Chapter 9 Section 2 The Shrinking Currency of the Southern Dynasties

During this period, the four dynasties of Song, Qi, Liang, and Chen were known as the Southern Dynasty in history. From 420 A.D. when Liu Yu destroyed the Eastern Jin Dynasty and established the Song Dynasty, to 589 A.D. when the Sui Dynasty destroyed Chen Zhi, a total of 170 years.In view of the experience and lessons of the currency chaos in the two Jin Dynasties and previous dynasties, they dared not mint large amounts of money, deeply avoided inflation, and advocated the implementation of a deflationary policy.Under the confrontation between the North and the South at that time, the land and population of the Southern Dynasties were getting smaller and smaller, production growth was not fast, military and political expenditures were huge, financial resources were short, supplies were scarce, losses were huge, and prices soared.In addition, the rulers of these four dynasties fought for power, killed each other, formed cliques for private interests, indulged in tyranny, and the society was in turmoil.Therefore, a lot of fuss has been made about the weight, fineness, material and quantity of coins, with the intention of coping with the predicament.There was much debate about this at the time.For example, during the Liu and Song Dynasties, Fan Tai objected to collecting copper from the folks to make money.Zhou Lang advocated limiting the role of money.Shen Yue went from advocating the restriction of currency to advocating complete abolition of currency.These discussions had a certain influence on the government's decision-making at that time.When Liu Songchu founded the country, he adopted Fan Tai's opinion and did not increase the amount of coins.Emperor Wen implemented some measures to reduce the burden on the people, forming the "Government of Yuanjia" for more than 30 years.In the seventh year of Yuanjia (430 A.D.), a money office was established to cast "Yuanjia four baht coins". The shape and structure are the same as five baht coins, with better quality and smooth implementation.Until the middle period of Yuanjia, the circulation of coins was relatively stable.In the later period, the weight was gradually reduced, which caused an increase in private casting, and the value of money was cheap.In the twenty-fourth year of Yuanjia (AD 447), Zhun Liu Yigong suggested that five baht coins should be used as four baht coins for large sums of money, which was inconvenient for both public and private, and was immediately cancelled.At that time, Shen Yanzhi, He Shangzhi and others all refuted the casting of big money, believing that too much money would stimulate the rise of prices and shake the foundation of the country.In the first year of Xiaojian (AD 454), Emperor Xiaowu recast "Xiaojian Four Baht", weighing 1.2 grams, and the money text is a scallion leaf book.In the first year of Emperor Yongguang's reign (AD 465), three kinds of two baht coins, Xiaojian, Yongguang and Jinghe, were cast, which were lighter, smaller and worse.Moreover, private casts have caused disasters, with different sizes and weights, and worse quality, such as "Leizi" or "Laizi", without outline, without grinding [lu filter].The lightest and smallest ones are called "Xing [Xing Xing] Ye", "Goose's Eye Money", and "Huanhuan Money". One thousand coins are less than three inches long. They will not sink in water and are easily broken. bound feet.Caused a hyperinflation that lasted more than 20 years.In the first year of Emperor Taishi (465 A.D.), the money system was rectified, the money office was abolished, money casting was stopped, private casting was banned, ancient coins were used exclusively, and currency was allowed to be used in all valleys.

Xiao Qi (Nan Qi) continued to strengthen deflation and rarely minted money.Only once did Liu Jun try casting in Sichuan, but the cost was too high to stop.Due to the excessive contraction of many parties, it also caused a shortage of money. Xiao Liang made many types of money, and the money system was even more chaotic, which caused a hyperinflation that lasted for decades.To sum up the reasons, apart from Xiao Liang's political corruption and internal struggle for power, the key lies in the fact that Emperor Wu of Liang Xiao Yan was self-righteous, cowardly, and credulously trusted Hou Jing who came down from the south, allowed him to seize power and act recklessly, and was finally imprisoned in Taicheng. die.Then the Quartet raised troops, the flames of war spread across the country, production stagnated, and the warehouse was empty, so it relied on the implementation of coinage reduction and devaluation to deal with it, and finally dedicated iron money, which accelerated the disintegration of its regime.In the late period, the country was divided into three parts, attacked each other, and was annexed by strong neighbors. The country was destroyed and the family was destroyed.According to volumes 346 and 346 of "The Collection of Ancient and Modern Books·Shihuo Dian": "At the beginning of the Liang Dynasty, only the capital and the three Wu Jingying Jianghu Liangyi used money, while the rest of the states and counties traded with grain and silk. Silver is a commodity." Emperor Wu began to cast "big five baht" and "formula women's money", which weighed more than three grams and two and a half grams respectively.Two products in parallel.There are straight hundred and five baht coins, Taiping hundred coins, five baht women's money, Dingping one hundred, five baht pheasant coins, and five baht pairs.In the ordinary four years (523 A.D.), copper coins were banned, and iron coins were cast for five baht, with a lower value, causing a large number of private castings.In the late period, iron money piled up like a mountain, and the value of the currency plummeted. Traders used the money on the carts, and used it continuously without counting.In the second year of Emperor Jing's Taiping (557 A.D.), "four-pillar money" was cast. There are two star points on the front and back, so it is called four-pillar money. The diameter of the coin is 2.3 cm, and the weight is 2.3 grams. When ten.Fine money refers to two-pillar money and goose-eye money privately minted at that time.There are two stars on the front of the back casting "two pillars and five baht", and fine coins are prohibited.Due to the depreciation of iron coins and the high price of copper coins, there is a phenomenon of "money". Some people regard 70 or 80 as strangers, and more than 90 are called Changmo.The government repeatedly ordered Zumo, but the people ignored it.In the last years of Emperor Wu, he actually regarded 35 as a stranger.

At the beginning of Chen, when Chengliang was in chaos, iron money was not enough, and money and goods were in chaos.Erzhu coins and goose-eye coins are commonly used in the market, and their prices are the same.However, the two-pillar money is heavy and the goose-eye money is light. The folks melt money privately for profit, and they mix it with tin and iron.In the third year of Emperor Wen Tianjia's reign (562 A.D.), "five baht" was "recast", weighing about 2.5 grams, and it was worth ten goose-eye coins.In the 11th year of Emperor Xuan Taijian (579 A.D.), "Taihuo Liuzhu" was cast, with one as ten of five baht coins, and later changed to one, parallel with five baht coins, weighing about 6.5 grams, it is the most exquisite among the six dynasties coins .However, due to the inconvenience of use, it was discarded and five baht was still used until Chen died.Most of the states in the south of the Lingnan trade in salt rice cloth without money.The territory of the Chen Dynasty was narrow, because most of the places in Sanliang were annexed by strong neighbors, the circulation range of Chen money was also very narrow.

Looking at the monetary situation in the Southern Dynasties, deflation is the main focus, forming a stable currency once, inflation twice, and deflation three times. From the overall perspective, there is more chaos than order, causing great harm to the people.From one aspect, this reflects the reason for the defeat of the Southern Dynasties.

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