Premium Recommendation -A Set of Two Republic of China Coins

*本次藏品：民国钱币一组（两枚）*

典藏尺寸：重：15.7g直径：34.3mm/重：11g直径：32.2mm

民国五年贰分铜币

民国五年（1916 年），中国正处于政治与经济的双重动荡期。袁世凯复辟帝制的闹剧刚落幕，北洋政府陷入军阀割据的泥沼，西南各省纷纷宣布独立，中央财政濒临崩溃。“京钞风暴” 的爆发成为压垮金融体系的最后一根稻草 —— 当年 5 月，中国银行、交通银行发行的纸币突然停止兑现白银，市场信用彻底崩塌，民众对纸币避之不及，交易被迫退回 “以物易物” 或金属货币结算的原始状态。

在这种背景下，民国五年贰分铜币应运而生。它以 “硬通货” 的身份切入市场，凭借铜镍合金（红铜版或铜镍版）的实在材质，成为民众信任的交易媒介。正如鲁迅在文章中所描述的，彼时商家 “宁收铜元，拒要纸币”，甚至 “降格以求” 接受外国银行货币，这枚铜币的出现，在金融废墟中构筑起一丝交易的稳定性。

这枚铜币的设计充满了对时代语境的回应。正面以 “中华民国五年” 环形排布，中央圆孔两侧镌刻 “贰分” 面值，文字风格古朴厚重，带有明显的传统制钱韵味。值得注意的是，币面左右各有一颗五角星装饰，这种符号选择既区别于清代钱币的龙纹，又未采用后来民国货币常见的党徽，是民国初期货币设计在 “传统” 与 “现代” 之间试探的典型表现。边缘的链式纹饰则强化了钱币的装饰性与辨识度，同时暗含 “稳固”“链接” 的寓意，或许是对混乱时局中经济秩序的隐性期盼。

背面的嘉禾图案是民国货币的经典符号，稻穗饱满，环绕中央的星形纹饰，象征着 “以农为本” 的治国理念。在农业人口占绝对多数的民国初年，嘉禾纹既是对传统农耕文明的致敬，也寄托了政权对经济复苏、粮食丰稔的祈愿。这种设计在后来的民国货币中被多次沿用，成为民国金融文化的视觉基因之一。

作为民国初期中央政权试图规范货币体系的尝试，这枚铜币的历史价值首先体现在经济史维度。它是研究北洋政府时期货币恐慌、辅币制度建设的直接物证，其 “每五十枚当一圆” 的面值标注，清晰反映了当时银元与铜元的兑换比例，为还原民国初年的物价水平、货币购买力提供了量化依据。

在工艺史层面，其模具由意大利雕刻师乔治设计（虽无签字，但风格与同期乔治操刀的其他民国货币高度一致），体现了民国初期造币技术对西方的借鉴。币面文字与图案的冲压精度、金属材质的配比，均代表了当时中国机制币的较高水准，是近代造币工艺国产化进程的实物缩影。

2-Fen Copper Coin of the 5th Year of the Republic of China

In the 5th year of the Republic of China (1916), China was in a period of dual political and economic turmoil. The farce of Yuan Shikai's restoration of the monarchy had just ended, and the Beiyang Government was mired in warlord separatism. Provinces in the southwest successively declared independence, and the central finance was on the verge of collapse. The outbreak of the "Beijing Banknote Crisis" became the last straw that crushed the financial system. In May of that year, the banknotes issued by Bank of China and Bank of Communications suddenly stopped being cashed for silver, completely destroying market credit. People avoided banknotes at all costs, and transactions were forced to return to the primitive state of "barter" or settlement with metal currencies.

Against this background, the 2-Fen Copper Coin of the 5th Year of the Republic of China came into being. It entered the market as "hard currency" and, relying on the solid material of copper-nickel alloy (red copper version or copper-nickel version), became a trusted medium of exchange among the people. As Lu Xun described in his articles, at that time, merchants "preferred to accept copper coins and refused banknotes", and even "lowered their standards" to accept currencies from foreign banks. The emergence of this copper coin built a glimmer of stability for transactions amid the financial ruins.

The design of this copper coin is a full response to the contextual background of the era. On the obverse, "The 5th Year of the Republic of China" is arranged in a circular pattern. The denomination "2 Fen" is engraved on both sides of the central circular hole. The font style is simple and heavy, with obvious characteristics of traditional Chinese cash coins. Notably, there is a five-pointed star decoration on the left and right sides of the coin surface. This symbol choice not only distinguishes it from the dragon patterns on Qing Dynasty coins but also does not adopt the party emblem commonly seen on later Republic of China currencies. It is a typical example of the exploration between "tradition" and "modernity" in currency design in the early years of the Republic of China. The chain-like patterns on the edge enhance the coin's decorativeness and recognizability, while implicitly implying the meanings of "stability" and "connection" — perhaps a hidden expectation for economic order in the chaotic times.

