Ban Liang

The coin pictured is a Ban Liang (半兩), one of the earliest standardized coins of China. Its name means "half tael" (half liang, or half ounce), the nominal weight it was meant to represent. It is a cast bronze piece in the classic Chinese form: a round disc with a square hole at the center, cast rather than struck.

The coin's defining feature is a pair of seal-script characters, one to each side of the central hole, that read Ban Liang. The character on the right is ban ("half") and the one on the left is liang (the weight unit). The reverse is generally plain and without inscription, so identification rests almost entirely on these two characters and the coin's cast, square-holed shape.

The Ban Liang was the standard coinage of the Qin state and empire and continued through much of the early Western Han period. Because it was produced across a long span and at many foundries, surviving examples vary widely in size, weight, and the style of their characters, from heavy early pieces to thin, lightweight later ones.

The Ban Liang originated in the State of Qin during the Warring States period and became China's first empire-wide coinage after Qin Shi Huang unified the country in 221 BCE. As part of the Qin standardization of weights, measures, and script, the round coin with a square hole and the Ban Liang legend was adopted as a uniform currency, displacing the earlier spade-, knife-, and cowrie-shaped monies of the various states.

The form outlived the short Qin dynasty and carried into the Western Han. Over these decades the coin's actual weight drifted well away from a true half tael. Authorities repeatedly reissued lighter versions, and periods of private or loosely controlled casting produced very thin, small "elm-seed" (yuqian) pieces that were Ban Liang in name only. This is why weight alone is an unreliable guide to any single specimen.

The Ban Liang was ultimately replaced during the reign of Emperor Wu of Han, when the Wu Zhu (五銖) coin was introduced in the late 2nd century BCE and became the new standard. The Ban Liang thus marks the foundational chapter of the round, square-holed cash tradition that would endure in China for the next two thousand years.

Identify a Ban Liang first by its shape and manufacture: a round bronze disc with a square central hole, showing the soft, slightly rounded relief and casting seams typical of a cast (not struck) coin. Look for a casting sprue mark or filing on the rim where the piece was removed from its mold tree.

The decisive detail is the two seal-script characters flanking the hole, reading Ban Liang. They are written in an archaic seal style with long, even strokes; ban ("half") sits on one side and liang (the weight unit) on the other. The reverse is typically flat and uninscribed, without rims or characters in most early types. There is no date, ruler name, or mint mark, so attribution to a period is done by fabric, character style, weight, and size rather than by legend.

Expect wide variation. Early Qin and Warring States pieces tend to be larger and heavier with bold, well-spaced characters, while later Han issues are often smaller, thinner, and lighter, some barely larger than the hole. Diameter, weight, rim treatment, and calligraphic style are the tools specialists use to place a given coin within the long Ban Liang series.

The Ban Liang is a historically important but generally affordable ancient coin, since large numbers were cast over a long period and many survive. Common, well-worn later specimens sit at the modest end of the ancient-coin market, while early, heavy Qin-era pieces with bold characters and good surfaces command higher collector interest.

Value turns on type, size, weight, character style, and condition. A large, sharp, well-centered coin with clear seal-script legend is worth considerably more than a small, corroded, or off-center casting. Green patina that is stable and attractive is a plus; active corrosion or repairs detract.

Because values span a broad range, treat any single figure with caution and compare against recent sales of the same type and size. Ban Liang coins are also frequently reproduced and forged, so higher-value examples benefit from expert opinion or third-party authentication before purchase.