Excerpt from The Origin and Earlier History of the Chinese Coinage

According to this work, a Minister, not himself a native Of the Chou State, but employed by the founder of that dynasty, instituted (which may mean either invented, or simply introduced), for his master's benefit, a system of currency. This system included squares Of gold Of a fixed weight, lengths of silk and hempen cloth Of definite dimensions, and, lastly, round copper or bronze coins having a central square hole, which the historian speaks of as ch'ien, a name the true origin of which is most obscure, but which remains their designation to this day. It is a matter of question whether the term cli'ien was, in the first instance, applied to this round copper coin, or whether it was preceded by the word ch'ilan, and, if either of these names was so applied, whether other terms may not have been employed besides. Further, we do not really know whether these coins were inscribed or not.

The next point is reached in the statement recorded in the same history that a larger coin than was then current was cast by the Chou sovereign Ching, and was inscribed with the words pao huo, valuable exchange. Specimens of archaic appearance are preserved which have this legend on them, as well as others bearing the numbers four and six before the character for exchange.

It would be unsafe to infer that there had been no change whatever in the currency Of the Chou realm in the interval Of nearly six hundred years that had elapsed between the reign Of Ching and the establishment Of the dynasty. Still less should we be justified in assuming that in the various other States, one uniform and continuous type had prevailed during this considerable period. Probably some Of the round coins which have come down to us, and the date and locality Of whose issue cannot be certainly determined, may reach as far back. Many of them have round instead Of square central holes.

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