Japan Papermoney History Collections (sample of E-Book In CD-ROM)

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FRAME TWO:
THE JJ STOKES BIOGRAPHY


J. J. Stokes Date of birth: October 6, 1972 (1972-10-06) (age 38)
Place of birth: San Diego, California
Career information
Position(s): Wide receiver
College: UCLA
NFL Draft: 1995 / Round: 1 / Pick 10
Organizations
As player:
1995-2002
2003
2003 San Francisco 49ers
Jacksonville Jaguars
New England Patriots
Playing stats at DatabaseFootball.com

Jeral Jamal Stokes (born October 6, 1972) is a former National Football League wide receiver. Stokes last played in the NFL in December 2003 for the New

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JAPAN PAPER MONEY HISTORY COLLECTIONS

BY

Dr Iwan Suwandy,MHA

Limited E-Book In Cd-Rom

Special for Numismatic Collectors and Historian Scholars

Copyright @ Dr Iwan 2016

 

Dr Iwan comment

In July 2016 I visit this country , with my wife Lily and So0n Anton ,with his wife Grace and my granddaufghter Cess withh her grandmother Sisca. We we stayed at GrandNikko Hotel Tokyo, we visit Mount Fuji, then by train we visit Osaka and stayed at   Hotel mayling Osaka, we visit also Kyoto , then after that I with my wife visit Hongkong.

 

Preface

I found Japan papermoney in 2000, and

I still collected that papermoney until this day .

In 2016 I star to collect Switzerland Paper MoneY

RAREREST COLLETION jAPAN 10 YEN BELOW

And for add my museum collections in North Jakarta Pondok Gading “Our Ancestor Museum WANLI SONS”

This E-book I write for my Sons Anton Jimmi Suwandy ,and his wife Grace with their children Cessa as the remembrance of my effort to ptotect the world heritage from Switzerland.

I put some information from Wikipedia dan E-Bay to give more knowledge to collectors and historian scholar.

Jakarta August 2015

Dr Iwan Suwandy,MHA

Ret.Senior Superintentands Indonesian National Police

Consultant Information

 

Introduction

10th Century

During the period of Japanese history from 1185-1603, Japan was ruled by the Emperor, but his power was not absolute.

1603-1863

One of the neatest collectible currencies in the world is Japanese Hansatsu. These banknotes were issued during the Edo Period (1603-1868), but there are similar designs issued before the Edo period and after the Edo period, during the Meiji Restoration, which restored Imperial Rule to Japan.

 

 


After winning the Battle of Sekigahara

in 1600, Tokugawa Ieyasu became the supreme ruler over Japan. He organized all the Daimyo’s into around 300 Han, a type of fief, or domain, from which he demanded loyalty. Those who were his enemies had their houses destroyed and their lands taken. Those who were loyal, he granted powerful positions to in the Han’s.


The Han’s were able to produce what were called Han-Satsu, a type of banknote similar to notes issued previously by private issuers, but had since been removed from circulation. Hansatsu were issued in the different han’s and they circulated primarily within the han they were issued in, though there were a few exceptions. Hansatsu were based on the gold, silver and copper coinage of the time, but there were a few that that were to be exchanged for commodities such as rice and fish.

17th Century

Yamada Hagaki Period Issued By Shinto Priest

1600

A Yamada Hagaki, Japan’s first banknote, circa 1600.

Japan’s first banknotes, called Yamada Hagaki (山田羽書), were issued around 1600 by Shinto priests also working as merchants in the Ise-Yamada (modern Mie Prefecture), in exchange for silver.[1] This was earlier than the first goldsmith notes issued in England around 1640.[1]

 

 

1661

An early issue of domain scrip took place in the Fukui domain in 1661. As early as 1610, private notes had been printed for purposes such as payment of workers on construction projects. Domains issued scrip to supplement coins in times of shortage and to adjust the amount in circulation. They also exchanged scrip for coins to improve the financial situation of the domain. By the end of the period, eight out of ten domains issued paper, as did a few daikan-sho and hatamoto.

 

Accepting scrip always carried the risk of forfeiture.

18th Century

Edo Period

(Era Shogun)

Feudal domains of Japan

During the Edo period, feudal domains of Japan issued scrip called hansatsu (藩札?) for use within the domain.

During the Edo period, the shogunate seized some domains, and transferred others; on such occasions, the new daimyo might not honor the old scrip. Following the condemnation and death of the daimyo Asano Naganori, for example, Ōishi Yoshio, a house elder in the Akō Domain (and later the leader of the Forty-seven Ronin), ordered the redemption of scrip at 60% of face value. In addition, in times of financial difficulty, the domain might simply declare scrip void.

Early in the period, domains printed their own scrip; later, they operated through

 

 

1707

In 1707 the controlling Tokugawa Shogunate banned the use of paper money, due to abuses of the system.

1730

However, in 1730, the practice of issuing Hansatsu was officially resumed. In reality, Japan was actually controlled by powerful Daimyo, (feudal lords) and Shoguns (warlords). This period has been divided up into separate periods of rule based on who was in control at the time.

prominent merchants, whose credibility was important to the acceptance of the currency.

This paper currency supplemented the coinage of the Tokugawa shogunate. Most scrip carried a face value in silver coinage, but gold and copper scrip also circulated. In addition, some scrip was marked for exchange in kind for a commodity such as rice.

In addition to those issued by the domains, forms of paper money were also issued by rice brokers in Osaka and Edo. Originally used only as a representation of amounts of rice (subdivisions of koku) owned by the scrip-holder and held in the Osaka or Edo merchants’ storehouse, these scrips quickly came to be used as currency

1866

Japan Edo period papewr money “Hansatsu Imone” Nara 1866 UNC Est price IDR 263,157.89

Dr Iwan Comment

I found this paper money three type , two from Tokyo flea market and one from Jakarta market.

Japanese Banknotes

 

 

A collection of 18th & 19th century Hansatsu banknote designs

 

 


When Tokugawa Yoshinobu resigned in 1867, the result was the Boshin War in January of 1868, in which the Shogunates forces were defeated and the Emperor declared himself to be restored to power. This period is known as the Meiji Restoration. At this time the government began an exchange program for people to turn in their Hansatsu for the new national currency called the Dajoukansatsu, which was the first banknote issued by a central government in Japan. This was met with reluctance, however, and the exchange ran until 1879.

 

Hansatsu notes are vertically printed and narrow, which has garnered them the nickname of ‘Bookmark Notes’ by some collectors. The notes have many different designs and motifs, and are usually filled with the Japanese Kanji script both in printed and handwritten form. One of the more prevalent design features is that of a corpulent man standing on two barrel shaped rice bales, and carrying an oversized sack over his shoulder. These depictions are of the Daikokuten, one of the Shichi Fukujin, or Seven Gods of Fortune. Originating from the Buddhist faith in India, where he was known as Mahakala and was a fierce warrior god. Towards the end of the fifth century, he was ensconced in Buddhism, and he made his way to Japan by the eighth century where, over time, he lost his fierce ways and became a chubby, happy man. Renamed Daikokuten, he adopted a magic mallet, a large treasure sack, bales of rice, and became the god of wealth, happiness, farming, and of course, good fortune. He rapidly grew into a favorite deity throughout Japan.

 

His association with agriculture has him depicted almost always standing or sitting on two rice bales. This has also made him a favorite deity for cooks and kitchens. Tradition also has it that the main pole in a house is often called the Daikokuten pole, meant to support the house with good fortune.

 

The oversized sack of treasure has in it three items, in abundance: Wealth, Wisdom and Patience.

 

The magical wooden mallet is said to be able to grant whatever wish you want when it is struck on the ground, and when shaken, coins will magically appear to fall out of it. The mallet contains a wish granting jewel, called the Hoju, that is a special symbol of power in Buddhism. The Hoju is said to be able to grant wishes, bring calm, and give understanding of the Dharma, or Buddhist law. The Dharma is also considered to be wealth in Buddhist teachings. The jewel has also been said to contain the sacred ashes of the Buddha himself. The mallet can also be seen with three jewels in a flame, or a single pointed flame.  The three jewels and flame are, along with rice, powerful fertility symbol. On Hansatsu notes, these jewels can most often be seen on the ends of the rice bales.

 

Daikokuten is somtimes depicted with three heads, and is then known as the Sanmen Daikoku, which is depicted to show him as the protector of the three Buddhist “Treasures”: Buddha himself, Law and Buddhist disciples. This depiction of him was quite popular during the Edo Period in Japan.

 

Below are some typical Hansatsu notes from my personal collection. As I do not read Japanese, the translations are not complete. I have had to base my identification of these notes from the information I could obtain from the seller, or from other sources in books or on the Internet. Unfortunately, I have not come across a detailed description of these notes in English, and have often had to rely on sources in French or Polish – there is undoubtedly something lost in the translation at some point. Any assistance in the identification or translation of these notes will be greatly appreciated.

Link: How to attribute dates on Hasnatsu

 

1 Silver Monme – 1740

 

 

1 Silver Monme – 1863

 

 

1 Silver Monme Issued by the Shibamura Han in the Yamamoto-Wahsu Province during the Enkyo (Edo) era, year 2 (Kinoto Ushi) – Western year 1745

 

 

1 Silver Monme Issued during the Kyoho era, year 15 (Kanoe-inu) Western year 1730

 

 

1 Silver Monme – Undetermined Han and date

 

 

 

1 Silver Monme – Issued in the Anwei era – Western year 1854

 

 

 

1 Silver Monme Issued during the Tenpo era – Western year 1838

 

 

1 Silver Monme Issued during the Keio era year 2 (Hinoe-Tora) – Western year 1866

 

 

1 Monme Issued during the Keio era – Western year 1865

 

 Image result for JAPAN 1 Monme Issued during the Keio era - Western year 1865-1867

1 Monme Issued during the Keio era – Western year 1865-1867

 Image result for JAPAN 1 Monme Issued during the Keio era - Western year 1865-1867

 

1 Monme Issued during the Koka era, year 4 (Hinoto-Hitsuji – Western year 1847

 

 

1 Silver Monme Issued during the Keio era year 1 Nana Meguri Hanchi-ko Mura – Western year 1865

 

 

1 Silver Monme Issued during the Bunkyu era, year 4 Hyogo Prefecture of Kasai – Western year 1863

 

 

3 Silver Bu Issued during the Kyoho era, year 15 Kanoe-inu – Western year 1730

 

 

3 Silver Monme Issued during the Kyoho era, year 15 Kanoe-inu Nagasawa, Kawachi (Osaka) – Western Date 1730

 

 

1 Silver Monme issued by the Yanagimoto Han in Yamato no Kuni Nara-Ken Prefecture Issued during the Bunsei era, year 13 – Western year 1830

 

 

1 Silver Monme issued by the Mangani Temple of Abeyamain Yamato no Kuni Nara-Ken Prefecture Issued in Keio 2nd year during the Edo era – Western year 1866

 

 

 

3 Silver Monme issued by the Hatake Mura Village in Atsumi Gin, Mikawa no Kuni – Achi Ken Prefecture Issued during the Meiji era, year 2 – Western year 1869

Valid until Meiji 5th year – Western year 1872

 

The gentleman catching a fish in this vignette is not Daikokuten, but is instead the ‘laughing god’ Ebisu, one of the Seven Gods of Furtune. According to legend, Ebisu gained ill favor with his elders at the age of three, and he was cast into the sea, who is always happy and laughing, and evidently very generous. He is depicted as always wearing traditional Japanese court clothing with a fishing rod and a fish known as a ‘red sea-bream’ (pagrus cardinalis), which is supposedly the most delicious fish that can be prepared. In some modern illustrations, he is also associated with jellyfish.

 

Ebisu is the patron of merchants and tradesmen, as well as fishermen. Perhaps due to his clothing, it is considered good luck to purchase clothing and material on Ebisu Day.

 

How to date Hansatsu (Or try to really, really hard, anyway!)

Link: How to attribute dates on Hasnatsu

 

Source

http://www.banknoteden.com/Japan.html

Look more Hansatsu Edo Papermoney collections from this era from E-Bay auction

Japan Edo period paper money “Hansatsu 1monme” Nara 1866 Uncirculated

o    IDR263,157.89

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o    From Japan

o   

Japan Edo period paper money “Hansatsu 1monme” Nara 1700s

o    IDR131,578.95

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o    From Japan

o   

JAPAN HANSATSU 31 NOTE LOT – OUTSTANDING LOT -MANY SCARCE NOTES – 1700S- 1800S

o    IDR4,440,789.47

Was: IDR5,921,052.63

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JAPAN HANSATSU – MEIJI ERA 3 MONME SMALL NOTE

o    IDR118,421.05

Was: IDR157,894.74

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o    25% off

o    From United States

Japan Edo period paper money “Hansatsu 1monme” Nara 1700s

IDR171,052.63

The shogunate prohibited the use of scrip in 1707.

 

.Edo Period: Pre-conditions for Industrialization

(See Handout no.2)

The Edo period: 1603-1867

 

Nikko Toshogu Shrine (Yomei Gate)

 

Tokugawa Ieyasu, the first Edo Shogun

From the late 12th century through the 17th century, Japan was ruled by samurais (military leaders) but politics remained unstable. Internal wars and power shifts were very frequent, especially during the late 15th century to the end of the 16th century (called Sengoku Jidai, or warring period).

