On April 17th, Macro-Finance Salon (No. 205) and Lectures on “Millennium of Paper Money” Series (No. 1) was held at Renmin University of China, co-hosted by the International Monetary Institute and the Department of Monetary and Finance at the School of Finance. The keynote speaker was Zhou Weirong, the curator of the China Numismatic Museum, who delivered a speech entitled “Overview of the Origin and Development Path of Chinese Currency”. The salon was moderated by Professor He Ping, member of the Financial History Professional Committee of the China Finance Society.

Curator Zhou Weirong pointed out that historical research has an important mission to apply the past to the present, to use history to understand the present. In studying monetary history, one must guard against the fallacy of presentism, that is, one should not simply project modern knowledge of money and finance onto ancient societies. China was one of the earliest countries to use money and to mint coins. Chinese currency has distinctive features, primarily consisting of copper coins, with other materials being used only as supplements. The coins were cast using bronze-casting technology and have a history spanning over 2000 years. Chinese currency spread to neighboring countries at an early stage, forming a unique currency culture, known as the Oriental Numismatic Culture.

Regarding the origin of Chinese currency, it is important to note the following points. First, one should not simply regard cowrie shells as the earliest form of money. If cowries are considered as "shell money", then they should be regarded as a kind of currency used in the context of ornaments and gifts (including sacrificial offerings), rather than as a general equivalent of goods used specifically for buying and selling. Second, one should not regard "imitation shells" as the earliest form of minted coins. Third, the origin of money lies in ornaments and gifts. Gold and silver were first used as ornaments because ancient people believed they were beautiful, pretty, and precious. Fourth, the original meaning of "currency" is "treasure and gift". In early societies, "currency" referred to treasures. Pearls, jade, tortoise shells, and cowrie shells were all considered valuable items. Fifth, the earliest form of minted coins was the "qian" coin, a bronze weighing currency from the Bronze Age.

Curator Zhou Weirong provided a concise overview of the development path of Chinese currency, clearly identifying the currency combinations and stage characteristics of each era. The invention of paper money was a major innovation in the history of Chinese and world currency development. Without paper money, there would not be a modern and developed monetary and financial system, nor would there be a prosperous world economy. The invention of paper money occurred during the peak of ancient China's commercial and economic growth, and its emergence promoted the prosperity of ancient China. The widespread use of paper money around the world facilitated economic development and laid the foundation for the creation of modern financial systems. In short, the improvement of Chinese currency forms not only facilitated economic development, but also directly drove the improvement of casting, papermaking, and printing technologies. China's innovative currency forms and significant contributions to world monetary civilization during historical periods will undoubtedly establish national confidence for China today, inspiring us to forge ahead towards a better future.

Translated by Zheng Jingxuan