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100 Cash Yongan, iron

Issuer Yan State (Liu Shouguang)
Year 900-914
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Composition Iron
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Obverse lettering 永安一百
Reverse description Plain reverse showing the central square perforation with raised inner square rim and outer border rim, entirely devoid of inscription or decorative devices. The surface displays extensive iron corrosion and mineral encrustation in shades of grey, ochre, and brown, typical of excavated iron cash of the Five Dynasties and Ten Kingdoms period. The flan is irregular with a slightly uneven rim, consistent with the rudimentary casting techniques employed by the short-lived Yan State.
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Liu Shouguang declared himself emperor of a revived Yan state in 911, a doomed bid for legitimacy during the collapse of Tang authority that ended when Li Cunxu's Later Tang forces besieged and took Youzhou in 913, capturing Liu and executing him shortly after. Iron cash of this type were struck because copper was militarily and economically strategic — hoarded, requisitioned, or simply unavailable to a regime controlling little more than the Hebei region around modern Beijing. The denomination itself, 100 cash, is characteristic of the inflated token issues that proliferated when peripheral warlords needed purchasing power they couldn't back with metal of real value.

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