Finally, Ieyasu Tokugawa unified the country after the decisive Battle of Sekigahara (located between Nagoya and Kyoto, visible from Shinkansen) in 1600 and the attacks on Osaka Castle in 1615 where the rival Toyotomi family perished. Ieyasu established a new government in Edo and became the first shogun of the Edo Bakufu in 1603. Edo, a sleepy little town until then, was transformed into a huge political city by aggressive public works including land reclamation, new canals and clean water supply systems. The Tokugawa family ruled the country in the next 264 years (15 shoguns in all). Ieyasu Tokugawa was deified and worshiped in Nikko Toshogu Shrine (even today).

We start the story of Japan’s economic development from the Edo period because pre-conditions for later industrialization and modernization were created internally during this period (moreover, quantitative data for earlier periods are very limited). The following are the pre-conditions that were generated:

(1) Political unity and stability
(2) Agricultural development in terms of both area and productivity
(3) Development of transportation and the existence of nationally unified markets
(4) The rise of commerce, finance and the wealthy merchant class
(5) The rise of manufacturing (food processing, handicraft, etc)
(6) Industrial promotion by central and local governments (sometimes successful but not always)
(7) High level of education

These are the features of the Edo period which are commonly cited by many researchers. The remainder of this lecture discusses them in detail. Note that some of these conditions are not achieved even today in some countries. In fact, developing countries that are equipped with all these conditions are relatively rare.

SHOGUN WOODBLOCK PICTURE

 

Here are some basic terminology for the Edo period:

Edo

The old name for Tokyo. Edo literally means the mouth of bay. Incidentally, Tokyo means eastern capital (the western, or the traditional, capital is Kyoto).

Daimyo

Regional samurai ruler. During the Edo period, it meant the head samurai of a local government (han).

Shogun

Originally, the supreme commander of dispatched army. But it usually means the head of a central military government.

Bakufu

Residence of a military ruler. Later it meant the central military government itself.

Han

A local government (like province or prefecture) in the Edo period.

Features of the Bakufu-Han System

The basic characteristics of the Edo society and politics were as follows.

(1) It was a class society: The ruling class was samurai (military men who were permitted to carry a sword). Then farmers (ranked no.2), craftsmen (no.3), merchants (no.4). There was a big gap between the samurai class and other classes. Farmers were officially placed no.2 because they paid the rice tax, but they were not particularly respected. Below all of these classes, there were also outcasts (eta and hinin).

(These four classes were called Shi-Nou-Kou-Shou (from top to bottom). Historically, Vietnam also had the distinction of Si-Nong-Cong-Thuong (Chinese characters are the same, only the pronunciation is different). It is clear that the idea originally came from China. In Vietnam, however, the top class “Si” meant scholars or literary bureaucrats, not fighting men. Moreover, it merely showed what types of people were important and respectable in society without political implication. The Edo government changed this idea into an ideology that legitimized a class society with samurais on top.)

(2) Politically, it was a centralized system. The Bakufu (central government) had absolute political power over the fate of hans (local governments) and could even remove or abolish them. It was a feudal society in the sense that the shogun gave daimyos the land to rule. In return, daimyos pledged loyalty to shogun. Any sign of disobedience was met with sternest punishment (often seppuku (ritual suicide) and/or the termination of the family).

(3) Economically, it was more decentralized. The Bakufu was not very capable of (or interested in) imposing consistent economic policies. Its policies were often unstable and short-sighted. Each han could decide its tax rates and other economic regulations, or encourage certain industries (so long as it was not explicitly prohibited by the Bakufu).

(4) The Bakufu imposed the following expenses on hans. (i) sankin kotai, bi-annual commuting between home and Edo (one year the daimyo must live in Edo, next year in his han, then Edo, then home, ad infinitum) — a large number of retainers also moved with him. This cost a large sum of money and usually constituted the largest part of han’s expenditure; (ii) public works ordered by the Bakufu, such as building castles, moats, roads, irrigation ponds and canals, waterworks, etc; (iii) other ad hoc and arbitrary taxes and charges.

Imposition of these financial expenses on hans had the effect of weakening the financial capability of hans so they were unable to build military forces to rebel against the Bakufu.

 

Figure 2-1

Bakufu-Han System

Agriculture

The Edo society was agrarian (particularly at the beginning) with about 90% of the population being peasants. Later, the ratio declined somewhat. The basic unit of production was the small family. Previously, one farming household often contained many families plus servants. But official land surveys (kenchi) conducted before and after the beginning of the Edo period dismantled the big family system and created small farming units, with each family guaranteed of the land to cultivate.

According to the law, peasants had no right to move and were tied to the land as labor force (they were the tax base !) But in reality, some farmers moved to new land, sometimes to avoid a high tax burden, unreasonable policy or famine, but sometimes to look for new land to improve their life. Later, as rural income rose, many well-to-do farmers enjoyed village festivals as well as trips to Ise Shrine and other religious spots (officially for worship, but actually for fun).

Villages were well organized and permitted autonomy, as long as they paid rice taxes as stipulated. The rice tax was levied on villages (not individual farmers), and village representatives, who were often themselves farmers, allocated rice tax burden among all villagers. In a sense, they played the role of lowest-level tax administration. Thanks to them, the Bakufu and hans could raise tax revenues with little administrative cost. Prof. Keiichi Tanaka (Edo historian) argues that farmers were very dynamic and independent, and they often rejected Bakufu officials and policies which were inconsistent and unreasonable. (Prof. Tanaka thinks that the Bakufu had no long-term vision and their laws and regulations were ad hoc responses to unfolding events.)

There were two ways to determine the rice tax obligation. One was the kemi (inspection) system where an official inspector came to check the actual yield every year. Naturally, village representatives treated the official with lots of food and gifts. Some officials only had drinking parties and did not actually check the fields. The bribed official happily understated the crop output (often very substantially) so villages paid much less taxes. According to Prof. Shinzaburo Oishi (historian), such corruption was an important reason for chronic revenue shortage of the government. On the other hand, if the visiting official was arbitrary and uncooperative, he might raise the tax obligation to the chagrin of the farmers.

Another method was the jomen (fixed amount) system where the rice tax was unchanged for three or five years based on the average output of the preceding years. Under this system, the government could expect a more stable tax revenue and also minimize the inspection cost. Farmers borne a greater risk for crop failure, but incentive to produce was also greater (if they worked hard, additional output was all theirs). According to Prof. Tanaka, farmers often preferred the jomen system because they did not want to cope with corrupt officials every year.

During the Edo period, agricultural development underwent two phases: from quantitative expansion to qualitative intensification.

Table 2-1
Estimated Land under Cultivation

 (unit: thousand hectare)

930 AD

862

1450 AD

946

1600 AD

1,635

1720 AD

2,970

1874 AD

3,050

Source: S. Oishi (1977).

From the mid 15th century to the late 17th century (this includes the previous Sengoku Jidai (warring period) as well as the early Edo period), there was an enormous expansion of farmland (especially rice paddies). Earlier, rice was produced in narrow valleys where mountains ended and plains began–this was the only place where constant water supply was available. But during this period, large-scale water projects were carried out all over Japan by daimyos and private farmers to control floods and use rivers for irrigation. As a result, land under cultivation expanded dramatically. The plains, which had hitherto been uninhabitable marshlands, were turned into productive paddy fields. The population increased rapidly (such population growth was very unusual for a pre-modern society). Prof. Shinzaburo Oishi calls this “The Great Age of Opening Fields.”

After the late 17th century, land expansion came to a halt. The rapid growth of farmland in the previous period also brought some negative effects, including (i) shortage of labor force; and (ii) deforestation and frequent occurrence of floods. From this period onward (even today), Japanese agriculture emphasized intensive cultivation with large inputs of labor and technology, instead of quantitative expansion.

 

Agricultural technology in the Edo period

From the 18th century onward, the area of cultivation and population remained relatively stable, but rice output continued to grow thanks to increased productivity. Contributing factors included double cropping, new species of rice, fertilizer (dried fish was popular), and invention of new farming tools. Many guidebooks were published to teach farmers how to produce crops more effectively and efficiently.

At the beginning of the Edo period (17th century), peasants produced mainly for family consumption. They ate what they produced and their living standards were at subsistence levels. However, from the middle Edo period, as productivity rose, agricultural surplus was created and peasants began to sell their rice and other crops to the market (which was nationally integrated). Cash crops increased and commercial agriculture began.

Officially, all farmers were supposed to belong to (or be tied to) pre-assigned land. But in the 19th century as landless farmers increased, the landlord-tenant relationship began to emerge.

Farmers’ uprisings (ikki) frequently occurred, especially at the time of famine and toward the end of the Edo period. They were unhappy with taxes, inflation, famine, corrupt officials, or government policies.

Budget and money

The Bakufu’s revenue sources included the following:

–Rice tax from land directly held by Bakufu (land not distributed to other daimyos)
–Monopoly on mining, foreign trade and minting money
–Direct control on major cities (Edo, Kyoto, Osaka, Nagasaki, Sakai, etc)
–Financial contributions from merchants in exchange for monopoly & cartel permission
–Charges on and borrowings from rich merchants (sometimes not repaid)
–In addition, the Bakufu assigned hans to various public works, as noted above

Hans’ revenue included the following:

–Rice tax from its territory
–Revenues from local industries (if industrial promotion was successful)

The entire fiscal system was based on the rice tax. The unit of fiscal account was “koku” (about 180 liters of rice). The han’s economic size was measured in koku and samurai’s salaries were paid in rice (but of course they had to convert it to cash to buy things). Rice was physically collected from each village and transported to the major rice markets (Osaka was the most important national rice market), then redistributed to the rest of the country. The “koku” size of each han was based on cultivated areas at the beginning, but as new fields were opened and productivity rose, the official “koku” size and the actual “koku” size of each han deviated.

This rice-based system had the following consequences:

(1) Since rice had to be actually shipped across regions, this tax system required a nationally unified transportation and distribution mechanism. Private merchants provided such services but the Bakufu and han governments often guided and supported them. Land transportation (on horseback) was very costly and inefficient, so sea and river transportation was mainly used.

(2) Economic activity gradually shifted from subsistence farming to commercial agriculture and handicraft industries. But the government’s tax base basically remained on rice. There were some taxes on commerce but this did not become the reliable tax base. As a result, the Bakufu and han governments faced fiscal crisis while farmers and merchants were allowed to increase their income and wealth.

(3) Faced with chronic fiscal crisis, the Bakufu responded in the following ways: monetary debasement (similar to printing money, which leads to inflation), spending cuts, tax increases, price controls, administrative reforms. Some commercial policies were tried, including providing certain merchants with the exclusive right to market a product (i.e. monopoly) in exchange for financial contribution to the government.

Money consisted of both gold and silver. Gold was popular in Edo and silver was mainly used in Osaka. Copper money was also used for small transactions. Hans could also issue local paper money. Inflation rose at the time of famine and accelerated toward the end of the Edo period (especially after international trade was resumed).

Transportation and commerce

 

Tokaido “Highway”

The Bakufu designated five official highways and opened major sea lanes. But private inns, restaurants, shippers, baggage carriers, etc. provided the necessary service. Farming villages near the highway were required to provide horses when necessary (part of their nontax obligation). Sankin kotai (bi-annual commuting by daimyos) also stimulated the development of the road system. At the same time, due to military reasons, Bakufu did not encourage free movement of people and merchandise. At major check points, sekisho (passport controls) were created. Some rivers were left without bridges, intentionally and for military reasons. Hans were not allowed to build ships or maintain navy.

As noted above, from the beginning, the Edo tax system presupposed a nationally unified rice market. Development of cash crops and handicrafts also stimulated nationwide commerce. Osaka was the commercial center with many rich merchants and money lenders, while Edo was a political center and consumption city. Naturally, the sea lane between the two cities was well developed. In Osaka, the futures market in rice emerged (this is said to be the first futures market in the world).

The Bakufu’s policy towards commerce and industry was variable and inconsistent. Sometimes the central government tried to control and tax private businesses. Other times free economy was permitted. Cartels were sometimes imposed and other times prohibited. Among historians, opinions differ as to whether the Edo economy was more dynamic under free market policy or pro-cartel policy. Prof. Tetsuji Okazaki (Tokyo University) tries to show that estimated GDP grew faster during the time when cartels were permitted than when they were banned. He argues that trade cartels were a positive factor for the development of the Edo economy rather than an impediment. However, his data and regressions may be too crude to be decisive.

Toward the end of the Edo period, many hans and local cities developed economically. As a result, direct trading among them (without the intervention of Osaka merchants) began. The center of economic activity gradually moved eastward, from Kansai (Osaka, Kyoto) to Edo and Eastern Japan. Many markets (not just rice, but almost everything) were nationally integrated.

Industry

As agriculture and commerce grew, pre-modern manufacturing (handicrafts, food processing) also began to develop. For example, the following products were produced:

tea, tobacco, wax, indigo, salt, knives, sword, pottery, lacquer ware, silk, cotton, soy sauce, sake, paper, stone cutting, medicine, chemicals

 

Cotton weaving factory in Owari (Nagoya). No steam engines or electricity yet, but division of labor was underway.

