Collection Research Volunteer Andrea researched this object from the Powerhouse collection: a spade money coin from the Xin Dynasty (9–23 CE), minted during the rule of Wang Mang.
This coin is made from a cast copper alloy and features a seal script inscription on the obverse reading 貨布, transliterated as Huo Bu. The type was produced following currency reforms introduced in 14 CE and belongs to a distinctive form of ancient Chinese money known as spade money, which was shaped somewhat like a small agricultural tool.
The Xin Dynasty is often regarded as a brief interregnum within the broader history of the Han Dynasty. It was established by Wang Mang, who originally served as regent before usurping power and declaring himself emperor in 9 CE. His rule, however, proved short-lived. A combination of natural disasters, ambitious but unpopular reforms, and widespread dissatisfaction led to instability across the empire. These tensions eventually erupted into civil war, culminating in Wang Mang’s death in 23 CE and the restoration of the Han Dynasty under Liu Xiu, later known as Emperor Guangwu.
One of Wang Mang’s most notable policy areas was monetary reform. During his time as regent, he initiated the first currency reform in 7 CE. After founding the Xin Dynasty, a second reform between 9 and 10 CE attempted to overhaul the monetary system entirely. This reform introduced a complex array of new currency types, including round coins, spade-shaped coins, as well as forms of wealth represented by gold, silver, tortoise shell, and cowries.
However, the system proved confusing and difficult to manage. The complicated currency structure caused significant dissatisfaction among the population and contributed to social and economic unrest. In response, Wang Mang launched a third currency reform in 14 CE. This reform simplified the system by abolishing many of the previously introduced tokens and issuing two main coins: the round Huo Quan coin and the Huo Bu spade coin seen here. Another coin type, known as Bu Quan, was also introduced during this period.
Despite these attempts to stabilise the economy, the earlier reforms had already undermined confidence in the regime. Economic instability, combined with other political and environmental pressures, weakened Wang Mang’s authority and contributed to the eventual collapse of the Xin Dynasty by 23 CE.
Object No. 2008/233/3–4, sometimes referred to as “Shirt Money,” offers a fascinating glimpse into this turbulent period of Chinese history and the ambitious reforms attempted by Wang Mang’s government.
Thank you to Andrea for her research and contribution to our understanding of this object from the Powerhouse collection.
Research and story by volunteer Andrea. Blogpost by Karen Griffiths, (Volunteers Program Officer)