Premium Recommendation -Guangxu Yuanbao (Sichuan Province Mint)

*本次藏品：光绪元宝四川省造 *

典藏尺寸：重：13.8g直径：32.5mm厚：2.2mm

这枚当光绪元宝的设计，是清末 “中体西用” 理念在货币上的具象化：既保留了传统钱币的文字与纹饰，又融入了西方机制币的工艺与标识。

币面中央为楷书 “光绪元宝” 四字，字体端庄遒劲，笔锋锐利，是典型的晚清官方书法风格；四字外环绕珠圈，珠圈外上方铸 “四川省造”，下方标注面值 “当二十”，左右两侧为满文 “宝川”——“宝” 字延续了中国古代钱币 “以宝为文” 的传统，“川” 则明确铸地，是区分各省铸币的核心标识。值得注意的是，这枚币的 “满文宝川” 为 “降满文” 版：满文 “川” 字位于币面中部偏下，与 “元” 字下半部平行，是四川当二十铜元的标志性版别之一。

背面中央是 “如意云龙” 纹：龙身蜿蜒盘旋，鳞片细密规整，龙爪锋利遒劲，龙角间饰有如意状云纹 ——“龙” 是皇权的象征，“如意云” 则暗含 “国泰民安” 的祈愿，是传统纹饰的经典组合。

龙纹外环绕英文 “SZE CHUEN”（四川省）与 “20 CASH”（二十文），这一设计既是近代中国与西方文化交流的体现，也反映了当时货币试图与国际体系接轨的尝试。而这枚币的英文 “CASH” 中，字母 “A” 明显小于其他字母，属于 “小 A 版”，是四川当二十铜元中的稀缺版别。

这枚币采用黄铜铸造，而非传统的青铜或红铜 ——19 世纪末红铜外流导致价格暴涨，黄铜硬度更高、耐磨性更强，且成本较低，是当时造币厂的 “务实之选”。从存世实物看，其黄铜质地纯净，历经百年仍保持温润包浆，仅边缘有轻微磨损，足见材质的稳定性。

铸造工艺上，它彻底摒弃了延续千年的 “翻砂法”，采用德国进口蒸汽机冲压成型：币面文字与纹饰清晰深刻，无模糊粘连；边缘齿纹均匀规整，无毛刺、流铜等瑕疵 —— 这种精度是传统手工铸钱无法企及的，标志着四川铸币业从 “手工时代” 迈入 “机器时代”。

The design of this Guangxu Yuanbao coin embodies the late Qing Dynasty concept of "Chinese learning as the foundation, Western learning for practical use" in currency form: it retains the characters and decorative patterns of traditional coins while incorporating the craftsmanship and markings of Western machine-struck coins.

In the center of the obverse is the regular script characters "Guangxu Yuanbao" (Guangxu Ingots). The font is dignified and forceful with sharp strokes, representing the typical official calligraphy style of the late Qing Dynasty. A beaded circle surrounds these four characters. Above the beaded circle is cast "Sichuan Province Mint" (Made in Sichuan Province), and below it is marked the denomination "Dang Ershi" (Worth Twenty Cash). On the left and right sides are the Manchu characters "Baochuan" (Treasure Sichuan). The character "Bao" (Treasure) continues the ancient Chinese coin tradition of using "Bao" in inscriptions, while "Chuan" (Sichuan) clearly indicates the mint location and serves as a core identifier to distinguish coins minted in different provinces. Notably, the "Baochuan" Manchu characters on this coin belong to the "lower Manchu script" version: the Manchu character "Chuan" is positioned slightly below the center of the obverse, aligned with the lower half of the character "Yuan" (Ingot), making it one of the iconic versions of the Sichuan Twenty Cash copper coins.

At the center of the reverse is the "Ruyi Cloud Dragon" pattern. The dragon’s body coils and twists, with fine and neat scales, sharp and powerful claws, and Ruyi-shaped cloud patterns decorating the area between its horns. The "dragon" symbolizes imperial power, while the "Ruyi clouds" imply the wish for "national peace and people’s prosperity"—a classic combination of traditional decorative patterns.

Surrounding the dragon pattern are the English words "SZE CHUEN" (Sichuan Province) and "20 CASH" (Twenty Cash). This design not only reflects the cultural exchange between modern China and the West but also demonstrates the attempt to align China’s currency with the international system at that time. In the English word "CASH" on this coin, the letter "A" is significantly smaller than the other letters, classifying it as the "small A version"—a scarce variant among the Sichuan Twenty Cash copper coins.

This coin is made of brass, rather than the traditional bronze or red copper. In the late 19th century, the outflow of red copper led to a sharp price increase. Brass, with higher hardness, better wear resistance, and lower cost, was a "practical choice" for mints at that time. Judging from existing physical specimens, its brass material is pure and has maintained a mellow patina after a century, with only slight wear on the edges—fully demonstrating the material’s stability.

