were among the most sophisticated in the ancient world. From the earliest bronze spade and knife monies to the standardized round coins with square holes, Chinese currency evolved over three millennia, facilitating commerce across the empire and influencing monetary systems worldwide.

Ban Liang and Wuzhu

The ban liang (半两), first minted during the Qin Dynasty, established the round copper coin with a square hole as the standard Chinese currency — a form that remained in use for over two thousand years. The Han Dynasty wuzhu (五铢, "five-zhu") coin, named for its weight, became the standard until the Tang Dynasty.

Paper Money

China invented paper money (交子, jiaozi) during the Song Dynasty — the world's first paper currency. Originally receipts deposited in private banks, paper money was eventually issued by the imperial government as legal tender, revolutionizing commerce and finance.