339, Lot: 561. Estimate $75. Sold for $45. This amount does not include the buyer’s fee.

CHINA, Míng dynasty. Xiàozōng. AD 1488-1505. Æ Wén (25.5mm, 4.41 g). Cast 1503-1505. Hong Zhi Tong Bao in kǎishū Hànzì (regular script) characters / Blank. Hartill 20.124. VF, brown and green patina. Sole issue for this emperor.

From the J.P. Righetti Collection.

The early Míng dynasty relied heavily on paper money, periodically supplemented by issues of cash. During the 15th century, only three types were cast, the Yongle, the Xuande, and the Hongzhi, with decades between the issues. As the mint had been closed for over sixty years following the Xuande cash in 1435, the government had no access to skilled coin makers and resorted to pardoning and hiring counterfeiters.