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This coin was issued during the reign of Emperor Zhenzong, the third ruler of the Northern Song dynasty, during the Xianping era (998?1003).
It bears an inscription engraved in regular script (kaishu), a calligraphic style characterised by the clarity of its strokes, the rigour of its structure and the balance of its composition. Particularly valued for its legibility, this script was widely used on the official coin issues of the Song dynasty.
The issue of this coin took place against a delicate political and military backdrop. Upon his accession to the throne in 997, Zhenzong inherited a well-administered empire, yet one facing constant pressure from the Liao dynasty in the north. During the Xianping era, tensions between the two powers remained intense and ultimately culminated in the great Khitan offensive of 1004. This led to the conclusion of the Shanyuan Treaty in 1005, which established a lasting peace at the cost of an annual tribute paid by the Song.
On the domestic front, the government continued its efforts towards administrative and financial consolidation. The economy experienced sustained growth, driven by the expansion of commercial exchanges and the rise of urban centres. In order to meet the growing demands of monetary circulation, the state maintained a significant production of bronze coins, which served as the primary means of payment throughout the empire. This issue thus forms part of an active monetary policy aimed at supporting the economic dynamism of the early years of Zhenzong's reign.