Four Chinese characters - Tian Qi Tong Bao / Gong above hole. 26mm, 3.48 grams. Hartill 20.195.

Ex-Stack's Bowers.

Emperor Xi Zong of the Ming dynasty, who reigned from 1621 to 1627 under the era name Tianqi, ruled during a period of political corruption and decline. Real power rested with the eunuch Wei Zhongxian, whose dominance led to widespread abuse and suppression of reformist scholars. During his reign, coins inscribed "Tianqi Tongbao" were minted, though often of poor quality due to economic strain and mismanagement. His brief and troubled rule reflected the weakening state of the Ming dynasty before its eventual fall.