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c_t;“ Bad money drives out good money" is a phenomenon with a long history of origin. Pen "Fun" Pavilion www.biquge.info

In later generations, it is an ancient principle in economics that bad money drives out good money, which speaks of the age of coinage and circulation, in which silver and gold are both standard currencies, a country should set a ratio of value between gold and silver coins, and according to this ratio, gold and silver coins can be bought and sold freely without restrictions, and gold and silver coins can be circulated at the same time.

Since the value of gold and silver itself fluctuates, the change in the value of the metal currency itself and the relatively unchanged exchange rate between the two have produced the phenomenon of "bad money driving out good money", making it impossible to achieve the double standard. For example, when the ratio of gold to silver is 1:15, when the value of silver decreases due to the decrease in the cost of mining, people exchange silver for gold according to the above ratio, store it, and finally fill the currency circulation with silver, rejecting gold. If, on the contrary, the value of silver rises and the value of gold decreases, people will exchange gold for silver in the above proportions, store the silver, and only gold coins will be in circulation. That is to say, the "good money" with a higher actual value is gradually stored by people and leaves the circulation market, so that the "bad money" with a lower real value floods the market.

This phenomenon was first discovered by the English Chancellor of the Exchequer Gresham (1533-1603), so it is called the "Gresham phenomenon".

However, in the history of the currency system in ancient China, the phenomenon of bad money driving out good money mainly comes from the fact that hostile forces or private coins minted by the people circulated in large quantities in the country's controlled areas, and the state issued a large number of coins of insufficient fineness, and the market had to accept this situation, which is also a typical embodiment of "bad money drives out good money".

The following conditions must be met for the realization of Gresham's law: both bad and good money are legal tender, the two currencies have a certain legal ratio, and the sum of the two currencies must exceed the amount of money required by society.

This situation will be true in many cases, especially in ancient times, once the inferior coins minted by the people privately have a large circulation basis or a large number of circulation, then it is not easy for a country to control this influence.

In the Western Han Dynasty, the situation of bad money driving out good money has in fact appeared, which can be seen in the corresponding records of Deng Tong and Liu Bi, the king of Wu.

Deng Tong, a native of Nan'an, Shu County, the male favorite of Emperor Wen of the Han Dynasty, relied on the close relationship with Emperor Wen of the Han Dynasty, relied on the coinage industry at that time, opened copper mines widely, and became rich in the world.

One day, Emperor Wen ordered Xu Cheng to meet Deng Tong. Xu Cheng said: "Deng Tong's life will be poor and starving to death. Emperor Wen said, "I am the one who can make Deng Tong rich, how can I say that he will be poor?" So he rewarded him with all the large and small copper mountains near Deng Tong's hometown, and allowed him to mint money.

After the news that Deng Tong was rewarded by Emperor Wen with the size of the copper mountain in his hometown to mint money, relatives and friends and neighbors rushed to tell each other. The old father was very grateful for the kindness of the emperor, and led several daughters and sons-in-law to hire craftsmen to mine copper, burn charcoal, and cast money in the area of Tongshan, and strictly followed Deng Tong's instructions, every money must be carefully crafted, and never doped with lead and iron when casting money to make profits, so the Deng Tong money produced is shiny, the weight is sufficient, the thickness is even, and the texture is pure. From the princes and ministers, to the wealthy businessmen, to the peddlers and pawns, they all love Deng Tongqian. Wu Guoqian has an advantage in circulation, and Deng Tongqian wins with excellent quality. During this period, the coins minted by Wu and Deng Tong circulated throughout the country.

What can be seen from such records is that the currency minted by Deng Tong is actually more acceptable than the copper coins officially issued by the Western Han Dynasty.

However, it can be seen from some details recorded that copper coins at that time were already doped with lead and iron to make profits.

This situation means that there were already a large number of bad coins in circulation at that time, so Deng Tongqian was so popular.

The record of Liu Bi, the king of Wu, can also see the corresponding traces of bad coins:

Liu Bi (216 BC-154 BC), a native of Fengyi, Peijun (now Fengxian County, Xuzhou), was the nephew of Liu Bang, the ancestor of the Han Dynasty, and the prince of the Western Han Dynasty.

There are mines producing copper in Yuzhang County of Wu State. Liu Bi recruited outlaws from all over the world to secretly mint money here and boiled seawater for salt in the east. Because he did not pay taxes, Wu Guo's wealth was very rich.

