2 Cash - Yuanyou Tongbao, Seal script, iron

Yuanyou Tongbao was issued under Emperor Zhezong during the regency of Empress Dowager Gao, a period defined by the systematic dismantling of Wang Anshi's New Policies. The conservative faction under Grand Councillor Sima Guang reversed nearly every reform of the previous Xining and Yuanfeng reigns, including monetary policy. Iron cash were struck in the northern circuits partly to conserve bronze for military hardware and partly because iron coinage had become entrenched in regions where copper shortages made bronze impractical.

The seal script rendering on this type contrasts with the running script issues of the same reign — both scripts were produced concurrently, an unusual administrative decision that generated immediate collector interest even among Song-dynasty antiquarians.