50 Cash Ho-nan, copper

Honan Province's 50 Cash issues of this period were produced against a backdrop of near-total monetary chaos in central China, with provincial warlord governments running mints as revenue engines rather than monetary infrastructure. The result was rampant overproduction and deliberate debasement — 50 Cash pieces flooded local markets so aggressively that their actual purchasing power collapsed well below face value within years of issue.

Y#394 is known with multiple die varieties, a predictable consequence of the mint operating under minimal quality controls during this period.