Knife money refers to large, cast, bronze, knife-shaped coins produced by Ancient Chinese governments and kingdoms approximately 2500 years ago. They had holes on the end to be easily strapped onto belts or rings. Known as ‘jin cuo dao’ in Chinese, knife money circulated in China between 600 to 200 BCE during the Zhou dynasty. There are several stories that attempt to explain how knife money was introduced but it is not certain if any or all are true.
In one story a prince who was running low on money to pay his troops allowed them to use their knives as a form of currency to barter with villagers and the medium became so popular that it became generally accepted. In another story, the same prince began accepting knives as payment for small fines in the place of the current legal ring currency. Knife money may also have been brought in by sea traders from the Indian Ocean. Over time, the currency slowly shrank until only the ring of the handle was produced as a symbol of the knife that it represented.
The Daily Omnivore 
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