plumnovel Chapter 271 Monetary Unification
Chapter 271 Monetary Unification
The reconstruction of the official roads and post roads officially broke ground on the main route from Chang'an to Luoyang. This exemplary road, carrying the hopes of the empire's "artery reconstruction," extended inch by inch towards the western capital amidst the sweat and disputes of countless craftsmen, laborers, and court officials in charge. However, road construction was merely a means; its ultimate goal—to ensure the smooth flow of government orders, prosperous commerce, and efficient tax collection—required another crucial medium to truly be achieved: currency.
In the first year of the Qiming era, in the middle of the eighth month, the summer heat in Chang'an was gradually fading, and the first signs of autumn were approaching. However, in Su Xiaoxiao's Chengxiang Palace, an atmosphere far more tense and scorching than in the height of summer was permeating the air.
The west wing of the palace had been temporarily converted into a special "meeting room." On the enormous rosewood table lay a pile of coins from all over the empire—Kaiyuan and Qianyuan coins from the previous dynasty, inferior coins privately minted by several northern circuits, old Southern Dynasty coins still circulating in the Jiangnan region, and even a few Persian silver coins and Turgesh copper coins from merchants in the Western Regions. These coins varied in size and purity, with chaotic exchange rates; piled together, they resembled a jumbled mess of broken metal wreckage.
Su Xiaoxiao, dressed in a simple apricot-yellow palace gown, without elaborate headdress, her dark hair held back only by a jade hairpin, was bent over a table, carefully weighing several different coins with a delicate little bronze scale. Her brows were slightly furrowed, her fingertips gently fiddling with the worn-out coins, occasionally jotting down numbers in the book beside her. Chen Xing sat opposite her, not daring to disturb her, simply watching her focused profile and the slightly dark circles under her eyes from days of staying up late.
Several officials from the Ministry of Revenue and the Ministry of Works stood by, barely daring to breathe. They had been arguing for two whole hours, from the material, fineness, weight, and shape of the coins, to the exchange rate between the old and new coins, the handling of private money, and how to coordinate the circulation of the new coins in land redistribution, tax reform, and commercial tax collection... Every issue was as tangled and difficult to resolve as a knot in the sand.
"Your Majesty," Su Xiaoxiao finally put down the steelyard, raised her head, and spoke with a thoughtful and resolute tone, "the concerns of all the officials are valid. However, I believe that in matters of currency, the most important thing is trust. Without trust, even if the coins are beautifully inscribed and exquisitely crafted, the people will not dare to use them or will not want to use them. Conversely, if trust is established, even simple coins can circulate freely throughout the land."
She paused, then pointed to the pile of disordered coins on the table: "The Kaiyuan coins of the previous dynasty weighed one tael, with a purity of 70% copper and 30% lead and tin. The craftsmanship was excellent, and the people trusted them, so they circulated for a hundred years. However, in its later period, private minting proliferated, with coins being reduced in weight and adulterated. Official coins also deteriorated due to financial difficulties, eventually leading to a collapse of their credibility. The old coins in Jiangnan were of even lower purity, with some even made of iron and lead. People used them for barter, or they accepted cloth and grain as equivalents. The monetary system existed in name only."
"If our dynasty wishes to establish a new coinage, it must first establish credibility." Her gaze was clear and resolute. "Where does credibility come from? First, the purity must be consistent, and the value and weight must be full. The weight of the new coin can be set at six catties and four taels per string, slightly lighter than the Kaiyuan coin, but the purity will be improved, with a standard of seven parts copper and three parts lead. The coinage will be of excellent quality and difficult to counterfeit. Second, the court must issue a decree that only the new coinage will be used. From the date of issuance of the new coinage, all tax payments, official salary expenditures, and large-scale official transactions will be based on the new coinage. Old coins will be exchanged within a specified period, after which they will become invalid, and private coins will be strictly prohibited from circulation. Third, the court must maintain its credibility. The issuance of new coins will not be used to fill fiscal deficits by minting coins indiscriminately or reducing their weight; the government's revenue and expenditure will treat new and old coins equally; and the people can exchange their new coins at any time at official exchange points for pure copper or to pay taxes. Only in this way can the people believe in the 'constancy' of this coinage."
The Minister of Revenue looked troubled: "Your Majesty is absolutely right, but all three of these measures are difficult to implement. In particular, the measures of 'exclusively issuing new currency' and 'exchanging old currency within a limited time' involve hundreds of millions of people across the country, and the accumulated wealth in granaries and government treasuries is no small matter. Moreover, Jiangnan has just been annexed, and the people have accumulated a lot of old currency. If these measures are suddenly abolished, it may cause public resentment, which would be undesirable."
"Therefore, we cannot proceed hastily." Su Xiaoxiao had clearly considered the whole picture. "I believe we can proceed in three steps."
She took a blank sheet of paper and began to write and narrate, her thoughts flowing clearly like water:
"The first step is to finalize the sample and conduct trial casting to set a benchmark. Starting today, the Ministry of Works will have the Imperial Workshops cast a batch of 'Xingyuan Tongbao' sample coins according to the newly determined fineness, weight, and shape. The obverse inscription should be written by His Majesty, and the reverse may be marked with celestial symbols or the reign title to signify the new dynasty. The first batch will consist of 10,000 strings of cash, which will be publicly exchanged at government-run money shops in major cities such as Chang'an, Luoyang, Bianzhou, and Suzhou. The fineness, weight, and priority for future tax payments of the new coins will be announced. During this period, the old coins will continue to circulate as usual, and the new coins will also circulate alongside them. The people can choose and compare them at their own discretion."
