2 Cash - Kaixi Tongbao, Tong, iron

Kaixi was the final reign period of Emperor Ningzong's first era sequence, and iron cash of this type were produced under the Southern Song as copper shortages — driven by decades of war expenditure against the Jurchen Jin dynasty — forced the court to authorize iron coinage across the Huainan and Liangzhe circuits. Iron issues were frequently resisted by merchants, who understood the metal's inferiority as a store of value, and regional hoarding of copper cash persisted despite imperial prohibition.

The Tong mint designation places this piece within a specific casting authority rather than a geographic location in the modern sense. Two-cash iron pieces from this brief three-year window survive in notably variable condition, with casting quality differing sharply between foundries pressed into service under wartime demand.