In terms of minting technology, it completely abandoned the "sand casting method" that had been used for thousands of years and adopted steam-powered stamping machines imported from Germany. The characters and patterns on the coin are clear and deep without blurring or adhesion. The edge reeding is uniform and neat, with no defects such as burrs or excess copper flow. This level of precision was unattainable with traditional hand-cast coins, marking Sichuan’s minting industry’s transition from the "handcraft era" to the "machine era."

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*本次藏品：光绪元宝四川省造 *

典藏尺寸：重：13.8g直径：32.5mm厚：2.2mm

19 世纪末的四川，是西南地区的经济重镇，却深陷货币流通的泥潭。彼时市面上既有朝廷铸造的方孔铜钱，又有地方商号私发的 “私票”，还有外国流入的 “鹰洋”，币值不一、成色混杂 —— 一枚 “制钱”（方孔钱）的重量从 2 克到 5 克不等，百姓交易时需先称重辨色，极大阻碍了商品流通。

更严峻的是，鸦片贸易与列强掠夺导致中国红铜大量外流，铜价暴涨。1890 年至 1900 年，铜价涨幅超 300%，铸造传统方孔钱的成本远超面值，私铸者甚至掺铅、锡以牟利，进一步加剧了货币贬值。到 1900 年，四川民间 “拒用制钱” 的呼声已遍及城乡，整顿币制迫在眉睫。

1900 年，清政府为应对货币危机，推行 “铜元改革”：将传统方孔钱改为机制铜元，以统一形制、规范成色。1902 年（光绪二十八年），四川总督岑春煊奏请朝廷，将原生产军火的 “四川机器局” 改组为 “四川铜元局”，引进德国克虏伯造币设备，开始试铸铜元。

1903 年（癸卯年），四川铜元局正式开铸 “四川省造光绪元宝”，分为当五、当十、当二十三种面值。其中 “当二十” 黄铜币因面值适中（相当于 20 枚制钱），填补了 “十文铜元” 与 “银元” 之间的货币空白，成为当时的主力流通品种。

四川当二十铜元的铸造周期仅为 1903-1905 年（3 年），因 1905 年清政府规定 “铜元面值以当十为主”，当二十面值被限制铸造，总铸额不足 500 万枚。

而清末民初的四川战乱频繁（保路运动、军阀混战），大量铜元被军阀熔铸为武器，或被百姓深埋地下；新中国成立后的 “大炼钢铁” 运动中，又有不少古钱币被当作 “废铜” 投入熔炉。如今这枚 “小 A 降满文版” 的存世量不足千枚，高品相者更是不足百枚。

这枚当二十黄铜币不仅是一枚钱币，更是研究清末四川社会的 “微观档案”。

它是清末 “铜元改革” 在西南地区的直接产物：1902 年四川铜元局的设立，终结了四川 “制钱私铸泛滥、币值混乱” 的局面，统一了货币形制与成色，推动了商品经济的发展。而当二十铜元的发行，填补了 “十文” 与 “银元” 之间的货币空白，使小额交易更便捷 —— 这枚币的流通，实则是西南地区经济现代化的缩影。

四川铜元局的设备来自德国克虏伯公司，模具则由美国费城造币厂总雕刻师查尔斯・巴伯设计，这枚币的精湛工艺，反映了当时四川机器局的技术水平 —— 在工业基础薄弱的西南地区，能生产出如此高精度的机制币，是 “师夷长技以制夷” 的实践成果。

币面上的 “光绪元宝”“蟠龙纹” 是中国传统文化的符号，而 “英文标识”“机器工艺” 则是西方文明的介入 —— 二者在一枚铜币上共存，既透着几分不协调，又真实记录了清末西南地区 “被迫开放” 的历史进程：传统皇权与近代工业、东方纹饰与西方文字，都被压缩在这空间里。

这枚四川省造光绪元宝当二十黄铜币，是清末西南地区的 “铜质活档案”：它见证了货币改革的浪潮，承载了工业技术的突破，记录了文化碰撞的阵痛，也浓缩了一个时代的困局与坚守。如今，它从市井流通的 “小钱” 变为博物馆与藏家手中的 “珍品”，其价值早已超越了 “二十文” 的面值 —— 它是历史的切片，是工艺的标本，是西南大地百年变迁的微观镜像。

In the late 19th century, Sichuan was an economic hub in southwest China, yet it was trapped in chaos regarding currency circulation. At that time, the market featured a mix of square-holed copper coins minted by the imperial court, "private notes" issued by local commercial firms, and "Eagle Dollars" (Mexican silver dollars) flowing in from foreign countries. With inconsistent denominations and impure metal content—one "standard coin" (square-holed coin) could weigh anywhere from 2 grams to 5 grams—people had to weigh and check the color of coins before transactions, which greatly hindered the circulation of goods.

