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This cash-type coin was issued under the reign of Emperor Huizong, during the Zhenghe era, between 1111 and 1118, within the Northern Song dynasty.
The coin features an inscription written in Clerical Script (lishu), a formal and rectilinear calligraphic style inherited from Chinese Antiquity. This epigraphic choice constitutes a distinctive characteristic of this issue, as Huizong was himself an accomplished calligrapher and painter, whose artistic creations directly influenced the monetary aesthetics of his reign. The central square hole, typical of Chinese cash coins, is surrounded by the four characters of the inscription indicating the minting era, in accordance with Song numismatic tradition.
From a historical perspective, the Zhenghe era (1111-1118) unfolded in a context of relative domestic stability, although the Northern Song empire was then subject to growing pressure from its northern neighbours. The Liao dynasty, long a rival in the north, was progressively weakened by the rise of the Jurchens, founders of the future Jin dynasty. Wishing to take advantage of this situation, Huizong entered into negotiations with the Jurchens with the aim of recapturing the Sixteen Prefectures lost to the Liao. This strategic alliance, known as the Alliance Concluded on the Sea, did indeed bring about the fall of the Liao, but it considerably strengthened the power of the Jin. A few years later, the Jin turned against the Song, triggering a series of invasions that culminated in the Jingkang Incident of 1127, marked by the capture of Kaifeng and the imprisonment of Huizong along with his successor.