The Jiahe (golden harvest) pattern on the reverse is a classic symbol on Republic of China currencies. The plump rice ears surround the star pattern in the center, symbolizing the governing concept of "taking agriculture as the foundation". In the early years of the Republic of China, when the agricultural population accounted for an absolute majority, the Jiahe pattern was not only a tribute to the traditional agricultural civilization but also embodied the regime's aspiration for economic recovery and abundant grain harvests. This design was repeatedly used on later Republic of China currencies and became one of the visual genes of Republic of China's financial culture.

As an attempt by the central government in the early Republic of China to standardize the currency system, the historical value of this copper coin is first reflected in the dimension of economic history. It is direct physical evidence for studying the currency panic and the construction of the fractional currency system during the Beiyang Government period. Its denomination marking of "Fifty coins equal to one yuan" clearly reflects the exchange rate between silver dollars and copper coins at that time, providing a quantitative basis for restoring the price level and currency purchasing power in the early years of the Republic of China.

In terms of craft history, its mold was designed by Italian engraver Giorgio (though there is no signature, its style is highly consistent with other Republic of China currencies crafted by Giorgio in the same period), reflecting the reference of China's minting technology to the West in the early years of the Republic of China. The stamping precision of the characters and patterns on the coin surface, as well as the proportion of metal materials, all represent the relatively high level of China's machine-made coins at that time, and it is a physical epitome of the localization process of modern minting technology.

*本次藏品：民国钱币一组（两枚）*

典藏尺寸：重：15.7g直径：34.3mm/重：11g直径：32.2mm

民国廿二年贰分铜币

民国廿二年（1933 年），国民政府的统治已相对稳固，金融改革成为施政重点。此时距离 “废两改元” 仅一年，距离全面推行法币政策也只有三年，货币体系的规整化成为经济建设的核心任务之一。铸造民国廿二年贰分铜币，正是国民政府统一辅币制度、稳定市场交易的重要举措。

与民国五年版诞生于金融混乱不同，此币的铸造是中央政权主导下的系统性货币工程。上海中央造币厂作为当时全国最先进的造币机构，承担了主要的铸造任务，其目的是为了替换各地杂乱的军阀铸币，建立统一的辅币标准，为即将到来的法币改革铺路。

民国廿二年贰分铜币的设计体现了国民政府对 “正统性” 与 “现代性” 的双重追求。正面同样以 “中华民国廿二年” 环形纪年，中央圆孔两侧标注 “贰分” 面值，但与五年版的五角星装饰不同，此币采用了 **“古布图” 风格的圆形纹饰 **（左侧为方孔圆币图案，右侧为带有圆点的圆形纹饰），这种设计既呼应了中国古代货币文化（布币、圜钱），又通过对称布局展现了现代审美，是 “传统元素现代化转化” 的典型尝试。

背面的嘉禾图案在细节上与五年版有所区别，稻穗的刻画更显精致，环绕的星形纹饰也更具几何美感，整体风格趋向标准化与程式化，反映了中央造币厂在模具制作上的技术进步与审美统一。边缘的纹饰从五年版的链式纹改为更具装饰性的连续图案，进一步强化了钱币的识别度与防伪功能。

材质上，此币以红铜为主，色泽温润，长期流通形成的 “巧克力包浆” 成为鉴别真伪与判断品相的重要依据。其 “每五十枚当一圆” 的面值标注与五年版一致，体现了民国辅币体系在面值逻辑上的延续性。

在政治史层面，民国廿二年贰分铜币是国民政府强化中央权威的货币表达。通过统一辅币的铸造权与设计风格，国民政府试图削弱地方军阀的经济影响力，构建 “一个国家、一种货币” 的政权认同，这枚铜币因此成为研究民国时期中央与地方经济博弈的微观样本。

经济史价值上，它是法币改革前夕辅币流通状况的直接见证。在 1933-1935 年的市场交易中，这类铜元承担着小额支付的功能，其流通范围与使用频率，反映了当时基层经济的活跃程度与货币需求规模。

这两枚贰分铜币，一枚诞生于军阀混战的泥沼，一枚铸造于政权整合的前夜，它们共同构成了民国货币史的 “双子星”。在它们的铜质肌理中，不仅沉淀着近代中国的金融变迁，更凝结着普通民众对经济稳定、生活富足的朴素期盼。

