The story you will be told, if you ask a Chinese grandmother, involves a demon. A small
black creature called the Sui comes on New Year's Eve to touch sleeping children on the
forehead and give them fevers; a couple in the south of China frightened it off by
wrapping eight coins in red paper and leaving them by the pillow, the coins flashed, the
demon fled, and the custom was born. "Pressing the Sui," ya sui, sounds exactly
like "pressing the year," and there is your name. It is a good story. It is also a folk
tale with no classical source, and the sound-alike is the whole of its evidence, so we
will file it where it belongs and go to the texts.
The texts start with coins that were never spent. From the Han dynasty onward, Chinese
mints and private casters made amulet coins, cash-shaped pieces with lucky words or
zodiac animals on them in place of the reign title, which numismatists call
yansheng coins, "coins that press down and overcome." They hung on belts,
went into tombs, were tied to cradles. Money as a charm, in other words, is older than
money as a New Year present, and the "pressing" in the modern name is very likely
this pressing: the weight of a coin holding bad luck down.
The name itself first surfaces in print in the least charming place imaginable. A
Qing-dynasty collection of biographies, describing how corrupt officials in the last
years of the Yuan dynasty squeezed the people, lists the polite names they gave their
bribes by festival: "lantern money" at the Lantern Festival, "dumpling money" at the
Dragon Boat, "mooncake money" at Mid-Autumn, and, on New Year's Eve, yasui qian,
"year-pressing money." The first lucky money on record was a shakedown.
The custom as we know it is fully described only in the Qing. The Yanjing
Suishiji, the almanac of Beijing customs published in 1906, gives it two sentences,
and they are worth giving in full because they describe something that no longer
exists: coins threaded on colored string, braided into the shape of a dragon and placed
at the foot of the bed, and this, it says, is called year-pressing money; what elders
give to children, it adds, is called year-pressing money too. So on the eve of a Qing New Year the
lucky money was a small dragon of copper cash coiled by the bedpost, a charm first and a
gift second. The envelope arrived when the string could not: with the Republic came
paper money and coins with no hole in the middle, and the hundred coins on a red cord
became a hundred coins wrapped in red paper, then a banknote in a printed red packet.
The dragon at the bedpost lived on, shrunk to a coin under a pillow in Suzhou.