In order to enrich local population and increase tax revenue, many hans promoted local industries, and some even succeeded (S. Nishikawa and M. Amano, 1989). For example,

Tokushima han (indigo): Farmers produced indigo along the Yoshino River and their output gradually grew. But indigo distribution was monopolized by Osaka merchants who imposed high interest on loans. In order to protect local farmers and encourage local merchants, the han government created an indigo exchange and provided financial and distribution services. But the Bakufu objected to this move, prohibiting such official support (the Bakufu wanted to protect Osaka merchants who contributed financially to the central government). So the han privatized the indigo exchange and other services.

Takamatsu han (sugar): The Takamatsu government issued han’s paper money to promote various industries but failed, and its money depreciated. After many such failed attempts, the han finally succeeded in research on sugar production (from sugar beets) and commercialized the technology. As sugar production greatly increased, the han promoted inter-han trade (direct trade between hans). But again, the Bakufu tried to discourage such trade not brokered by Osaka merchants.

Satsuma han (military technology): This han in southern Kyushu imported new technology from the West and produced blast furnace, cannons and western ships. It was also engaged in illegal trade with Ryukyu (Okinawa), which was very profitable. By increasing wealth and military capability, Satsuma han later played the key role in toppling the Bakufu government and establishing the Meiji government.

These are just a few examples. Many other hans were engaged in industrial promotion, including Choshu han (paper, wax), Yonezawa han (safflower, lacquer wax), Akita han (silk and silk dress), Hizen han (pottery, coal), Higo han (lumber, silk), and so on. But we should not forget that there were many hans which were less successful and deeply in debt. They borrowed money from big private merchants but never repaid.

Education

   

Bakufu school at Yushima Seido (Ochanomizu, Tokyo). Confucianism was taught to the sons of bakufu samurais.

Professional school (enacted)

The popularity of education in the Edo period is often cited as the cause of fast industrialization in later periods. Education in this period ranged from the recondite study of Chinese philosophy and literature at public schools to children’s primary education at private schools. More specifically, four types of learning institutions were important.

(1) Bakufu schools

The bakufu’s schools mainly taught Confucianism, an ancient Chinese philosophy started by Confucius in the 6th to 5th century BC. It emphasized social order, proper rituals, the way of good political leader, and respect for elderly and superior. The Edo government vigorously promoted Confucianism as an ideology to legitimize and maintain the class society. Seika Fujiwara and Razan Hayashi were the leading bakufu scholars. Students had to memorize and interpret ancient Chinese books. How to modify this foreign doctrine to fit the Japanese reality was one of the important theoretical questions. There were also bakufu schools for European language (Dutch) and technology (medicine, navigation, military technology, etc).

(2) Han schools

Hans also established schools to educate their young samurais. The curriculums were basically the same as bakufu schools with Confucianism at the center of learning. Toward the end of the Edo period, han schools were expanded to emphasize practical skills such as military training and foreign language. Some even accepted non-samurai students. Many han schools were transformed into education institutions in the following Meiji period.

(3) Private professional schools

An eminent scholar often established his school and recruited students. Depending on the instructor, various subjects were taught: Confucianism, research on ancient Japanese literature (later leading to nationalism and anti-foreigner movement), Western language (Dutch, later also English), medicine, science, technology, and so on. These schools accepted both samurai and non-samurai students. In the late Edo period, they often attracted talented and hot-hearted young people with the desire to contribute to the country. Their eyes were opened to the international situation and Japan’s precarious position in it. A large number of national leaders in the late Edo period and the early Meiji period came from such professional schools.

Table 2-2
Examples of Private Professional Schools (Late Edo Period)

School & location

Teacher & year of establishment

Main teaching

Prominent students

Shokason Juku
(Hagi, Choshu Han)

Shoin Yoshida
1855-57

Social and political philosophy

Shinsaku Takasugi (anti-bakufu fighter)
Genzui Kusaka (anti-bakufu fighter)
Hirobumi Ito (prime minister)
Aritomo Yamagata (prime minister)

Teki Juku
(Osaka)

Koin Ogata
1838-

Dutch language & medicine

Yukichi Fukuzawa (founder of Keio Univ.)
Masujiro Omura (military reformer)
Sanai Hashimoto (Western studies)
Keisuke Otori (Bakufu & Meiji statesman)

Narutaki Juku
(Nagasaki)

Philipp F. B. von Siebold (German)
1824

Western medicine

Choei Takano (Western scholar)
Genboku Ito (medical doctor)
Keisuke Ito (medical doctor and botanist)

Kangien
(Hita, Bungo Han)

Tanso Hirose
1817

Confucianism & ancient Chinese literature

Choei Takano (Western studies)
Masujiro Omura (military reformer)

(4) Terakoya (private primary schools)

These schools were run by local teachers for teaching 3Rs — reading, writing, and arithmetic (abacus) — to small children, usually starting from six years old. The popularity of terakoya all over Japan contributed to the very high literacy among the general public.

 

Terakoya in caricature. The teacher simultaneously taught different things to different kids. In this picture, some kids are fighting in the corner.

 

Proto-industrialization and population dynamics

Economic historians have noticed that certain areas of Europe (say, Flanders in Belgium and Lancashire in England) were “industrialized” in the 17th-18th centuries, even before the Industrial Revolution began in the UK. This industrialization was characterized by rural, family-based production of textile and garment without modern machinery (often brokered by urban merchants).

The concept of proto-industrialization was proposed to explain why this happened, and why it was observed in certain areas only (proto means primitive or early). The proponents advance a hypothesis to explain rural industrialization from the unique interaction among agriculture, population and commerce. Population growth is often considered given in economic modeling. But in the hypothesis of proto-industrialization, population dynamics is a crucial endogenous factor. F.F. Mendels and P. Deyon, who proposed this idea, define proto-industrialization as the phenomenon satisfying the following three conditions:

–It is a manufacturing activity for market sale, not for home consumption.
–It is undertaken by peasants in a rural area (where soil is poor and plots are small).
–It is located near an area of commercial agriculture with large farm size and high productivity.

Proto-industrialization begins as a side job in villages where agricultural productivity is low. They can sell cloth and garments to nearby rich villages where agricultural productivity is high. It is a sort of specialization (or division of labor) within a relatively small geographical area: villages with fertile soil produce farm products and villages with poor soil produce manufactured goods, and they exchange output with each other (they also sell products to the outside world too).

Furthermore, the hypothesis of proto-industrialization is demographically dynamic, as follows:

(1) For some reason, villages with poor soil face a population increase, leading to food shortage.
(2) Poor peasants engage in the production of garments for sale to relieve population pressure.
(3) This increases their income, and they start to get married sooner and have more children.
(4) Population growth continues to keep the peasants just as poor as before even though they are more “industrialized.”
(5) Supply of cheap labor is increased in this way, and rich farming villages and urban merchants continue to accumulate wealth.

(This widening income gap may possibly generate capitalists and landless farmers which leads to industrialization under full-fledged capitalism. However, such historical linkage is not convincingly proven statistically.)

According to Prof. Osamu Saito (Hitotsubashi University), Japanese data in the Edo period does not support the hypothesis of proto-industrialization as stated above. There is no evidence of systematic population change in the areas where peasants engaged in pre-modern manufacturing. On the contrary, it is said that farmers practiced birth control (sometimes even killing new-born babies) to cope with the population pressure.

At any rate, proto-industrialization seems to assume a rather peculiar population dynamics which may be applicable to certain European regions in certain periods, but not in the rest of the world or other periods. However, the idea of population growth responding to the process of early industrialization is an interesting one.

Additional Questions & Answers

<References>

Dore, Ronald P., Education in Tokugawa Japan, University of Michigan Center, 1984.

Iwanami Shoten, Keizai Shakai no Seiritsu: 17-18 seiki, Nihon Keizaishi 1 (Establishment of Economic Society: 17th-18th Centuries, Japanese Economic History vol. 1), A. Hayami & M. Miyamoto, eds, 1988.

Iwanami Shoten, Kindai Seicho no Taido, Nihon Keizaishi 2 (Signs of Modern Development, Japanese Economic History vol. 2), H. Shimbo & O. Saito, eds, 1989.

Nishikawa, Shunsaku, and Masatoshi Amano, “Shohan no Sangyo to Keizai Seisaku” (Industries and Economic Policies of Hans) in Iwanami Shoten, 1989.

Oishi, Shinzaburo, Edo Jidai (The Edo Period), Chuko Shinsho no.476, 1977.

Okazaki, Tetsuji, Edo no Sijokeizai: Rekishiseidobunseki kara Mita Kabunakama (The Market Economy of Edo: Trade Cartels from the Viewpoint of Historical Institutional Analysis), Kodansha Sensho Metier 155, 1999.

Saito, Osamu, Proto Kogyoka no Jidai (The Age of Proto-Industrialization), Nihon Hyoronsha, 1985.

Tanaka, Keiichi, Hyakusho no Edo Jidai (The Edo Period Led by Farmers), Chikuma Shinsho, 2000.

Source

Grips.ac.jps

 

1730

In 1730, however, Tokugawa Yoshimune authorized domains to issue paper with time limits for redemption. Large domains (200,000 koku and above) could issue currency valid for 25 years, and small domains for 15 years. His son Ieshige prohibited new issue of scrip, and restricted the circulation of scrip other than that exchangeable for silver, in 1759. Despite the prohibitions, domains in severe financial straits occasionally issued paper money.

Each domain formulated its own rules about its scrip. While there were some that forbade the shogunate’s coinage, many allowed both coins and scrip to circulate.

Japan:Money

From Marteau

(Redirected from Money (Japan))

Contents

[hide]

   1 The Closed Country

   2 Selling Silver for Silk – International Trade Relations

   2.1 Trade Relations with Europe

   3 Monetary Politics

   3.1 Paper Money of the Clans

   3.2 The Unified Currency – Metal Money

   4 A Note on our Conversion Tools

   5 Literature

Japan 1710-1714 (Hoei Era) Gold Koban or Ryo

[edit]

The Closed Country

Japan practiced a policy of national seclusion – the “closed country” or “sakoku” policy – aiming at autarky in economical terms, yet it developed a trade deficit resulting in the 1690s in a severe shortage of money. Japan’s Edo or Tokugawa period beginning in the early years of the 17th century (see Japan’s dynasties and rulers) became a period of stability and growth, yet the developing nation failed to turn the advatageous situation into one of wealth creating more wealth – paradoxes sharpened by the dangerous monetary decisions of the 1690s and early 1700s. Compared with the parallel history of England’s monetary decisons following the 1680s one could read the history of money in Japan as one of all the fatal decisions those responsible in London’s could not even dream of.

[edit]

Selling Silver for Silk – International Trade Relations

Japan’s economy was at the beginning of the 17th century – after a century of internal wars – theoretically independent. The strife between the feudal clans (daimyo) had led to a concentration of power. Oda Nobunaga, 1534-1582, the first of Japan’s three unifiers, had effectively welcomed the Portuguese who had landed on Tanegashima island in 1543. Their technological support – fire arms – was helpful and the Jesuit mission they brought seemed especially convenient to counterbalance the power of the militant Buddhist cloisters. Toyotomi Hideyoshi, 1537-1598, his successor, acted undecided between toleration and a total ban of the Christian mission. Tokugawa Ieyasu, 1543-1616, the final unifier of Japan eventually opted for the seclusion of the country and a ban of Christianity. Supported by the Portuguese, the Spanish and the Dutch the new faith had proven to be of no real service on Japan’s way to a centrally governed state. In 1612 the shogun’s retainers and residents of Tokugawa lands were ordered to foreswear Christianity, in 1616 all foreign trade was restricted on Nagasaki and Hirado, an island northwest of Kyushu. The Kyushu daimyo had been the most prominent supporter of the new faith just before. 1622 saw the execution of 120 missionaries and converts, 1624 the expulsion of the Spanish, 1629 a wave of executions with thousands of Christian victims – an estimated 500,000 Japanese had embraced the new religion over the last decades. The edicts of 1633 and 1635 prohibited all contact between Japanese and foreigners: Ships and Japanese subjects were forbidden to leave Japan for a foreign country without a license; all Japanese living abroad were to be put to death if they tried to return to Japan (except those who had resided abroad for less than five years and had been unavoidably detained). The Nagasaki commissioners were to investigate all those suspected of being Christians, and a reward was offered to any informer who revealed the location of “Bateren”, foreign priests. Foreign ships arriving, were to be guarded while a report was sent to Edo. A strict search was to be made for bateren on all ships entering Japan. The Portuguese were restricted to Deshima, an artificial island especially created for that purpose in Nagasaki’s harbor. The Shimabara Rebellion of 1637-38, in which discontented Christian samurai and peasants rebelled against the bakufu (the shogunate administration), was ended by Edo’s government through the help of the Dutch whose ships bombarded the rebel stronghold. Soon thereafter, all “southern barbarians” – the term refering to the Portuguese and Spanish – were permanently expelled, members of the Portuguese diplomatic mission were executed, all subjects were ordered to register at a Buddhist or Shinto temple, and the Dutch and Chinese were restricted, respectively, to Deshima and to a special quarter in Nagasaki. Besides small trade of some outer daimyo with Korea and the Ryukyu Islands, to the southwest of Japan’s main islands, by 1641 foreign contacts were limited to Nagasaki.

