2 Cash - Jiatai Tongbao, Tong, iron

Jiatai was the reign era of Emperor Ningzong, and iron cash of this period reflect a chronic copper shortage that plagued the Southern Song throughout the late 12th and early 13th centuries. The court repeatedly authorized iron coinage as a regional substitute, particularly in Sichuan, where iron currency had deep roots and copper was effectively banned from circulation by imperial decree to conserve stocks for bronze cannon and other military hardware.

The two-cash denomination in iron was an awkward compromise — heavier than its face value justified in metal terms, and unpopular enough that hoarding of copper equivalents accelerated wherever iron issues appeared.