对于历史研究者而言，它们是解读民国经济政策、造币技术、社会生活的第一手资料；对于钱币收藏家而言，它们是衡量民国货币稀缺性与工艺价值的重要标尺；对于普通读者而言，它们则是触摸民国历史温度的 “活化石”—— 当我们摩挲着币面的包浆，仿佛能听见民国街头商贩的叫卖、感受到金融风暴中民众的焦虑、见证法币改革前经济复苏的脉动。

2-Fen Copper Coin of the 22nd Year of the Republic of China

In the 22nd year of the Republic of China (1933), the National Government’s rule had become relatively stable, and financial reform emerged as a key administrative priority. This was merely one year after the "Abolition of Tael and Adoption of Yuan" reform, and only three years before the full implementation of the Legal Tender Policy. The regularization of the currency system became one of the core tasks in economic development. The minting of the 2-Fen Copper Coin of the 22nd Year of the Republic of China was precisely a crucial measure by the National Government to unify the fractional currency system and stabilize market transactions.

Unlike the 5th Year version, which was born amid financial chaos, the minting of this coin was a systematic currency project led by the central government. The Shanghai Central Mint, the most advanced minting institution in the country at that time, undertook the main minting task. Its purpose was to replace the disorganized warlord-minted coins across various regions, establish a unified fractional currency standard, and pave the way for the upcoming Legal Tender Reform.

The design of the 2-Fen Copper Coin of the 22nd Year of the Republic of China reflected the National Government’s dual pursuit of "legitimacy" and "modernity". On the obverse, the year "22nd Year of the Republic of China" was also arranged in a circular pattern, with the denomination "2 Fen" marked on both sides of the central circular hole. However, different from the five-pointed star decoration on the 5th Year version, this coin adopted a circular pattern in the style of "ancient cloth money" (the left side features a pattern of round coins with square holes, and the right side a circular pattern with dots). This design not only echoed China’s ancient currency culture (cloth money, round coins with square holes) but also demonstrated modern aesthetics through a symmetrical layout, making it a typical attempt at the "modern transformation of traditional elements".

The Jiahe (golden harvest) pattern on the reverse differed in details from that of the 5th Year version. The rice ears were depicted with greater delicacy, and the surrounding star pattern boasted stronger geometric beauty. The overall style tended toward standardization and stylization, reflecting the technical progress and aesthetic unification of the Central Mint in mold production. The edge pattern was changed from the chain pattern of the 5th Year version to a more decorative continuous pattern, further enhancing the coin’s recognizability and anti-counterfeiting function.

In terms of material, this coin was mainly made of red copper, with a warm luster. The "chocolate patina" formed through long-term circulation became an important basis for identifying authenticity and judging quality. Its denomination marking of "Fifty coins equal to one yuan" was consistent with that of the 5th Year version, reflecting the continuity in the denomination logic of the fractional currency system during the Republic of China.

From the perspective of political history, the 2-Fen Copper Coin of the 22nd Year of the Republic of China was a monetary expression of the National Government’s efforts to strengthen central authority. By unifying the minting right and design style of fractional currency, the National Government sought to weaken the economic influence of local warlords and build a sense of national identity centered on "one country, one currency". Thus, this copper coin became a microcosmic sample for studying the economic game between the central and local governments during the Republic of China.

In terms of economic history value, it is direct evidence of the circulation of fractional currency on the eve of the Legal Tender Reform. In market transactions from 1933 to 1935, such copper coins performed the function of small-denomination payment. Their circulation scope and frequency reflected the vitality of the grassroots economy and the scale of currency demand at that time.

These two 2-Fen copper coins—one born amid the chaos of warlord warfare, the other minted on the eve of regime integration—jointly form a "twin star" in the currency history of the Republic of China. Within their copper texture, they not only embody the financial changes of modern China but also condense the simple aspirations of ordinary people for economic stability and a prosperous life.

For historical researchers, they are first-hand materials for interpreting the economic policies, minting technology, and social life of the Republic of China. For coin collectors, they are an important yardstick for measuring the scarcity and craft value of Republic of China coins. For ordinary readers, they are "living fossils" that allow people to feel the warmth of the Republic of China’s history. When we stroke the patina on the coin surface, we seem to hear the cries of vendors on the streets of the Republic of China, feel the anxiety of the people amid financial storms, and witness the pulse of economic recovery before the Legal Tender Reform.

*本次藏品：民国钱币一组（两枚）*

典藏尺寸：重：15.7g直径：34.3mm/重：11g直径：32.2mm

以上藏品相关信息请与：四川尚亿拍卖有限公司联系。 

For information about the above collections, please contact: Sichuan Jun Zailai Auction Group Co.