The political turmoil of the late 16th and early 17th centuries had paved the way to the Tokugawa or Edo period – the period in which Edo, today Tokyo, became the political centre of the nation. Power was from now onwards to lie in the hands of the shogun; the emperor played a ceremonial rather than a political role. The political stability the new regime dictated, allowed growth. Those who profited from the situation found, however, few incentives for investing their wealth in anything more profitable than their representation. As far as the trade balance is concerned the wealth created in Japan came to be spent on luxury goods satisfying the rich upper class. Silk from China and ginseng from Korea became the most important imported goods. An estimated 1.1 million kan (4,125 tons) of Keicho cho-gin – approximately three-quarters of the silver coinage and silver produced in Japan – left the island in this exchange over the hundred years from 1614 to 1714. A ban on exporting gold that had been implemented to curb the outflow, was lifted in 1664, the sell-out of gold and silver became legal and accelerated in the last decades of the 17th century – till the monetary decisions of the years 1695-1714 served to make goods produced outside Japan too expensive to be paid with money that freely any longer.

[edit]

Trade Relations with Europe

Trade relations with Europe were everything but marginal. They had begun with the arrival the Portuguese in 1543. Dutch explorers had reached Usuki Bay on the southern Japanese island of Kyushu in 1600. Their original expedition had started with 5 ships from Rotterdam on June 27th 1598 of which only one had reached Japan – the Liefde with 24 men, 23 Dutch, and their English captain. Europe’s nations contested each other over influence on Japan’s growing regime. The Dutch eventually won and gained the monopoly on Japan’s trade with Europe. The privilege was otherwise an ordeal: the permanent settlement to be reached over a bridge included a director of the Dutch East India company and about ten employees. No foreign women were allowed on Deshima island. (The regulation was first violated in 1817, Japan’s authorities could, however, enforce their laws three months later). Dutch ships came twice a year – time which had to be passed in isolation. But the base paid: In 1662 the Dutch trading houses withdrew from Taiwan. The Taiwan-Nagasaki import route on which white raw silk, the finest type of Chinese raw silk, used to reach Japan, lost its importance. Nagasaki became the central harbour of a trade now focussing on Korea; and the Tsushima domain became the mediator sustaining the new trade connection. The connection provided Japan with import goods right into the 1690s. Chung Sungil [“The Volume of Early Modern Korea-Japan Trade: A Comparison with the Japan-Holland Trade” Acta Koreana vol 7-1, 2004] compared trade volumes passing between Korea and Japan in Pusan and between Japan and the Dutch in Nagasaki and concluded that trade with the Dutch did not outweigh the Korean-Japanese trade before the 1690s. The situation changed after 1695 and Chung Sungil’s investigation implies that the main reason for the change had little to do with official ceilings set by the Tokugawa shogunate. The Tsushima daimyo was effectively able to circumvent any restrictions and send false reports to the bakufu whilst the Japan-Dutch trade connection could be tightly monitored by the central government. The primary reasons for the drop of the trade with Korea seems to have been the devaluation of Japan’s silver money in 1690s.

Later efforts to bring back the old currency and to thus solve the problems of Korean-Japanese trade relations, failed. When re-introduced for trade abroad in 1710 (and in 1714 for trade inside Japan) the better money was no longer affordable to those who had first lost their wealth when acquiring the worthless money of the 1690s and early 1700s. Goods from abroad remained expensive.

The Dutch, more interested to buy than to sell – silk and porcelain, goods to be sold on Europe’s markets with good profit rates – could take the otherwise catastrophic situation as an advantage. They could offer what Japan needed: money for goods to be sold on other markets.

[edit]

Monetary Politics

Japanese mon, the basic copper coin, as minted between 1668 and 1700

The Edo or Tokugawa period had begun around 1600 with the settlement of the feudal conflicts. The clans had lost power to the central shogunate government. Decisions to create a central currency stood at the beginning of the era. The new money was to have gold, silver and copper units – all exchangeable at fixed rates. The Oban and the Koban gold coins were oblong plates, the smaller Ichibukin little rectangular pieces of minted gold. Silver was hardly minted in the European sense of the word. It was traded in lumps and weighed. The central unit for silver, the momme, was (and still is) a mere unit of weight matching 3.75 g. The lowest unit, the copper mon was influenced by the design of Chinese coins, the only object in the ensemble resembling a conventional coin. The rates between gold and silver were fixed, yet market reates fluctuated. The pattern did not change between 1600 and 1700:

Gold

     
 

1 Oban

=

7.5* Ryo

 

1 Ryo / Koban

=

4 Bu

   

=

4 Kan

   

=

70* Momme

 

1 Bu

=

4 Shu

 

1 Shu

   

Silver

     
 

1 Kamme

=

1000 Momme

 

1 Momme [3.75 g]

=

10 Fun

 

1 Fun

=

10 Rin

 

1 Rin

   

Copper

     
 

1 Kan [3.75 kg]

=

1000 Mon

 

1 Mon

   

*market rates

Wages for ordinary people were paid mostly in copper and silver coins. Wages for the Samurai class, which accounted for 10% of the total population, were paid in amounts of rice. The Tokugawa shogun granted the Samurai a fief, the stipend was measured by the volume of rice the region could be expected to produce. Three times the year the Samurai sold the rice collected as a land tax to traders – the Samurai were better served with money they could spend on goods – part of the problem Japan’s economy faced.

Japan’s trade developed a sophisticated system of cashless payments on Osaka’s market – the central market for goods produced in Japan. Transactions between merchants were settled in silver. In order to reduce the transaction costs the exchange of metal would have produced, a check system developed with checks issued on the basis of current account deposits at money changers, the “ryogae-sho”. The development which led back into the 1660s supported the commercial transaction with its smooth fund settlement. Between 1716 and 1736 about 650 ryogae-shos settled the checks issued by about 6000 merchants every day. The system was as efficient as the Giro-system used in European countries. Access to it was, however, limited to the leading merchants and it was never used to pay wages. It remained the system of Osaka’s wholesale market. Business in cities like Edo and Kyoto did hardly go beyond retail transactions.

Three characteristics distinguished Osaka’s check system: Central institutions, such as the centralized check clearing institution and a centralized fund settlement institution, did not exist. The ryogae-sho had strong ties among each other, together they formed a strict hierarchy with few but powerful money changers called juunin-ryogae at the top. The juunin-ryogae created a de facto central fund settlement by establishing correspondent deposit accounts used exclusively for mutual settlements. All the checks requested by the subsidiary ryogae-sho were settled within this system. In this sense, the large fund settlement system centring on juunin ryougae can be interpreted as a hybrid of a check clearing and fund settlement system. Thirdly, the juunin ryogae ensured a final settlement by allowing overdrafts of accounts. These were usually settled by gold and silver coins based on the net liability amount gained through balancing the debit and credit every half a month or month. The complex system remained intact until the institution of a modern banking system in the 19th century.

Trade inside Japan was furthermore facilitated by an exchange of paper money gaining importance on the level of the clan territories issuing the respective notes.

[edit]

Paper Money of the Clans

Paper money promising a given value of gold, silver or copper, was first issued by merchants of the Uji-, Matsuzaka-, Isawa-, Yamato-shimoichi-, and Settsuhirano-go-regions: the Yamada Hagaki notes. The shogunate’s metal coinage and rivalling clan notes issued by the local feudal lords, left, however, no room for a further development of Yamada Hagaki notes. An autonomous administrative body of the Yamada region, the Sanpokai-gosho, was eventually the only authority issuing Yamada Hagaki notes – under permission of the shogunate which thus stabilised the regional power short of money. In the early 18th century, old notes of this production were exchanged for new ones at intervals of seven years to limit the amounts in circulation and the risk of forgeries.

 

Hansatsu as issued by the Fukui clan in Echizen from 1661 to 1673: A silver 10-momme note from 1666. The denomination is noted in ink and traced on both sides by rows of characters of different shapes and meaning, all pronounced however, identically as “ten”, the note’s denomination. (Image: curtesy of the Bank of Japan’s web page)

Paper money issued by the feudal clans – the “han”, hence the term “hansatsu” – differed from Yamada Hagaki in that it effectively demanded respect as legal tender substituting all gold, silver and copper transactions within the borders of the region issuing the notes. Local authorities supported their paper monies by prohibiting the circulation of species money and by imposing charges on any exchange of paper and metal money within their reach. Hansatsu notes were almost always authorized by the shogunate – by the same shogunate which strove for a unified metal based currency and for supremacy over the feudal lords. Hansatsu issued by a region could, so the laws, not claim any value outside their region. The hansatsu currencies financed and stabilised regional power on the regional level – a stabilisation the shogunate could approve of especially if it became the superior power granting the rights to issue such money. The Fukuyama and the Bingo regions played a leading role in the introduction of hansatsu in the 1630s, the second half of the 17th century saw paper money winning trust throughout the country. The shortage of metal and the massive debasement of the coin implemented by the shogunate in the 1690s did everything but increase the trust in money the central authorities offered. In 1707 the shogunate finally banned all paper money – allegedly a measure designed to curb abuse stemming from the unlimited circulation of hansatsu outside their respective homelands. The measure played, however, its much more important role in the second step of the debasement of Japan’s metal money. With the ban of 1707 more than 50 feudal clans had to change hansatsu they had issued into specie the shogunate issued. Those who changed paper money into gold and silver lost about half of the money they had invested to acquire the paper notes – to the advantage ot the central government issuing the new metal money it could otherwise hardly have brought into circulation.

[edit]

The Unified Currency – Metal Money

The problem of metal money was its open advantage: metal money bearing its value in the coin minted could be traded without any institution guaranteeing its value. The Korean merchant who accepted Japanese money whether gold or silver accepted a certain amount of fine metal within the piece of metal he acquired. Exchanged on the basis of its weight, Japan’s money could just as well cross borders in Japan without affording any clan territory to guarantee for the value of the coin circulating. The problem of Japan’s metal money was its constant loss in trade abroad. Japan exchanged silver for silk and ginseng – a metal which would not lose its value for goods which were to be lost at home in consumption. Monetary experts could still claim rice to be the nation’s real money and wealth – a currency of use in any state of emergency in which metal would turn out to be fundamentally worthless (H. Eijiro, “The Economic thought in the middle period of the Tokugawa period” (1940), p.7-8 pdf. Rice, so the refutation grew, while money – gold, silver and copper – were stable assets. The stable assets left the country and Japan’s gold and silver mines did in the second half of the 17th century, no longer make up for the losses. The growing economy needed more money and encountered a shortage of money instead.

The option to solve the problem was a move towards a metal based currency of nominal rather than real metal values. In 1695 the shogunate government decided to collect and re-issue the circulating metal money. The amount of money in circulation was diluted and thus optically increased – the number of coins rose, the fine metal total minted stayed the same. Had the Keicho Koban issued after the monetary reform of May 1601 offered approximately 17.9 g gold with fineness of 84-87% The Genroku gold Koban issued in 1695 to replace the old Keicho Koban still weighed around 17.9 g. Its content of gold, was however reduced to 57%. The Hoe gold Koban of 1706 returned to the original fineness, now, however, the size was reduced – the new coin had little more than half the metal value the Keicho gold Koban had had a century ago. The Bank of Japan offers the following images and information to illustrate the development for the gold Koban: link

 

Keicho Koban
Weight:

approx.17.9g
Fineness: 

approx.84-87%

Genroku Koban
Weight:

approx.17.9g
Fineness:

approx.57%

Hoei Koban
Weight:

approx.9.4g
Fineness:

approx.84%

Kyoho Koban
Weight:

approx.17.9g
Fineness: 

approx.87%

Gembun Koban
Weight:

approx.13.1g
Fineness: 

approx.66%

 

A parallel debasement of Japan’s silver money took place with the production of coins like the silver Hoei Yotsuho Chogin of 1711 – a coin with a silver content of 20% – Keicho Cho gin and Mameitagin had been minted with a fineness of 80%.

 

Hoei Yotsuho Cho-gin, 1711 Silver coins were debased four times in five years beginning with 1706. The poorest-quality cho-gin, with a silver content of merely 20 percent, was called the Hoei Yotsuho Cho-gin. To note the value the Chinese character ho “treasure” within a circle is stamped four times on the coin’s face. (Image: curtesy of the Bank of Japan’s web page)

The devaluation of Japan’s currency answered the need created by Japan’s growing economy with problematic results: Prices of foreign goods rose as Japan’s new coins were, of course, no money of a nominal value in the modern sense of the word. There was no central bank offering gold and silver of the promised value for coins circulating under that value. Foreign traders could do what Japanese customers could not do: They could demanded more money to get the amount of fine silver they would get for their goods on other markets. Japanese traders had to fulfil their demands and finally convinced the government in 1710 to issue silver of the original quality to satisfy traders from Korea.

