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During the Three Kingdoms period, the Shu Han regime introduced a large currency called "Zhi Wubai Zhu". This currency was issued in 214 AD, with each piece equivalent to the value of 500 ordinary copper coins, also known as Zhi Zhu Qian. Although the rapid issuance of this large currency quickly filled the Shu Han treasury, it also raised concerns among some people about Inflation and economic collapse. However, historical proof shows that under the leadership of the Prime Minister of Shu Han, the anticipated economic crisis did not occur. The reasons behind this phenomenon are worth our in-depth exploration.
The key to the stability of the Shu Han economy lies in its specialty - Shu brocade. As a high-end luxury item at the time, Shu brocade was highly sought after in the upper social circles of the Wu and Wei states. The Shu Han government cleverly leveraged this advantage to vigorously develop the textile industry and traded Shu brocade with the other two states. They exchanged Shu brocade for the other party's coins, then re-minted these coins into 500 zhu pieces, and used these large denomination coins to purchase grain and other necessities from other countries.
Archaeological discoveries provide strong evidence for the widespread circulation of the straight 500 coins. In 1984, archaeologists unearthed approximately 6,000 coins in the tomb of the Eastern Wu general Zhu Ran in Ma'anshan, Anhui, most of which were straight 500 coins from the Shu Kingdom. Similar findings are also frequently seen in the tombs of other Eastern Wu generals, indicating that the straight 500 coins were widely used throughout the Three Kingdoms period.
The reason why the Kingdom of Wu and the Kingdom of Wei allowed the circulation of the direct five hundred zhu within their territories is largely due to the close connection between this currency and the exchange value of Shu brocade. Owning the direct five hundred zhu means having the opportunity to purchase precious Shu brocade, which makes Shu brocade an important guarantee for supporting the monetary credit of Shu Han. Based on this trust, both Eastern Wu and Cao Wei accepted the use of direct five hundred zhu.
However, the widespread circulation of the five hundred baht also brought unexpected consequences. To some extent, it shifted the potential economic risks of the Shu Han to the Eastern Wu and Cao Wei. This situation is somewhat similar to the effects of monetary policy in modern economics, where a country's economic decisions can have far-reaching impacts on its trading partners.
The economic strategy of Shu Han demonstrates how to cleverly utilize its own advantages to maintain economic stability in a complex political and economic environment. It not only avoided the anticipated economic collapse but also, to some extent, strengthened Shu Han's economic position in the Three Kingdoms framework. This historical case provides interesting insights for our understanding of monetary policy, international trade, and economic balance.