400 Cash - Wang Mang (Third reform)

The 400 cash coin was issued by Wang Mang, the emperor of the short-lived Xin Dynasty, around 10 CE during his third major currency reform. Wang Mang was a controversial figure who sought to stabilize the economy by centralizing control, frequently altering the coinage to reflect his political ideology. This specific denomination was part of an elaborate and complex monetary system that abandoned the traditional ban liang or wuzhu bronze currencies in favor of intricate, knife-shaped, and spade-shaped coins that were difficult to manage.

The design of these coins is notable for its refined, flowing script, often attributed to the calligraphic standards favored by the Xin court. Despite the aesthetic beauty of the inscriptions, the currency reforms were largely disastrous, as the rapidly changing denominations caused significant economic turmoil and public distrust. Because of this widespread unpopularity and the eventual overthrow of Wang Mang, these pieces were often melted down or withdrawn, making well-preserved specimens highly significant to numismatists studying the volatility of the early first century.