 

Oko-gin, 1710 minted to be used by the Tsushima daimyo to pay for imports of Korean ginseng and Chinese raw silk, to satisfy Korea’s traders who rejected the Hoei Cho-gin because of its inferior quality. As with other cho-gin (silver coins), an image of the god of wealth and the Chinese character takara, “treasure”, are stamped numerous times over the face. The fineness is with 80% comparable to the fineness of the Keicho Cho-gin minted after 1601 – regular cho-gin coins had a silver content of 20-50%. (Image: curtesy of the Bank of Japan’s web page)

The result was a system of double standards. Japan’s silver and gold claimed a value it had not – it could do this within the isolated economy. The measure failed, however, on the wider scale. Prices for goods from China and Korea rose after the debasement. To offer the original content of fine silver Japanese merchants had to offer 160% more minted silver after 1695. The debasement of 1706 forced them to offer 200 momme silver where they had offered 100 momme silver of the original quality. The end of the scale were 400 momme matching now the original 100 momme if reduced to fine silver. 400 momme of 20% silver the Japanese trader had bought at home for the price of 80% silver. The problem was not solved with the introduction of expensive 80% silver minted exclusively for the trade with Korea in 1710 nor was it solved with the new silver money issued in 1714 with the old fineness, yet to be bought for a price no one could afford any longer.

The reform came in two steps: To improve the fineness and weight of gold and silver coins the Shotoku Koban was introduced in 1714 – in quality and weight matching the old Keicho Koban. Rumors alleged it was by no means equal in quality to the Keicho Koban. The following year, hence, saw the introduction of the Kyoho Koban, which was slightly higher in quality than the Shotoku Koban and the preceding Keicho Koban had been. The amount of money in circulation dropped with the introduction of the new money. Economic activities came to a standstill, and prices dropped drastically. The measures had consequences down to the rice prices, impoverishing both the samurai class and its farmers.

To stimulate the economy and raise prices, the eighth Tokugawa Shogun, Yoshimune, finally carried out another recoinage in 1736, lowering the quality of gold and silver coins again and increasing their circulation. As had happened with the recoinage of the Genroku and Hoei Koban, the Gembun Koban was debased. Nevertheless, this recoinage deserves more credit, as it supported the Edo period’s economic development from the aspect of currency circulation. Governmental profits from the recoinage resolved the problem of a currency shortage, succeeded in turning the economy around, and allowed the currency a high degree of stability for the next 80 years. Japan had taken the step to a currency of nominal values, yet the market brought this currency back to the value given with the coinage itself.

The immediate effects of the recoinage of the 1690s and early 1700s where immensely problematic – Japan suffered a wave of bankruptcies. In the longer perspective the catastrophe led Japan towards even greater autonomy. The economical problem of the trade deficit was not solved by decisions which might have turned Japan into an exporting country able to stabilise its trade balance. Much rather the decisions strengthened the way towards the even severer national seclusion. As for Japan’s government the steps taken had their beauty: the clans, beaten in the wars of the 16th century, had made money by issuing paper-money for gold, silver and copper money. In the end the central government had made its own profits in the struggle for power. Profits in money and in power over the money it issued.

[edit]

A Note on our Conversion Tools

It is at this point everything but uninteresting to offer conversion tools — in order to perform conversions as traders would have performed them and to allow comparisons of prices and wages on the different Asian and European markets exporting and importing goods like silver and porcelain. The rates between gold, silver, and copper coins were fixed by the shogunate government: The 1 Ryo gold coin matched 50 momme of silver or 4 kan of copper coins. Actual rates differed due to the changes of supply of gold and silver on the market and due to different evaluations of the coins involved. The Kenji gold Koban minted in the 16th century had stood at 60 momme of silver, the Keicho gold Koban of 1601 had been changed into 80-90 momme silver, the Genroku gold Koban of 1695 came to be accepted as an equivalent of 70 momme silver (Eijiro Honjo (1940), p.6 pdf).

The central unit of account in Japan and between Japan and its few partners abroad was the momme silver – quite conveniently nothing but a unit of weight. The difficulty is, of course, the devaluation of Japan’s silver and the double standard it created between the nominal value of money inside Japan and the “real” value of the coin to bee seen from without. Those who traded with Japan made sure they were not paid with bad silver at the rate Japan’s government had forced its citizens to accept. In 1710 Japan began to mint silver coins of the old 80% fineness exclusively for its Korean trade partners. If we base our tools on an exchange of regular Dutch silver coins and equivalent amounts of Japanese silver of 80% fineness the rate will be one of 3 Dutch guilders matching 10 momme: On the Japanese side 10 momme of 80% silver will amount to 30 g fine silver. On the other hand 3 Dutch gulden could be an amount of fine silver between 28.67 and 30.88 g depending on whether one paid in silver gulden (of 10.49 g coin weight and 91.1% fineness) or more valuable Leeuwendaalders (the equivalent of 3 gulden, each coin of 27.53 g metal weight and 74.3% fineness) – with both coins we get a corridor of tolerance our conversion should aim at.

The factor of 3 was chosen to facilitate further computations with silver of less than the nominal 80% fineness. The new coinage could be imposed on a country of closed borders and we get accurate information about the general structure of prices and wages if we allow the new money to have – at least initially – actually circulated at its nominal value. Rates with 80% silver are otherwise misleading. If one changed money one took care of compensations or demanded better coins. If you think of actual money being changed you will hence ask to take the actual fineness of Japanese silver into account. To do so you change the first factor of our conversion tools: 3 stands for 3 g silver and the orginal money of 80 percent fineness, make the momme contain it 1.88 g silver and you will calculate with money minted after 1695s, go down to 0.75 g silver per momme to calculate with the ultimate debasement of 1710. You will now need 133 and a third momme to match 10 Dutch gulden. The price of foreign goods had more than quadruppled, so the perception Japanese customers had, when buying with their new money, a money they had received for a very dear price indeed.link

[edit]

Literature

  • Camfferman, K./ Cooke, T.E., “The Profits of the Dutch East India Company’s Japan Trade”, Abacus, vol. 40, no. 1, (February 2004), pp. 49-75(27). link
  • Sungil, Chung, “The Volume of Early Modern Korea-Japan Trade: A Comparison with the Japan-Holland Trade,” Acta Koreana, vol 7-1 (2004).
  • Shikano, Yoshiaki, “Currency, wage payment and large fund settlement system in Japan: 1600-1868” (Wages and Currency: Global and Historical Comparisons, Symposium in Amsterdam/Leiden, 24-25 May 2002). Abstract
  • Ohnuki, Mari, “Paper Money in Japan 2-2 Hansatsu(I): From Their First Issue to Their Prohibition in the Early 1700s”, Short Essays on Monetary History Contained in Monetary and Economic Studies, Research Division 3, Institute for Monetary and Economic Studies, Bank of Japan (ed.), Monetary and Economic Studies, 17.1 (1999). link
  • Fujii, Noriko, “Oko-gin Silver Coins for Import of Korean Ginseng – A Two-Tiered Pricing System for Silver Coins”, Short Essays on Monetary History Contained in Monetary and Economic Studies, Research Division 3, Institute for Monetary and Economic Studies, Bank of Japan (ed.), Monetary and Economic Studies 16.1, (1998). link
  • Ohnuki, Mari, “The Genroku, Hoei, Shotoku, Kyoho, and Gembun Koban”, Short Essays on Monetary History Contained in Monetary and Economic Studies, Research Division 3, Institute for Monetary and Economic Studies, Bank of Japan (ed.), Monetary and Economic Studies, 15.2 (1997). link
  • Tashiro, Kazui, “Exports of Japan’s Silver to China via Korea and Changes in the Tokugawa Monetary System during the Seventeenth and Eighteenth Centuries”, in: Dennis O. Flynn and Arturo Giraldez (eds.), Metals and Monies in an Emerging Global Economy (Brookfield, VT: Ashgate, 1997).
  • Uyenaka, Shuzo, “The Tong Shin Sa and The Tokugawa Bakufu: An Aspect of Korea-Japan Relations, 1603-1867,” East Asian Review, 1 (March 1997), 89-98.
  • Mikami, Ryuzo, Edo Bakufu: Hasan e no Michi [Edo Period Government: The Road to Bankruptcy] (NHK Books, 1991) [in Japanese].
  • Tashiro, Kazui, “Exports of Gold and Silver During the Early Tokugawa Era, 1600-1750”, in: Eddy H.G. Van Cauwenberghe (ed.), Money, Coins and Commerce: Essays in the Monetary History of Asia and Europe (From Antiquity to Modern Times): Proceedings of th 4th and 5th International Monetary History Conferences (Leuven, Belgium: Leuven University Press, 1991).
  • Tashiro, Kazui, Tokugawa Jidai no Boeki [Trade during Tokugawa Rule] Nihon Keizai Shi (History of the Japanese Economy), vol. 1 (Iwanami Shoten, 1988) [in Japanese].
  • Hisamitsu, Juhei, Nihon Kahei Monogatari [The Story of Japanese Coins] (Mainichi Shimbunsha, 1976) [in Japanese].
  • Tashiro, Kazui, “Tsushima han’s Korean Trade, 1684-1710,” Acta Asiatica, 30 (1976), 85-105.
  • Bank of Japan, Economic Research Department, ed. Zuroku Nihon no Kahei [Japanese Coins], vol. 3, (Toyo Keizai Shimposha, 1974) [in Japanese].
  • Taya, Hirokichi, Kinsei Ginza no Kenkyu (Yoshikawa Kobunkan, 1963). [A study of early modern silver mints in Japanese]
  • Honjo, Eijiro, “The Ecomonmic thought in the midde period of the Tokugawa period”, Kyoto University Econmonic Review, vol. xv, no. 2 (Kyoto, April 1940), p.1-33. [On monetary politics, price developments and the relatinonship between coinage and price developments, 1688-1763] pdf
  • Honjo, Eijiro, “The Ecomonmic thought in the eraly period of the Tokugawa period”, Kyoto University Econmonic Review, vol. xiv, no. 4 (Kyoto, Oct. 1938), p.1-17. [Concentrating on the period 1600-1688] pdf
  • Honjo, Eijiro, “The Ecomonmic thought in Tokugawa days”, Kyoto University Econmonic Review, vol. xiii, no. 1 (Kyoto, Oct. 1938), p.1-22. [Overview of th perod 1600 to 1867] pdf

 

Source

Pierre-marteur.

 

 

19th century\

1866

As a rule, scrip circulated only within the domain that issued it, but there were exceptions. For example, paper issued by the Kishū domain in 1866 was also used in Yamato, Izumi, Kawachi, Settsu, and Harima Provinces.

In 1871, the Government of Meiji Japan ordered the abolition of the han system and ordered the exchange of all scrip for the national currency. Exchange continued until 1879. In the interim, some scrip carried markings from the central government indicating the value in yen and the smaller sen and rin.

1867

Tokugawa coinage was a unitary and independent metallic monetary system established by Shogun Tokugawa Ieyasu in 1601 in Japan, and which lasted throughout the Tokugawa period until its end in 1867.[1]

Further information: Japanese currency

Gold mines across Japan, such as the Toi gold mine (pictured) provided the material for the coinage.

The establishment of Tokugawa coinage followed a period in which Japan was dependent on Chinese bronze coins for its currency.[1] Tokugawa coinage lasted for more than two centuries, and ended with the events of the Boshin war and the establishment of the Meiji restoration.

A Tenshō Ōban (天正大判), made in 1588 by Toyotomi Hideyoshi.

The first attempt at a new currency were made by Hideyoshi, who developed the large Ōban plate, also called the Tensho Ōban (天正大判), in 1588.[2]

From 1601, Tokugawa coinage was minted in gold, silver, and bronze denominations.[1] The denominations were fixed, but the rates actually fluctuated on the exchange market.[1]

The material for the coinage came from gold and silver mines across Japan. To this effect, gold mines were newly opened and exploited, such as the Sado gold mine or the Toi gold mine in Izu Peninsula.

Devaluations and re-evaluations[edit]

Initially, the coinage was used essentially for export purposes in order to pay for imports of luxury goods from China, such as silk.[1] As gold and silver were in short supply, and also because the government was running a deficit, the content of gold in coins was decreased on two occasions, in 1695 and 1706-1711, in order to generate more revenues from seigneurage, but with the effect of generating inflation.[3]

With the beginning of the 18th century, Japan started to restrict the export of bullion currency, which came to be seen as a loss for the country. An export ban on monetary specie was imposed by Arai Hakuseki in 1715.[1] Trade substitution was encouraged, but remained limited anyway due to the policy of closure, or Sakoku. Upon Arai Hakuseki’s suggestion the government increased again the gold and silver content of coinage in 1714-1715, but this led to crippling deflation this time.[3] In 1736, Japan abandoned this policy and again increased the money supply, with a resulting price stability for the next 80 years.[3]

In the early 19th century, budgetary problems resulting from natural disasters and large Tokugawa governmental expenditures led the government to increase the money supply and the seigneurage associated to it. From 1818 to 1829 the money supply increased by 60%, and from 1832 to 1837 by 20%. Severe inflation again followed as prices nearly doubled.[3]

Size evolution of the Koban during the Tokugawa period. From left to right: Keichō koban (1601-1695), Genroku koban (1695-1710), Hōei koban (1710-1714), Shōtoku koban (1714), Kyōhō koban (1714-1736), Genbun koban (1736-1818), Bunsei koban (1819-1828), Tenpo koban (1837-1858), Ansei koban (1859), Man’en koban (1860-1867).

