During the Five Dynasties and Ten Kingdoms period, Guo Wei, a native of Yaoshan, Xingzhou, founded the Later Zhou state in Dongjing (東京, present-day Kaifeng, Henan Province) in 951.

[5] During this period, there was a shortage of bronze cash coins in circulation in Later Zhou making private transactions were very difficult.

[5] The Zhouyuan Tongbao commenced production in the year Xiande 2 (顯德二年), February 955 AD (using the Gregorian calendar), during the reign of Emperor Shizong and was the first cash coin produced by the Later Zhou dynasty.

[7] Generally speaking, cash coins produced from the Warring States period until the reign of the Jiajing Emperor of the Ming dynasty were made of bronze, but because the Zhouyuan Tongbao cash coins were cast from melted Buddhist statues, which are typically brass, they contain higher levels of zinc that other coinages from this period.

[6] According to Chinese economic historian Zhao Dexin (赵德馨), the moon (crescent) on the back of every coin seems to represent one of the eight trigrams.

[6] Therefore, it is said that the moon (crescent) patterns found on Zhouyuan Tongbao cash coins are closely related to the five elements, yin and yang, new life, and the beginning of the day (further reading: "Han dynasty coinage § "Yin Yang" and the "Five Elements" as the basis for Star, Moon, Cloud, and Dragon symbols on ancient Chinese coins and charms").

[13] In traditional Chinese medicine (TCM) the Zhouyuan Tongbao is believed to have preventative powers against malaria and both miscarriages and various childbirth complications, such as dystocia.

[17][16] These charms include reverse sides featuring "suns" and "moons" represented by dots and crescents, the dragon and fenghuang symbolising matrimonial harmony, a meditating Lohan, and other symbols.

[20][21] According to French numismatist François Thierry some of these Vietnamese Châu Nguyên Thông Bảo amulets had distinctive features that differentiated them from their Chinese counterparts, for example some Vietnamese amulets with this inscription are written using an elegant form of the bā fēn (八分) style of Chinese calligraphy (alternatively known as "diverting style"), which was developed during the Han dynasty period.

[29] Afterwards, the casting channels between the cash coin imprints and a central tunnel were cleared out, allowing the boxes to be fixed together in pairs of two.