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This coin was issued during the reign of Emperor Shenzong of the Northern Song dynasty, between 1071 and 1077, during the Xining era.
It features an inscription written in regular script (kaishu), a calligraphic style characterised by the clarity of its strokes and the balance of its composition. Particularly valued for its legibility, this type of script was widely used on official monetary issues of the Song dynasty.
The reign of Shenzong (1067?1085) is marked by the famous reforms of Wang Anshi, a high-ranking official and the principal architect of the New Policies (Xinfa). These measures aimed to strengthen imperial finances, improve state administration, and reorganise the empire's military structures. However, they provoked fierce opposition at court, creating a lasting divide between reformers and conservatives. On the external front, the Song dynasty maintained complex relations with the Liao dynasty to the north and the Western Xia to the west, to whom it paid substantial tributes in order to preserve a fragile diplomatic balance. At the same time, the Song sought to assert their influence over their southern borders. The war against ??i Vi?t (1075?1077) was one of the major conflicts of this period, concluding with a restoration of the status quo after heavy losses on both sides. This context of ambitious reforms, internal political rivalries, and military challenges at the borders forms the historical backdrop against which this coin was produced and put into circulation.