Structure[edit]

Keichō gold coinage: Ōban, Koban, Ichibuban, 1601-1695.

Tokugawa coinage worked according to a triple monetary standard, using gold, silver and bronze coins, each with their own denominations.[1] The systems worked by multiples of 4, and coins were valued according to the Ryō. One Ryō was worth 4 Bu, 16 Shu, or 4,000 Mon (a cheap bronze coin).

Ōban[edit]

The Ōban (大判) was a very large gold coin plate, equivalent to ten Ryōs, or ten Koban (小判) plates.

Koban[edit]

Main article: Koban (coin)

The Koban (小判) was a regular ovoid gold coin, equivalent to one Ryō. The initial Keichō Koban (minted from 1601) had a weight of 18.20g. The 1714 Sado Koban (佐渡小判金, 4th year of Shōtoku) also had a weight of 18.20g and was made with an alloy of typically 85.69% of gold and 14.25% of silver.[4]

Nibuban and Ichibuban[edit]

A Tenpō silver Ichibuban (1837-1854).

The Nibuban (二分判) was worth half a Koban and was rectangular gold coin.

The Ichibuban (一分判) could be either made of silver or gold, in which case it was a quarter of a Koban. The gold Ichibuban of 1714 (佐渡一分判金) had a weight of 4.5 g, with 85.6% of gold and 14.2% of silver. The silver Ichibuban from 1837 to 1854 (Tenpō Ichibugin, 天保一分銀, “Old Ichibuban”) weighed 8.66 g, with an alloy of 0.21% gold and 98.86% silver.[4]

Nishuban and Isshuban[edit]

There were then Nishuban (二朱判) and Isshuban (一朱判) small denominations of silver or gold, before getting to the Mon or Sen bronze coins.

From 1853 to 1865, the silver Isshuban (Kaei Isshugin, 嘉永一朱銀) weighed 1.88 g, with an alloy of 1.7% gold, 98.7% silver and 1.12% copper.[4]

Genroku gold Nishuban (1695-1710).

Bunsei gold Isshuban (1819-1828).

Kaei silver Isshuban (1853-1865).

Kan’ei tsūhō[edit]

Keichō tsūhō coin (慶長通宝), circa 1606.

Regarding copper coins, the Kan’ei tsūhō coin (寛永通宝) came to replace the Chinese coins that had been in circulation in Japan, as well as those that were minted privately, and became the legal tender.[5] This put an end to more than four centuries during which Chinese copper coins, obtained through trade or Wakō piracy, had been the main currency of Japan.[5]

Demise[edit]

Nibunkin (二分金) coins, packaged and certified for easy handling and authentification.

Hiding places for Tokugawa coinage.

From 1772, the silver coins had a denomination in function of their value in gold, and had significantly less silver than their face value (rather than being just silver-by-weight) so as to cover coinage expenses, a practice known as token or fiduciary coinage, and a characteristic of modern coinage.[6] This technique was introduced later in England, in 1816, with its adoption of the full gold standard.[6] At the market rates of 1858 10 silver units could be exchanged for 1 gold unit by weight, whereas the face value of silver units was only convertible at 5 to 1. This permitted an increase of monetary circulation without actual production of more bullion, and provided great profit (seigniorage) for the Bakufu.[6]

A Koban box (called Senryōbako, or “Box of 1,000 ryō“), used for transportation.

World ratios for silver and gold were significantly different, gold being generally valued much higher than silver, at about 15 to 16 weights of silver for 1 weight of gold. This difference motivated foreigners to bring silver to Japan, to exchange it for gold at a very interesting rate.[7]

In 1858, Western countries, especially the United States, France and Great Britain imposed through “unequal treaties” (Treaty of Amity and Commerce“) free trade, free monetary flow, and very low tariffs, effectively taking away Japanese control of its foreign exchange:[7] The 1715 export embargo on bullion was thus lifted:

“All foreign coin shall be current in Japan and pass for its corresponding weight of Japanese coin of the same description… Coins of all description (with the exception of Japanese copper coin) may be exported from Japan”

— Treaty of Amity and Commerce, 1858, extract[8]

A Keichō koban (minted 1601-1695), versus a Man’en koban (minted 1860-1867), shows the drastic reduction in gold weight of the koban denomination.

This created a massive outflow of gold from Japan, as foreigners rushed to exchange their silver for “token” silver Japanese coinage and again exchange these against gold, giving a 200% profit to the transaction. In 1860, about 4 million ryōs thus left Japan,[7] that is about 70 tons of gold. This effectively destroyed Japan’s gold standard system, and forced it to return to weight-based system with International rates. The Bakufu instead responded to the crises by debasing the gold content of its coins by two thirds, so as to match foreign gold-silver exchange ratios.[7]

As a consequence, the Bakufu lost the major profit source of recoinage (seigniorage), and was forced to issue unbacked paper money, leading to major inflation. This was one of the major causes of discontent during the Bakumatsu period, and one of the causes of the demise of the Shogunate.[7]

Other coins[edit]

Despite Tokugawa Ieyasu’s strong will to unify the currency, there were still some local exceptions, with locally made currency.

Silver koban of Sagami Province, called Odawara Hishi (小田原菱).

Silver Nanryō Ōban (南鐐大判).

Gold Genbun Inari Koban (元文稲荷小判).

Notes[edit]

  1. ^ a b c d e f g Metzler p.15
  2. ^ The Cambridge History of Japan: Early modern Japan by John Whitney Hall p.61 [1]
  3. ^ a b c d The political economy of Japanese monetary policy by Thomas F. Cargill p.13 [2]
  4. ^ a b c Toi Museum
  5. ^ a b Japan Currency Museum permanent exhibit.
  6. ^ a b c Metzler, p.16
  7. ^ a b c d e Metzler, p.17
  8. ^ Quoted in Metzler, p.17

Bibliography[edit]

Japanese currency

     
 

Topics

 
 

Coinage

Rin

 

Sen

 

Yen

 

Other

 

Banknotes

Sen

 

Yen

 

Military

 

 

 

 

 

Notes[edit]

  1. ^ a b Japan Currency Museum permanent exhibit.

Sources[edit]

This article incorporates information from the Japanese Wikipedia.

  • Bank of Japan
  • 新井政義(編集者)『日本史事典』。東京:旺文社1987(p. 329)
  • 竹内理三(編)『日本史小辞典』。東京:角川書店1985(p. 290)

External links[edit]

 

Japanese currency

     
 

Topics

 
 

Coinage

Rin

 

Sen

 

Yen

 

Other

 

Banknotes

Sen

 

Yen

 

Military

 

 

         

Source

Wiki

Currency

From SamuraiWiki

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A Kan’ei tsûhô coin from the Edo period (date unknown, left), a replica Keichô koban (center), and a Meiji 14 (1881) one sen coin (right)

A number of different modes of currency were used throughout Japanese history, including, in the pre-modern period, the heavy use of Chinese coins. By the Edo period, a relatively standardized system of gold and silver coinage was in place, though it experienced dramatic inflation and devaluation, among other financial crises, at times. Systems which served as precursors for a “modern” system of banks and paper currency, along with futures markets and other such economic/financial developments, emerged in the 18th-19th centuries, and beginning in the Meiji period, “modern” systems based on the Western model were established.

Contents

 [hide

Early Coinage

It is widely believed that the first currency to be produced in Japan was minted in the Wadô era (708-715), an era named after the discovery of copper in Musashi province (Wadô 和銅 literally means “Japanese copper”). These coins, with a face value of one mon, were based on the kai yuan tong bao (開元通宝) coinage then circulating in Tang Dynasty China. These small round coins with square holes in the middle would serve as the standard model for the shape or form of coins in both China and Japan for many centuries. Recent discoveries since the 1990s, however, have unearthed earlier, unlabeled (mumon 無文) silver coins, as well as coins known as fuhonsen 富本銭. The latter seem to have emerged in the 680s, during the period of Fujiwara-kyô; in contrast to the mumon ginsen which were valued by their actual weight in silver, and which Emperor Temmu outlawed in 683, the fuhonsen were fiat money (face value).

After the so-called Wadô kaihô (“Wadô coins”), other currencies continued to be produced until the mid-10th century, each named after the Imperial reign era in which they were produced. These included the Mannen tsûhô, Jinkô kaihô, Ryûhei eihô, Fûju shinpô, Shôwa shôhô, Chônen taihô, Jôeki shinpô, Jôgan eihô, Kanpyô taihô, and Engi tsûhô.[1]

Coinage at this time was used only by the aristocracy or religious elites, while the rest of the population functioned on a barter system in which value or buying power tended to be expressed in terms of silk, cloth, or rice.[2] One hiki 疋 of silk was generally valued as equal to one koku of rice (1 koku = 10 to 斗 = 100 shô 升), though this varied. Still, on average, from the Heian period through the Sengoku period, one koku of rice was considered equivalent to one kanmon, or 1000 mon in coins; one hiki remained steadily equivalent to ten mon of coins through the Edo period.[3] The direct association of goods, especially rice, with value, would continue through the mid-19th century; in the Edo period (1600-1868), lands would be valued in terms of their agricultural production, taxes would be paid in rice (or equivalents), and samurai would be paid their stipends in rice.

These early currencies fell out of usage, however, in the tenth century. By the time of the issuing of the Engi taihô (901-923), the currency had become debased, meaning that a given coin, despite officially having a certain denomination, actually contained less precious metal than its nominal value. In other words, there was severe inflation, as a given amount of currency no longer had the value (or buying power) it once did. And so, people lost confidence in the currency, and the government stopped minting coins for a time.

Several centuries later, beginning in the 12th century, Song dynasty Chinese coins began to be imported in considerable volumes, as a natural result of increased trade with China. The Northern Song, in fact, minted more copper coins than any other Chinese dynasty, and though the export of coinage from China was banned, Chinese coins nevertheless flowed throughout the East Asia region.[4] The court noble Saionji Kintsune alone is known to have imported as much as 100,000 kan of Song coins, enough to fund the construction of a dozen or more buildings. Song coins circulated so widely that as early as 1240 the Kamakura shogunate had reversed its various bans on the usage of cash, permitting its use everywhere but in the northernmost provinces.[5]

Muromachi Period and Ming Trade

Chinese coins continued to be a major presence in Japanese markets – at least among the elites – into the Muromachi period (1333-1573). The Ashikaga shogunate entered into formal trade relations with Ming Dynasty China in the late 14th century, and maintained relations until the mid-16th. Coins associated with the reign of the Yongle Emperor (1403-1425) were particularly numerous in Japan due to the close Sino-Japanese relations during that period, under Shogun Ashikaga Yoshimitsu, but coins issued in the Hongwu (1368-98) and Xuande (1425-35) reigns in particular have also been found in considerable numbers. The export of gold, silver, and copper from China remained forbidden in this period, but copper coins ended up being taken back to Japan by the tribute envoys anyway, after selling their cargoes in China.

The use of currency expanded considerably in Japan in the Kamakura (1185-1333) and Muromachi periods. Taxes previously paid in rice or other crops were now increasingly paid in Chinese coinage (though payment in crops was still very common), and coins circulated more widely. Systems of moneylenders called kariage or dosô emerged. But the currency being used was almost exclusively Chinese coins.[6]

Japanese coins first began to re-appear, and the volume of Chinese coins in circulation in Japan to drop, in the mid-15th century. Due to price fluctuations, Japanese merchants / tribute envoys in China found it more profitable to purchase goods – such as silk – in China to resell in Japan, rather than bringing Chinese coin back. Some areas in western Japan even began minting their own coins in imitation of the Chinese ones, and sending traders with Japanese coins to China to buy Chinese goods. Chinese coins from the late 15th century, e.g. those minted in the Hongzhi (1488-1505) reign, are quite rare finds for archaeologists in Japan today, and those from later reigns are almost entirely absent.[6]

In the Sengoku period (1467-1600), and especially as Japan began to become more integrated in the mid-to-late 16th century, regional daimyô began to expand their mining efforts, and gold and silver came to be more widely circulated, and exported. Gold dust had long been a common element in gifts (tribute) paid by samurai lords and shogunates to the Imperial Court; bags of gold dust of a designated size, called (納), were valued at 20 ryô.[7] In the central regions of the country, where mining was most prevalent, taxes came to increasingly be paid in gold and silver; this was then exchanged for coins or rice. Kin’ya and gin’ya (gold and silver dealers) emerged and enabled these conversion (exchange) transactions. These dealers, along with firms officially licensed by the local lord, called ginza or tenbinza, also dealt in producing, and certifying, pieces of gold and silver with a designated level of refinement or quality. Certified pieces, called hankin or gokuin-gin would be marked with numbers, kanji, kaô (monograms), or crests, indicating the firm’s certification. The term hankin would later be used in the Edo period to refer chiefly to ôban coins, but in fact the term could be applied to all certified & marked pieces of gold.

