500 Cash - Wang Mang First reform

Wang Mang's monetary reforms were among the most ambitious — and most despised — in Chinese history. The first reform, declared in 7 AD before he had even formally usurped the Han throne, introduced a tiered currency system that bore no rational relationship between face value and metal content. This 500-cash piece contained bronze worth a fraction of its declared value, a disparity so extreme that the population simply refused to use the new coins at face value.

Counterfeiting and hoarding were made capital offenses, yet the laws proved unenforceable. The reform collapsed within two years, superseded by Wang Mang's own second monetary overhaul in 9 AD.