"The second step is to roll out the program comprehensively and gradually. Starting from the beginning of next year, in the prefectures and counties that have completed the land survey and tax reform pilot programs, the new currency will be given priority, even mandatory, in tax payments. If people pay taxes in new currency, they can be charged the full face value; if they pay in old currency, they will be charged at the official discount rate. At the same time, government-run money shops, tax offices, and post stations in various places will fully carry out the business of exchanging old currency for new currency. The old currency collected will be transported back to the capital and melted down to recast new currency. This process is expected to take two years."
"The third step is to unify the currency system and prohibit private minting. Once the new coins are widely circulated and convenient for both officials and the people, and the stock of old coins has been greatly reduced, an edict can be issued to formally abolish the old coins of the previous dynasty and the pseudo-dynasty, and the 'Xingyuan Tongbao' will be the only legal tender throughout the country. At the same time, illegal minting will be strictly investigated and the penalties will be increased so that unscrupulous people will have no profit to make. At this point, the great cause of currency unification can be accomplished."
She put down her pen; the note already contained a well-organized, clearly structured three-stage strategy.
Officials from the Ministry of Revenue and the Ministry of Works exchanged bewildered glances, their eyes filled with both admiration and a sense of pressure. This Imperial Concubine had not only grasped the essence of the monetary issue but had also provided such a concrete, feasible, and practical operational path that balanced ideals with reality. Even more commendable was her initiative in proposing that "the Imperial Household Department take the lead in establishing state-run money shops"—meaning that royal assets would be invested first to back the new currency and bear the initial risks. Such vision and responsibility far exceeded the scope of "imperial concubine assistance," truly befitting the talent of a prime minister.
Chen Xing listened quietly from beginning to end before speaking, his voice gentle yet carrying an undeniable authority: "I believe the Imperial Concubine's plan is feasible. The name 'Xingyuan Tongbao' is excellent, and I will personally write the inscription on the obverse. The purity and weight of the coins shall be as proposed by the Imperial Concubine, and the Ministry of Works shall begin trial minting immediately."
He paused, his gaze sweeping over the officials: "The copper needed for exchanging old coins, aside from the cost of melting down the old coins, will be purchased from the people by me from the Imperial Treasury. This is not private property, but an example of my commitment to establishing trust with the people. As for government-run money shops, since the Consort has this intention, the Imperial Treasury will take the lead, with the Ministry of Revenue assisting, to first establish pilot programs in the capital region, Luoyang, Bianzhou, and Suzhou, to explore the procedures and accumulate experience. The required funds and accounts will be separate from the national funds, independently accounted for, and regularly audited by the Censorate and the Ministry of Revenue."
"Your Majesty, we obey!" The crowd replied in unison, their reverence for the Imperial Concubine growing even stronger.
Half a month later, the first batch of "Xingyuan Tongbao" sample coins was officially produced at the Mint of the Ministry of Works. The copper coin is round on the outside and square on the inside, with a regular rim. The inscription is the four characters "Xingyuan Tongbao" in regular script, personally written by Chen Xing, with strong yet rounded strokes. The reverse side has a simple five-pointed star emblem at the top and the four characters "Qiming First Year" in small seal script below. The coin feels solid in the hand, has a warm luster, and produces a clear, resonant sound when lightly struck.
The sample coins were delivered to the Wenhua Hall. Chen Xing picked one up and examined it closely in the window light. The copper patina shimmered, and the inscription looked brand new. He nodded slightly and handed it to Su Xiaoxiao, who was standing to the side.
Su Xiaoxiao took it, her slender fingers caressing the warm edge of the coin. She gazed at it for a long time, then said softly, "This is... the 'letter' that Your Majesty and I have jointly created for this world."
She looked up and met Chen Xing's gaze. Deep within those usually shrewd and sharp eyes, a rare tenderness and satisfaction shone. This satisfaction had nothing to do with her status as a concubine, nor with the power within the inner court; it was solely related to the small copper coin in her palm—she, Su Xiaoxiao, from a merchant's daughter and an accountant, was finally able to use her talent to forge a reliable measure of wealth for the millions of people of this land, a measure that could be passed down through generations.
This is her achievement, and also her original aspiration.
Chen Xing gently squeezed her hand without saying a word. Outside the window, the autumn sun over Chang'an was shining brightly, casting a warm and bright glow on the brand-new coin that the emperor and empress were both looking down at.
A few days later, the first batch of 10,000 strings of "Xingyuan Tongbao" coins, escorted by the Imperial Guards, were distributed to government-run money shops in Chang'an, Luoyang, Bianzhou, and Suzhou. As soon as the shops opened, curious commoners, cautious merchants, and shrewd money shop managers flocked in. Some exchanged dozens of coins for old ones and tucked them into their pockets, repeatedly rubbing them; some exchanged only one or two as "auspicious" collectibles; and some seasoned merchants held the entire string of new coins high in the sunlight to examine their purity, weighed them repeatedly on a scale, and finally revealed satisfied expressions.
"Good money!" Someone exclaimed sincerely at the entrance of the government-run money shop in Chang'an West Market.