In the Edo period, the ryô would become one of the more common monetary denominations, and would become intricately tied into the koku, a measure of rice. However, prior to that time, the ryô was more closely related to a Japanese adaptation of the Tang system of measuring precious metals. In Tang China, precious metals were measured in “big” chin (J: kin, 斤) and “small” chin, and in “big” liang (J: ryô) and “small” liang,[8] with the smaller denomination being one-third that of the “large” denomination.[7] In the Nara and Heian periods, Japan simply made use of the “small” Chinese denominations as a standard denomination, omitting the “small” designation. But by the end of the 13th century, the Japanese implemented their own system of denominations, equating one ryô of gold to four monme and five bu[9].

For the sake of convenience, the ryô was, for a time in the late 16th century, devalued to four monme four bu. Around the same time, the denomination mai, equal to ten ryô, was briefly used.

Coins were minted from time to time in the Sengoku period by various local/regional power-holders, including lesser daimyô, as well as the likes of Oda Nobunaga. Toyotomi Hideyoshi, after securing control over most of the archipelago, minted coins as well. The so-called Tenshô-hishi-ôban, an ôban coin shaped like a chestnut (hishi), was first minted in 1588, the sixteenth year of the Tenshô era; similar coins continued to be made for several years afterwards. However, the vast majority of such coins produced in the 16th century were ten ryô coins, produced to be given as gifts to loyal commanders, or for other similar purposes, and not for general circulation.[10]

Edo Period

Two ten ryô ôban, one five ryô ôban, and a one ryô koban coin, on display at the British Museum

Samurai stipends in the Edo period were paid out in koku, i.e. in rice. However, gold and silver coinage was used in everyday exchanges (especially among chônin/commoners – peasants, merchants, artisans, etc.). In Edo, gold was more widely circulated, while in Kamigata (the Kyoto-Osaka area), silver was more commonly the mode of exchange. Gold was exchanged in relatively standardized coins issued by the shogunate, known as koban, and worth one ryô apiece.

A ryô was considered to be roughly equal to one koku, which in turn is said to have been roughly the amount of rice needed to feed a man for a year. However, rice and gold prices fluctuated dramatically over the course of the period, with 19 separate incidents of currency devaluation between 1819 and 1837 alone,[11] and the exact amount of rice that comprised a koku is, in any case, a subject of debate. Over the course of the Edo period, the cost of rice dropped dramatically relative to the value of gold, making samurai (who relied on stipends paid in koku) less and less wealthy than members of the merchant class who earned their incomes in gold and silver.[12]

The use of the gold koban, however, was most common in and around Edo, and the farther one traveled from Edo, the less standard it became. At the beginning of the Edo period, there were over one hundred types of gold coins in circulation,[13] and so in many parts of the country, particularly the active commercial centers of Kyoto and Osaka, and other areas at a considerable distance from Edo, currency continued to be valued by weight, and not by face value. While gold coins were particularly standard in Edo, in the rest of the country, silver and copper coins remained quite common, and were valued by their weight, in momme. One momme of silver was a little less than 4 grams. The most common denomination of silver was a 43 momme nugget called a chôgin.[14] One hundred momme of copper coins were worth roughly one momme of silver, and one thousand momme was called one kanme. Weights, previously not fully standardized, were in the Edo period restricted to those produced by the Gotô school, whose weights were to be used in all transactions for weighing out, for example, gold or silver. (Rice was measured by volume, not by weight.) Gotô Tokujô, who produced weights and coins for Oda Nobunaga, and gold engraver Gotô Yûjô (1440-1512) were members/ancestors of this family.

The Edo period monetary system, or at least its foundations, was established quite early in the period. In 1601 (Keichô 6), the Tokugawa oversaw the minting of a series of coins, in fairly large quantities, explicitly for circulation. The largest was the Keichô ôban, worth 10 ryô; the Keichô koban and ichibuban, gold coins worth 1 ryô and 1 bu respectively, were “face value” coins, with the value of one bu dependent not directly on the weight of the gold coin, but rather tied to the rising or falling value of the koban. Silver chôgin and mameita-gin coins continued to be valued by weight, and circulated in paper wrappings.[15]

Regional currencies continued to be used for a time, along with hankin and gokuin-gin certified bullion. Merchants in the Ise-Yamada area began producing paper money as early as 1600. Many domains produced their own paper notes; the oldest known today in its original form was a variety produced in Fukui han in 1661.[16] Kaga han (Ishikawa prefecture), which is still known today for its precious metals, was one of a number of places which had its own systems of certified bullion (mainly in silver), including what was called shuhô-gin – certified silver in a vermillion wrapper. Bullion sent to Edo or other parts of the country from these mining areas was often stamped or otherwise designated by marking for that region. To take just one example, bars from Niigata were stamped with the character ei/sakae (栄, prosperity). Akita han was also a major mining and minting area, producing gold and silver sen (coins in the same form as copper coins traditionally), along with koban, crude silver ore (jô-gin), and certified silver (gokuin-gin). Akita employed its own producers of weights and scales.[17]

By the end of the 17th century, the shogunate took control of the silver mines and the minting of currency, and established shogunate-controlled ginza, kinza, and copper mints in Osaka and Edo. The Kan’ei tsûhô was first minted in 1670, and the system was standardized, eliminating regional variant currencies, at least in theory.[16] Though this might seem on the surface like it might stifle economic development, in fact, the opposite occurred, as regional differences in currency systems, and protective policies put in place by the various domains, were eliminated, allowing freer circulation of money and goods throughout the country, especially in and out of the major economic centers of Edo and Osaka.[18] Despite the shogunal ban, many domains continued to produce their own fiat money, at least at times. Akita han issued its own fiat money in 1755, in an effort to monopsonize rice; the project was short-lived, however, being shut down a mere two years later after tea merchants from Mino province complained to the shogunate about the non-convertible currency. In another example, Tokushima han issued paper money beginning in the 1680s in an effort to make up for an insufficient supply of silver. Most domainal efforts to print their own money resulted in unintended inflation.[19]

Meanwhile, precious metals, especially silver, flowed out of the country in great volume, especially through Nagasaki. In the 16th century Japanese silver mines had become much more productive just as Chinese ones began to wane, spurring this considerable outflow. Copper mines similarly saw a considerable increase in their output in the 17th century, but by the end of that century, Japan’s silver mines were already beginning to run dry. This led to dramatic devaluations in the coinage, and rampant inflation, at various times over the course of the Edo period, as the shogunate attempted to implement financial/monetary policies to address the declining supply of precious metal. The Keichô koban weighed four momme, eight fun, and was 862 parts gold to 132 parts silver. After 1695, it was debased to 564 parts gold to 432 parts silver, with the total weight of the coin remaining the same.[20] One of the most significant instances of this came in 1718, when the value of the gold ryô dropped by about 20 percent. One gold ryô had been equal to roughly 60 momme of silver, and was now worth roughly 50 momme;[14] one chôgin (43 momme), therefore, had been equivalent to roughly 71% of a gold ryô, but was now worth closer to 83% of a ryô.[21] Meanwhile, the Genroku-gin pieces of silver (issued 1695-1706), made of 646 parts silver to 352.6 parts copper and 1.4 parts gold, were replaced by the Hôeigin in 1706-1710, made up of 507 parts silver 490.6 parts copper and 1.2 parts gold.[22]

The debasement of coinage in the Genroku period was the first major debasement in the period;[16] the change to minting coins of only 57% gold and ingots of only 64% silver may have created as much as five million ryô in savings (or profits) for the shogunate, providing a much-needed boost to the shogunate’s finances.[23]

Prices

Though prices varied widely, of course, over time, from place to place, and depending on the quality of the goods or other factors, the following figures might provide a rough idea of prices (i.e. the value of the ryô) in the “high” Edo period (18th to early 19th centuries).

  • 8 mon – a single piece of relatively low-quality sushi.[24]
  • 16 mon – a bowl of soba.[24]
  • 2 or 3 momme – a cheap ukiyo-e print[25]
  • 300-500 mon – one night with a prostitute at a post-station or port town in the Kansai or Inland Sea regions.[24]
  • 20 momme – an ukiyo-e print of good quality.[25]
  • 32 momme – the cost of seeing a play at Ryôgoku in 1820.
  • 75 momme – the cost of the journey from Osaka to Nagasaki by boat (roughly 14-20 days).[25][14]
  • 90 momme – the cost of a multi-volume illustrated book, such as Soga Monogatari.[25]
  • 1 bu or 1/4 ryô – a night with a particularly expensive prostitute at a post-station near Edo.[24]
  • 1000 momme or 1/4 ryô – the cost of sending a child to terakoya (temple school) for a year
  • 1 ryô – the cost for a man’s formal kamishimo outfit, including hakama, haori, and kosode.
  • 1 ryô – the cost of commissioning a scroll painting by a well-known painter; a screen painting by the same painter might cost roughly 6-10 ryô.
  • 2-3 ryô – the cost of hiring a maid for a year (i.e. the income made by a maid in a year)
  • 4 ryô – the cost of a print imported from Europe[26]
  • 6 ryô – a typical annual wage for a laborer[25][14]
  • 6 to 10 ryô – the fee to commission a major artist for a single set of lavish byôbu (folding screen) paintings; could be as much as even 40 ryô depending.[25]
  • 10 ryô – the cost of a first visit to a Yoshiwara establishment, including tips for the nakai and taikomochi.[27]
  • 200 ryô – A month in the Yoshiwara could cost as much as this.[25]
  • 360 ryô – the cost of buying a small room (80 sq yards) in Edo.
  • 483 ryô – The annual salary of a typical hatamoto in 1711.[28]
  • 500 ryô – The cap on kabuki actors’ salaries, imposed by the Kansei Reforms in 1794.[28]
  • 800 ryô The salary of kabuki actor Ichikawa Danjūrō I (16601704) peaked at this amount.[28]
  • 1000 ryôYoshizawa Ayame I (16631729) was the first kabuki actor to attain an annual salary of this amount.[28]

Denominations Chart

Gold

1 ryô

4 bu

16 shu

1 koku of rice

1 bu

1/10 monme 匁

.375 grams

 

1 monme

10 bu

3.75 grams

 

Silver

     

1 kan

100 ryô

1000 monme

 

Copper

     

1 kanmon 貫文

1000 mon

   

Rice

     

1 koku

10 to

100 shô

1 ryô of gold

1 hiki of silk

Silk

       

1 hiki

1 koku of rice

     

Meiji Period

The Meiji government began printing its own money almost immediately, in 1868. These first notes were called Dajôkansatsu, after the Dajôkan (Imperial Council of State). A new Currency Act was passed in 1871, establishing the yen as the core denomination of currency. The first national bank notes to feature a person’s portrait depicted Empress Jingû, and came out in 1881.[16]

The Bank of Japan was established in 1882, and issued its first notes in 1885; these notes, known as Daikoku satsu, featured images of Daikoku, one of the Seven Lucky Gods. A Coinage Law passed in 1897 set the economy onto the gold standard.[16]

References

  • Crawcour, E.S. and Kozo Yamamura. “The Tokugawa Monetary System, 1787-1868.” Economic Development and Cultural Change 18:4, part 1 (1970). pp489-518.
  • Kobata Atsushi. “Coinage from the Kamakura Period through the Edo Period.” Acta Asiatica 21 (1971). pp98-108.
  1. Kobata. p98n1.
  2. When a good was used as payment, its value was often counted in terms of jun-kinu 準絹, jun-nuno 準布, or jun-kome 準米, that is, in terms of how much silk, cloth, or rice it would have been worth.
  3. Kobata. pp98-99.
  4. Kobata. p98.
  5. Kang, David C. “Hierarchy in Asian International Relations: 1300-1900.” Asian Security 1, no. 1 (2005), 65.
  6. 6.0 6.1 Kobata. pp99-100.
  7. 7.0 7.1 Kobata. p101.
  8. That is, da-chin 大斤 (J: dai-kin) and xiao-chin 小斤 (J: shô-kin), da-liang 大両 (J: dai-ryô) and xiao-liang 小両 (J: shô-ryô).
  9. With one monme being 3.75 grams, or ten bu.
  10. Kobata. p105.
  11. Conrad Schirokauer, David Lurie, and Suzanne Gay, A Brief History of Japanese Civilization, Wadsworth Cengage (2013), 153.
  12. Screech, Timon. “Owning Edo-Period Paintings.” in Lillehoj, Elizabeth (ed.) Acquisition: Art and Ownership in Edo-Period Japan. Floating World Editions, 2007. p34.
  13. Crawcour and Yamamura. p490.
  14. 14.0 14.1 14.2 14.3 Timon Screech, Obtaining Images, University of Hawaii Press (2012), 79.
  15. Kobata. p106.
  16. 16.0 16.1 16.2 16.3 16.4 Pamphlet, Currency Museum.
  17. Kobata. p107.
  18. Kobata. p108.
  19. Mark Ravina, Land and Lordship in Early Modern Japan, Stanford University Press (1999), 59-60.
  20. Arai Hakuseki, Joyce Ackroyd (trans.), Told Round a Brushwood Fire, University of Tokyo Press (1979), 296n239.
  21. Timon Screech (Obtaining Images, p79) cites the figures as 65% and 95%; however, calculating directly, using the figures 43, 50, and 60, results in the percentages 71 and 83.
  22. Hakuseki, 296n240.
  23. Robert Hellyer, Defining Engagement, Harvard University Press (2009), 59.
  24. 24.0 24.1 24.2 24.3 Amy Stanley, Selling Women: Prostitution, Markets, and the Household in Early Modern Japan, UC Press (2012), xxii.
  25. 25.0 25.1 25.2 25.3 25.4 25.5 25.6 Screech, “Owning Edo-Period Paintings.” p26.
  26. Timon Screech, Obtaining Images, 325.
  27. Segawa Seigle, Cecelia. Yoshiwara. University of Hawaii Press, 1993.
  28. 28.0 28.1 28.2 28.3 Leiter, Samuel. “Edo Kabuki: The Actor’s World.” Impressions 31 (2010). pp114-131

