JAPAN

Coin

Ryūkyūtsūhō

100 Mon

(1863)

B462

🌺 Item description

　The coin weighs 27 g, making such a heavy example extremely rare.

🌺 Ryukyu Tsuho (Ryūkyūtsūhō) 🌺

　Ryukyu Tsuho was a unique form of currency closely connected to the history of the southwestern islands rather than mainland Japan. It is an important subject for understanding the regional economy and political conditions of the late Edo period.

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■ Basic Information

• Issued: 1863 (Bunkyu 2) 

• Issuer: Satsuma Domain 

• Circulation area: Primarily the Ryukyu Kingdom and the southwestern islands 

• Material: Copper and brass 

• Shape: Round coin with a square hole in the center (Chinese-style cash coin) 

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■ Purpose of Issuance

　Ryukyu Tsuho was not merely a regional currency, but a product of political and economic strategy.

　At the time, the Satsuma Domain was facing serious financial difficulties and issued this currency for the following purposes:

• To generate profit through trade with Ryukyu 

• To function as a kind of “external currency” separate from mainland Japan’s monetary system 

• To prevent the outflow of gold and silver 

　In other words, it was also an economic policy designed to circumvent the Tokugawa shogunate’s monetary controls by utilizing the semi-independent status of Ryukyu.

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■ Denominations and Types

There are two main types of Ryukyu Tsuho:

• Tohyaku (100 Mon) 

o A large coin nominally valued at 100 Mon 

o Its actual value was lower, effectively making it a fiduciary coin 

• Hanshu 

o A smaller coin used in a supplementary role 

Both types were designed to resemble Chinese cash coins in order to facilitate acceptance in the local economy.

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■ Characteristics and Issues

● Gap Between Nominal and Real Value

　Although labeled as “100 mon,” the actual value was significantly lower, giving the coin an inflationary (bad money) characteristic.

● Forced Circulation

　The currency was not necessarily welcomed in Ryukyu and was, in practice, circulated under semi-coercive conditions.

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■ Historical Background

　The Ryukyu Kingdom was formally an independent state, but in reality:

• It maintained a tributary relationship with Qing China 

• It was under the control of the Satsuma Domain of Japan 

　This dual subordination created a unique political environment that allowed a “gray-zone currency” like Ryukyu Tsuho to exist.

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