More critically, the opium trade and plunder by foreign powers led to a massive outflow of Chinese red copper, causing copper prices to soar. From 1890 to 1900, copper prices rose by over 300%. The cost of minting traditional square-holed coins far exceeded their face value, and illegal minters even mixed lead and tin into coins to make profits, further exacerbating currency depreciation. By 1900, calls for "rejecting standard coins" had spread across urban and rural areas in Sichuan, making currency system reform an urgent necessity.

In 1900, the Qing government launched the "Copper Coin Reform" to address the currency crisis: it replaced traditional square-holed coins with machine-struck copper coins to unify their shape and standardize metal purity. In 1902 (the 28th year of the Guangxu reign), Cen Chunxuan, Governor of Sichuan, petitioned the imperial court to reorganize the original "Sichuan Machinery Bureau" (which produced military supplies) into the "Sichuan Copper Coin Bureau." The bureau imported coin-minting equipment from Krupp of Germany and began trial-minting copper coins.

In 1903 (the Guimao year in the Chinese zodiac), the Sichuan Copper Coin Bureau officially started minting "Guangxu Yuanbao (Sichuan Province Mint)," available in three denominations: Dang Wu (Worth Five Cash), Dang Shi (Worth Ten Cash), and Dang Ershi (Worth Twenty Cash). Among them, the Dang Ershi brass coin, with a moderate denomination (equivalent to 20 standard coins), filled the gap between "Ten-Cash copper coins" and "silver dollars," becoming the main circulating currency at that time.

The minting period of Sichuan Dang Ershi copper coins lasted only three years (1903–1905). In 1905, the Qing government stipulated that "the Ten-Cash denomination should be the main one for copper coins," restricting the minting of the Twenty-Cash denomination. The total mintage was less than 5 million pieces.

Moreover, frequent wars in Sichuan during the late Qing Dynasty and early Republican period (such as the Railway Protection Movement and warlord conflicts) led to a large number of copper coins being melted down by warlords to make weapons or buried underground by ordinary people. During the "Great Leap Forward" movement after the founding of the People’s Republic of China, many ancient coins were thrown into furnaces as "waste copper." Today, the surviving number of this "Small-A Lower Manchu Script version" is less than 1,000 pieces, and those in high-quality condition are even fewer than 100.

This Dang Ershi brass coin is more than just a piece of currency; it is a "micro-archive" for studying late Qing Dynasty society in Sichuan.

It is a direct product of the late Qing "Copper Coin Reform" in southwest China. The establishment of the Sichuan Copper Coin Bureau in 1902 ended the chaos in Sichuan—where "illegal minting of standard coins was rampant and denominations were confused"—unified the shape and metal purity of currency, and promoted the development of the commodity economy. The issuance of Dang Ershi copper coins filled the gap between "Ten-Cash coins" and "silver dollars," making small-value transactions more convenient. The circulation of this coin is essentially a microcosm of the economic modernization of southwest China.

The equipment of the Sichuan Copper Coin Bureau came from Krupp of Germany, and the coin dies were designed by Charles Barber, Chief Engraver of the United States Mint in Philadelphia. The exquisite craftsmanship of this coin reflects the technical level of the Sichuan Machinery Bureau at that time. In southwest China, where industrial foundations were weak, the ability to produce such high-precision machine-struck coins was a practical achievement of the concept "Learning from foreign advanced technologies to resist foreign aggression."

The "Guangxu Yuanbao" characters and "coiled dragon pattern" on the coin are symbols of traditional Chinese culture, while the "English markings" and "machine craftsmanship" represent the infiltration of Western civilization. The coexistence of these two elements on one copper coin, though somewhat discordant, truly records the historical process of "forced opening-up" in southwest China during the late Qing Dynasty: traditional imperial power and modern industry, Eastern patterns and Western scripts—all are condensed in this small space.

This Guangxu Yuanbao (Sichuan Province Mint) Dang Ershi brass coin is a "brass living archive" of southwest China in the late Qing Dynasty. It witnessed the wave of currency reform, carried the breakthroughs in industrial technology, recorded the pains of cultural collision, and condensed the dilemmas and persistence of an era. Today, it has transformed from a "small coin" circulating in markets into a "treasure" in the hands of museums and collectors. Its value has long surpassed the "Twenty Cash" face value—it is a slice of history, a specimen of craftsmanship, and a micro-mirror reflecting the century-long changes of the southwest Chinese land.

*本次藏品：光绪元宝四川省造 *

典藏尺寸：重：13.8g直径：32.5mm厚：2.2mm

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.