1 Văn - Trị Bình regular script, no rim, private issue?

The Trị Bình reign of Lý Cao Tông was among the more turbulent of the Lý dynasty's later years, marked by peasant uprisings and a court increasingly unable to project authority into the provinces. Private casting of cash coins during such periods was not unusual — central mint capacity degraded alongside political cohesion, and local foundries filled the gap with issues of variable weight and alloy. The absence of a rim on this type is a known characteristic, not a strike failure, and distinguishes it from official Trị Bình output.

Toda's attribution to a private source remains cautious — the designation reflects uncertainty about issuing authority rather than confirmed private production.