There is no clear record in the history books about the nature of Liu Bi's minted copper coins, but his property is obtained from the private minting of coins and the sale of illegal salt, and his employment in coins must be far inferior to Deng Tongqian or even the copper coins officially issued by the Western Han Dynasty.

If this is not the case, the speed of the convergence of Wu Wang Liu Bi's wealth will inevitably drop by one level.

It can be seen that the "bad currency" of Liu Bi, the king of Wu, is likely to have successfully expelled the relatively chaotic currency issued by the Western Han regime in the area under his control.

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The countermeasures for "bad money driving out good money" have also become a major problem for the country.

It is possible that the circulation and popularity of Deng Tongqian was a crackdown by Emperor Wen of the Han Dynasty against the bad coins in circulation at that time.

During the reign of Emperor Wu of the Han Dynasty, it was necessary to carry out as many as six currency reforms to further solve this problem.

The ancient coins of the Western Han Dynasty, in view of the serious consequences such as the Wuchu rebellion caused by the chaos of the currency system and the loss of control of the coinage, and at the same time, in the early days of the reign of Emperor Wu of the Han Dynasty, nearly 10,000 people died due to private minting, and the number of people who died in private fights and committed suicide in fear of crime cannot be counted, which shows that the problem is very serious.

In order to solve this problem, Emperor Wu of the Han Dynasty carried out six currency reforms during his reign, so that the monetary problem that had not been solved since the beginning of the Han Dynasty was solved more thoroughly, and the status of the five-baht coin was finally determined.

In 140 BC, Emperor Wu of the Han Dynasty ordered the imperial court to issue a three-baht coin, which was as heavy as its letter. This was a measure to restore the nominal value of the copper coinage in line with the legal weight.

However, this change can be said to be quite a failure, because the three baht coins are equivalent to the use of half two coins weighing four coins, which led to the prevalence of piracy and counterfeiting, so in the spring of the fifth year of Jianyuan, "the three baht coins were abolished, and half a tael was used".

In the fourth year of Emperor Wu of the Han Dynasty (119 B.C.), he minted three baht coins and minted leather coins and platinum (silver) coins, and also issued a capital decree for those who steal money.

In 118 BC, Emperor Wu of the Han Dynasty carried out the fourth currency reform. This reform is only to "abolish the three-baht coin and recast the five-baht coin". There are certain regulations on the shape of the five-baht coin, and the "five-baht" money has been used since then.

Soon after, Emperor Wu of the Han Dynasty ordered each county to mint five baht coins, which were called county five baht, also known as Yuan Hunt five baht.

The weight of the five-baht coin is moderate, in line with the requirements of the ancient social and economic development situation and the price level of the monetary unit, so in the Western Han Dynasty, the Eastern Han Dynasty, the Shu Dynasty, the Wei Dynasty, the Jin Dynasty, the Southern Qi Dynasty, the Liang Dynasty, the Chen Dynasty, the Northern Wei Dynasty, and the Sui Dynasty have been minted, which lasted as long as 739 years, and is the largest number of minted banks in the history of our country, the longest and most successful longevity money. In the Western Han Dynasty, the five baht coins included five baht of the county, five baht of the red (side), five baht of the three officials, five baht of Emperor Xuan, five baht of the small one, five baht of gold, and so on.

On the eve of the birth of the five-baht coin, because the half-tael coin was on the verge of collapse, the market was in chaos, and governments at all levels competed with businessmen and people for profit, and they were desperately trying to mint money, which caused the currency to be over-inflated, the purchasing power of the coin fell rapidly, and the price of goods soared. Unable to survive, the people gave up production one after another, went into exile, and relied on selling their labor to make ends meet, or they took risks and joined the ranks of private foundry, in an attempt to make huge profits.

Qian Wen is "five baht", small seal book, bare back, the front has a wheel without Guo, and the back is a wheel Guo is ready. Money diameter 2. It is about 5 cm and weighs about 3. 5-4 grams. The "five" character is obliquely straight or curved; the "Zhu" head of the "baht" character is square-folded, and the "gold" word is smaller, as if it is like an arrowhead. There is a cross on the few coins. Its material is changed to copper, so it is called cyanotic money. However, the technical level of different places is different, the composition of copper ore is different, and it is difficult for officials to understand the order and follow the attitude of the same, so the money minted is very different, some are the same as the old Han half-two, the back is flat without a wheel, some are perforated with large perforations, the meat is thin, and some are thick.

