"Horse-hoof money", China, 1st century BCE

Sycees were first used as a medium for exchange as early as the Qin dynasty (3rd century BC). During the Western Han dynasty (206 BC – 9 AD), the Wu Zhu bronze coins became the main currency in circulation, while hoof-shaped gold ingots known as “Horse Hoof Gold” (Chinese: 馬蹄金) served as an adjunct currency for high-value transactions.

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