50 Cash - Wang Mang First reform

Wang Mang's monetary reforms were among the most ambitious — and catastrophically received — currency interventions in Chinese history. His first reform, introduced in 7 AD while he still ruled as regent under the Han, attempted to replace the established five-zhu coinage with a bewildering array of new denominations. The 50-cash valuation assigned to a coin of this modest size was viewed as naked debasement by the population, who largely refused to use it at face value.

Hoarding and counterfeiting were immediate responses. Wang Mang eventually criminalized the possession of old Wu Zhu coins in a failed attempt to force compliance.