Generally speaking, there is a phenomenon of cutting corners and not enough five baht weight, and the more it is cast, the lighter it is, the later it is, the more shoddy it is, and there is a phenomenon of repeating the mistake of half two or three baht money. The main purpose of the government's recasting of five-baht coins is to establish credibility, stabilize finance, and make private miners unprofitable and give up illegal activities on their own, so as to completely solve the problem of private minting. The officials of the counties and states, because the old habits are difficult to change, still join forces from top to bottom to enrich their own pockets. Emperor Wu of the Han Dynasty adopted the advice of the ministers and withdrew the coinage rights of the counties in the second year of the Yuan Dynasty (115 BC), and the central government unified the minting and currency issuance, thus preventing another flood of bad coins.

After Emperor Wu of the Han Dynasty withdrew the right to mint coins, the central government of Emperor Wu of the Han Dynasty unified the coinage. It was at this time that the three senses and five baht were minted. The money is exquisitely made, the side Guo is neat, the weight is accurate, the money is beautiful, and it is a model in the money. The three officials refer to the bell officials, the copper distinguisher, and the average loss (skill), which collectively refers to the government's money-making institutions. In order to promote the equalization law, the central government set up a new official of the water yadu lieutenant and worked in Shanglin Yuan, Chang'an.

Before this, Jia Yi also put forward the situation of the proliferation of bad money among the people: "The money is getting more and more complicated, and the money is dying day by day."

It can be said that after the establishment of the Han Empire, the situation of private minting of inferior coins became more and more intense.

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Wang Mang's proposal really hit Yingxiu's concern about the current situation of "bad money driving out good money" in the society of the Great Qin Empire.

But this does not mean that Yingxiu will make a wedding dress for Wang Mang in this regard. After all, if such a situation is handled well, then Wang Mang's reputation will inevitably increase instead of decreasing, even exceeding the prestige before Wang Mang's first death two or three years ago.

If this situation really occurs, it will definitely not be a good thing for Yingxiu and the Great Qin Empire.

It can be said that the edict issued by Yingxiu clearly intended to trap Wang Mang, which is also the reason why Wang Mang was dumbfounded.

Because no matter how crazy Wang Mang is, he can think that he will die miserably if he does this.

After all, although Wang Mang is a madman, there is no doubt that in the areas controlled by the Wang family, his crackdown on those who mint coins without permission is very strong, and because during the reign of Zhang Jiashi, it has been established that those who mint copper coins without permission will be punished heavily, and those who deliberately circulate bad coins will be punished to a certain extent.

It can be said that after Wang Mang reacted, he understood that his current situation was obviously shooting himself in the foot.

But Wang Mang's madness was shown again, because after thinking quickly, he still decided to go his own way, that is, he decided to officially issue the so-called treasure in the control area of the Wang family.

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I have to say that the treasures cast or produced by Wang Mang in Zhao County are indeed quite good in terms of fineness and quality. However, because there are many types of treasures, it is difficult to understand the corresponding value of treasures.

In this way alone, Wang Mang made the Wang family suffer heavy losses.

Not only that, Wang Mang planned to let other henchmen make corresponding arrangements for the circulation of treasures. However, after the Qijun County Guard in Linzi City was implemented for a period of time, and he found that his old capital was lost, the other Wang Mang's henchmen who were watching were naturally insensitive to the issuance of these treasures.

Wang Mang can be said to be anxious about such a situation, but he knows very well that it is difficult for him to ride a tiger at the moment, after all, if the Wang family gives up during this period, it will inevitably be wasted, and even the family foundation accumulated for decades will be lost. This situation is no longer something that Wang Mang can decide on his own.

Therefore, Wang Mang finally planned to make a desperate bet and ordered the Wang family and his henchmen to let these treasures be distributed to the corresponding areas.

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If Zhang Jiashi knew about this situation, he would think that Wang Mang had obviously done two wrong things if he continued to hold on like this.

The first thing, naturally, is the degree of chaos of the treasure goods, which is the main reason for the failure of the treasure issuance.

The second thing is that Wang Mang overestimated the corresponding strength of the Wang family. After all, Wang Mang's approach also has a corresponding comparison in the history of the Northern Song Dynasty.

During the Northern Song Dynasty, there was a commercial value called "Jiaozi".

In the beginning, Jiaozi was a "Jiaozi shop" who operated a cash storage business for merchants who carried huge sums of money. About 1008, 16 government and business enterprises in Chengdu jointly printed vouchers on bark paper, with patterns, passwords, marks, stamps and other imprints, and the denomination was temporarily filled in according to the cash paid by the recipient, and circulated as payment vouchers.

