JAPAN

 Coin

Tōraisen

"Kaigen tsuho"

1 Mon

( -1867)

B7

🖊️ The Impact of Imported Coins (Toraisen) on Japan’s Monetary Economy 🖊️

1. Decline of Domestic Coinage and the Substitute Role of Imported Coins

　From the late Heian period (10th century onward), Japan’s domestically minted coins—represented by the Twelve Imperial Coinages (Kōchō Jūnisen)—lost public trust due to debasement and poor quality. As a result, official coin production effectively ceased.

　This monetary vacuum was filled by imported Chinese coins, mainly from the Song dynasty, which functioned as Japan’s de facto currency despite not being issued by the Japanese state.

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2. Expansion of Market Economy and Commercial Activity

　The large-scale inflow of imported coins accelerated Japan’s transition from a barter-based economy (rice, cloth, and other commodities) to a money-based economy.

• Growth of periodic markets (such as six-day markets)

• Rise of professional merchants and money handlers

• Widespread use of monetary pricing for goods and services

　By the Kamakura period, monetary transactions had become common, especially in urban centers and port cities.

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3. Establishment of String-Based Circulation (Sashi / Kan)

　Imported coins were rarely used individually. Instead, they circulated as strings of coins, tied together with cords.

• Typically 100 coins = 1 string (kan or sashi)

• Used in large transactions, tax payments, and estate revenues

• Reinforced the role of coins as counting money rather than face-value currency

　This system remained standard through the Muromachi and Sengoku periods.

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4. Multi-Valued Currency and Monetary Disorder

　Because imported coins came from different dynasties, reign periods, mints, and quality levels, their value was not uniform.

• Mixture of old and new coins, good and inferior coins

• Emergence of coin sorting (zenierabi)

• Issuance of coin-selection edicts (senshirei) by the Kamakura shogunate

　These phenomena highlight the difficulty of regulating a currency system based on foreign-issued money.

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5. Early Attempts at Monetary Control by Political Authorities

　The widespread use of imported coins forced political powers—shogunates, temples, and estates—to recognize the necessity of monetary regulation.

• Kamakura shogunate’s regulations on coin circulation

• Muromachi shogunate’s efforts to stabilize currency

• Expansion of monetary tax payments (cash rents) by temples and manorial lords

　Thus, money became increasingly intertwined with political authority.

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6. Long-Term Influence on Japan’s Monetary System

　Imported coins were not merely foreign currency; they laid the foundation for Japan’s later monetary institutions.

• Social normalization of coin usage

• Restoration of trust in metallic currency

• Acceptance of Ming coins such as Yongle Tongbao

• Conceptual and practical groundwork for the Tokugawa three-metal system (gold, silver, copper)

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