This kind of "Jiaozi" is also known as "楮coin". At this time, the "Jiaozi" is only a deposit and withdrawal voucher, not a currency. Later, it was banned from issuing because it was found that the publisher was in a tight position or could not be cashed out.

In the first year of Song Renzong's Tiansheng (1023), the government set up Yizhou Jiaozi in Chengdu, and one or two officials from the Beijing Dynasty served as supervisors to preside over the issuance of Jiaozi, and "set up a paper making institute to reform the disadvantages of forgery", and strictly enforced its printing process. This is the earliest banknote officially issued by the government in China - "Guanjiaozi". It is six or seven hundred years earlier than the issuance of paper money in Western countries such as the United States (1692) and France (1716), so it is also the earliest paper money issued in the world.

In the early days of the issuance of "Guanjiaozi", its shape was modeled after the private "private relationship", and the denomination was still filled in temporarily, stamped with the state seal of the state, but it was divided into a certain level, from 1 to 10. and stipulates the scope of circulation. During the reign of Emperor Renzong of the Song Dynasty (1039 onwards), it was changed to five and ten times. By the time of Song Shenzong (1068 onwards), it was changed to two types: consistent and five hundred wen. There is also a limit on the amount of issuance, which stipulates that the issuance shall be divided into three years (two years) for each boundary, and the new Jiaozi will be exchanged for the full boundary. The first Jiaozi issued 1256340 yuan, with a reserve capital of 360,000 yuan (with Sichuan's iron money as the banknote), and the reserve was equivalent to 28% of the issuance. Later, due to the over-issuance of military supplies, Jiaozi was seriously depreciated. In 1105, the issuance was discontinued, and the "money citation" was used instead.

The circulation scope of "Jiaozi" was basically limited to Sichuan, and although it became popular in Shaanxi and Hedong, it was soon abolished.

In the first year of Emperor Huizong of the Song Dynasty (1107), the government of the Song Dynasty changed "Jiaozi" to "Qian Yin", and changed "Jiaozi Affairs" to "Qian Yinwu". Except for Sichuan, Fujian, Zhejiang, Huguang and other places that still use "Jiaozi", other roads have changed to "Qian Yin". Later, Sichuan also changed Jiaozi to Qian Yin in the third year of Daguan (1109). The biggest difference between "Qian Yin" and "Jiaozi" is that it is based on "缗". The paper, printing, drawings and seals of the "Qian Yin" are very good. However, the "money citation" does not place banknotes, does not allow exchange, and is issued at will, so the value of paper coupons plummets, and in the Jiading period of the Southern Song Dynasty, each note is only worth 100 yuan in cash.

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Although Zhang Jiashi is blind to economics and everything, he is also very aware of Jiaozi's failure experience, which is more of a vicious circle of coin issuance.

Because the Northern Song Dynasty and the Southern Song Dynasty simply did not have sufficient coin reserves in this regard, the issuance of a large number of Jiaozi in excess of the reserve value would inevitably lead to a rapid and substantial depreciation of Jiaozi.

This kind of depreciation is a very serious harm to a country, especially for ordinary people, once the value of their Jiaozi is greatly depreciated, it is a serious deficit for their assets.

It can be said that this is also the most fundamental reason why Jiaozi and later Qian Yin did not get the expected results, and even brought about a vicious circle.

The current situation experienced by Wang Mang and the Wang family is just like the failure of Jiaozi, which is entirely due to the fact that the Wang family, which issued all kinds of treasures, simply did not have enough corresponding value property as a backing, which eventually led to a significant depreciation of the value of the treasures.

Once there is a beginning of such a situation, then it is very likely to be due to a series of vicious circles;

The treasures that Wang Mang and the Wang family have high hopes for are indeed relatively high in quality and value. But it was also because of the problems of the Wang family and Wang Mang himself that led to the solution of "maintaining the status of good money for treasures", which eventually became a beautiful mirror.

Not only that, but in this show, it can be said that the accumulation of the Wang family over the years has almost been squandered, and a considerable part of its henchmen are also more and more dissatisfied with the reality that the Wang family is being tough and the Wang family is becoming weaker and weaker, and finally broke away from the Wang family, an increasingly dilapidated ship.

But for the Wang family, the most fatal place is not the loss of these strengths, but the tough implementation of treasure goods by Wang Mang and the Wang family, which actually led to the peasants of Zhao County and Qi County, who could not bear to become more and more poor, and finally broke out in an uprising.

The inertia of the wheel of history has once again shown its corresponding power this time.

Because of this uprising, it quickly intensified, and the leader of a rebel army was Fan Chong, who was quite famous at the same time in history......

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