Source samuwiki

 

 

USA

 

THE ZAIBATSU OF JAPAN

 

財閥
Financial Cliques

The zaibatsu (literally financial cliques) were the diversified family enterprises that rose to prominence in the Meiji Era. Some of the most important zaibatsu and their origins were:

Mitsui

Mitsubishi

Yasuda

Sumitomo

Okura

Furukawa

Kuhara

Suzuki

Fujita

Asano

Mitsui:

  • The founder of the Mitsui zaibatsu, Mitsui Hachirobei Takatoshi, established shops for dry goods in Kyoto (the old capital) and Edo (now Tokyo) in 1673 to sell high quality kimonos. Ten years later he and his sons established money changing shops which soon were carrying out exchange operations for the Tokugawa Shogunate, the government of Japan. One operation Mitsui performed for the Shogunate was to convert taxes which were paid in rice into money available in Edo. Osaka was the principal commercial center of Japan at the time and Mitsui sold in Osaka the rice collected as taxes. Mitsui handled the transfer of funds from Osaka to Edo. Transporting money itself from Osaka to Edo was dangerous and expensive so Mitsui instead bought the promissory notes Edo merchants gave to Osaka and Kyoto merchants and transferred these to Edo for collection. Mitsui did not charge a fee for these important services to the Shogunate but instead was compensated by having the use of government funds for a period of months. For those months between the receipt of the rice tax and the payment of money in Edo Mitsui had, in effect, an interest-free loan which it could lend at interest to other borrowers. Eventually these financial services businesses became more important than the dry goods shops which were the original business of the Mitsui family.
  • Although providing services for the Shogunate was profitable for Mitsui there were risks. When the Shogunate got into political difficulties and needed funds it squeezed the political merchants like Mitsui who had been making profits from its patronage. After demanding substantial comtributions in the 1864-65 period from Mitsui and other political merchants, in 1866 it demanded a payment from Mitsui alone which was more 50 percent larger than Mitsui’s operating assets.
  • Mitsui had to petition for a reduction in the amount the Shogunate was demanding. Mitsui founded a talented negotiator, Minokawa Rihachi, who had once been a servant of the Minister of Finance. Minokawa was uneducated and illiterate but he was a very sharp political operator. Minokawa got the payment demanded of Mitsui reduced by two-thirds. Furthermore the payment was split into three installments. Before the last two installments were due the Shogunate was overthrown.
  • However before its overthrow the Shogunate had asked that Mitsui set up in Yokohama a lending organization that would be funded by custom duties. Minokawa as a reward for his successful negotiation was selected to manage the Yokohama lending institution for Mitsui. Minokawa changed his name to Minomura for this new career.
  • When the Tokogawa Shogunate was overthrown Mitsui was selected by the new Meiji government to provide financial services and handle the creation of a new currency. Mitsui was also instructed to begin preparation for the creation of a central bank for Japan.
  • After Mitsui was well along in its plans to create a central bank the Meiji government changed its mind and called for Mitsui to collaborate with another business, Ono, in the formation of the central bank. Mitsui, Ono and Shamada were the three businesses which held government deposits and benefited from having the use of these funds interest free for a period of time. In October 1874 the government demanded that each of these three firms make a payment to the government equal to one-third of the amount that the government held with them. This payment was required within a couple of months which was too short a time for Ono and Shamada to collect on the loans they had out of government funds and they went bankrupt. Mitsui was able to survive because government funds were a smaller proportion of their holdings than they were for Ono and Shamada. Mitsui had also been more cautious in its lending than Ono and Shamada. But the key to Mitsui surviving is that its political operator, Minomura, had gotten advanced warning of the change in government policy and had longer to raise the payment required.
  • In 1876 Mitsui formed the Mitsui Bank, a major financial institution in Japan in the years ahead.

Mitsubishi:

  • Mitsubishi (Three Diamonds) was founded by Iwasaki Yataro of what is now Kochi Prefecture but was at the time Tosa domain, a samarai-controlled region. Iwasaki was selected to serve in the bureaucracy and later headed the Nagasalo office of the financial agency of the domain. The financial agency was charged with promoting the sale of domain products and using the proceeds to purchase ships and weapons from foreign merchants. The Meiji Revolution brought an end to his domain’s Nagasaki office and Iwasaki was transferred to Osaka in 1869. The trust and relationships Iwasaki developed with foreign merchants were important factors in his career. The Meiji government banned domain enterprises so the financial agency Iwasaki managed was transformed into a private business under Iwasaki’s management. Its primary activity was shipping.
  • In 1871 the Meiji government abolished the domain governments and put in their place the prefecture system. Iwasaki took over the managment of the privatized domain enterprises and assumed responsibility for the debts of the Tosa domain. This assumption of unpaid debt gave foreign merchants great confidence in Iwasaki’s integrity. Initially the new company was named Mitsukawa (Three Rivers) because three of the principle owners had “kawa” as part of their surnames. By 1873 Iwasaki had emerged as the dominant personality in the company and he renamed the company Mitsubishi Shokai.
  • The company headquarters was moved to Tokyo in 1874 and the name changed to Mitsubishi Steamship Company (Mitsubishi Jokisen Kaisha). In 1874 the Meiji government wanted transportation for a military expedition to Taiwan and foreign shipping firms refused to provide the ships. There was a national government enterprise, the Japan National Mail Steamship Company (YJK), from which the government sought transportation. YJK was not an efficiently managed enterprise and it also refused to provide the ships needed. In desperation the government turned to Mitsubishi for aid and Mitsubishi provided transport the government needed. Thereafter Mitsubishi gained favor and protection from the Meiji government. It subsequently changed its name to Mitsubishi Mail Steamship Company.
  • Mitsubishi started a Shanghai-Yokohama line and, with government backing, drove foreign ship lines out of the market. When the Meiji government needed military transport Mitsubishi provided it.

Yasuda

  • The Yasuda zaibatsu was founded by Yasuda Zenjiro at the end of the era of the Tokogawa Shogunate. Yasuda came from a poor samarai class family in what is now Toyama Prefecture. He migrated to Edo and worked in a money changing business until 1863, at age 25, he was ready to start his own money changing business. In 1867 Yasuda became a political merchant, carrying out financial operations for the Shogunate like overseeing the collection of gold and silver. Under the Meiji government Yasuda continued to provide financial services. Like other political merchants Yasuda handled tax collections and profited from the delay between collection and the time at which those funds had to be forwarded to the government. Yasuda bought up depreciated paper money which had been issued by the new regime. When the regime announced the paper money would be accepted at its face value in gold coin Yasuda made a fortune. In 1876 Yasuda founded the Third National Bank of Japan.

Sumitomo

  • The Sumitomo enterprise had its origins in mining and smelting. Soga Riemon learned copper smelting and processing in Osaka and then founded a copper refinery in Kyoto in 1590. Sumitomo Masatomo was a wealthy druggist and publisher in Kyoto. When the eldest son of Soga married the daughter of Sumitomo he adopted the Sumitomo surname. The copper business grew and the Sumitomo family became one of the companies allowed by the Shogun to trade in copper. Later the Sumitomo family enterprise was allowed to operate the Besshi copper mine owned by the Shogunate.
  • In the 1860’s the Sumitomo enterprises were experiencing financial difficulties which became catastrophic when the Shogun was overthrown. All the special privileges of Sumitomo were lost. The loans that Sumitomo had made to daimyo governments in the past were cancelled.The Meiji government intended to expropriate the Besshi copper mine as a property of the Shogunate government.
  • The mangager of the Besshi mine, Hirose Giemon, was able to make the case that the Shogunate had given Sumitomo the right to operate the Besshi mine in perpetuity and thus Besshi was really the property of Sumitomo. Hirose Giemon was made manager of the head office of Sumitomo and successfully negotiated some terms for the settlement of other financial obligations of Sumitomo. Hirose then began selling copper to foreign buyers and with the advice of a French mining engineer was able to expand production at the Besshi copper mine.

Okura:

  • In contrast to most of the zaibatsu, the Okura zaibatsu was founded by someone from the peasant class. Okura Kihachiro moved from what is now Niigata Prefecture on the north shore of Honshu to Edo and worked for three years before starting his own grocery store in 1857. After selling groceries for eight years he began to sell guns during the last days of the Shogunate.
  • In 1872 Okura traveled to Europe and the United States where he met members of a Meiji government mission who were also traveling there. After his return to Japan and he obtained government contracts as a result of the acquaintances of government people he made on that trip. Later he established a trading company with a branch in London but his profits came more from services he provided rather than the trading operations of the company. Okura also provided military supplies to the government.

Furukawa:

  • Ono was a political merchant company which held government funds on deposit and invested the idle funds in raw silk exporting and mining. When the Meiji government demanded a matching deposit Ono was not able to raise the funds and went bankrupt. Furukawa Ichibei was an employee of Ono when it collapsed. He founded a company to engage in the same activities as Ono. After Furukawa found raw silk exporting unprofitable he concentrated on mining ventures.
  • When the Ono bank collapsed depositors such as Furukawa lost their savings. Soma, a wealthy daimyo family also lost a large amount in the collapse of the Ono bank. Furukawa convinced the Soma family to relinquish its large claim for its lost deposits in return for the ownership of two mines which the Ono company had owned. Furukawa was to manage the mines for the Soma family.

Kuhara:

  • The Kuhara zaibatsu had its origins in the Fujita zaibatsu. Kuhara Fusanosuke was the nephew of the founder of Fujita. Kuhara became the manager of an unprofitable Fujita silver mine at Kosaka. Kuhara transformed the unprofitable Kosaka silver mine into a profitable copper mine by utilizing the low grade copper ore available there. The success of the Kosaka mine revived the Fujita zaibatsu. At the time the Fujita zaibatsu was a partnership of three brothers, but Fujita Denzaburo decided to buy out the interests of his two brothers’ heirs, which included Kuhara.
  • With his compensation from Fujita, Kuhara purchased a mine which he renamed Hitachi. Kuhara developed his operations into the third largest copper producer in Japan, exceeded only by Furukawa and Fujita.

Suzuki:

  • The Suzuki zaibatsu was founded by Suzuki Iwajiro of Kobe. Suzuki began as a sugar importer in 1874 but expanded to exporting camphor and mint. Suzuki marketed 65 percent of the camphor oil produced in Taiwan when it became a Japanese colony. In the early years of the twentieth century Suzuki moved into sugar refining and the processing of camphor and mint. It also built a steel mill, the Kobe Steelworks, and sought contracts to supply the Japanese navy.

Fujita:

  • Fujita Denzaburo capitalized upon his connections with government officials in Choshu to obtain government contracts for goods and civil engineering projects. The profits from being a political merchant far surpassed the earnings from the Fujita family brewery of soy sauce and saki in Choshu (now Yamaguchi Prefecture). Fujita was what Americans later called a “wheeler-dealer.” At one point Fujita spent four months in jail because of government suspicion that he was using counterfeit currency in his dealings. He and his two brothers later founded Fujita-gumi, a company that engaged in mining and drainage projects.

Asano:

  • The Asano zaibatsu had a quite different origin from the other zaibatsu, coming neither from a political merchant family business nor a family mining enterprise. The founder, Asano Soichiro, came to Tokyo with practically nothing. He progressed from a street vendor of sugar water through a variety of small businesses to retailer of firewood, charcoal and coal. One major use of coal at the time was to produce coal gas for gas light systems for homes and businesses. In producing coal gas coal is heated to a high temperature without burning and is turned into coke. Coke is valuable fuel and essential for smelting iron ore to produce iron, but at that time the coke was not being used for anything. Asano saw a use for the coke as fuel at the government-owned cement where cement was produced by heating clay and limestone to a high temperature. Asano was also able to induce a Tokyo paper manufacturer to use coke as fuel.
  • From his success in marketing coke as fuel Asano went on to capture a major share of the coal market through marketing the production of a government-run coal mine in Hokkaido. In 1884 he purchased a government cement plant and started his own shipping company to transport his coal and cement. Later he obtained from contacts in the government the exclusive rights to import kerosene from a Russian company.

The relative sizes of the zaibatsu changed somewhat over time. In 1895 the annual incomes of the various zaibatsu families were as follows.

Family

Annual
Income
1895
(000 yen)

Iwasaki
(Mitsubishi)

1,084

Mitsui

529

Sumitomo

156

Yasuda

94

Okura

65

Furukawa

62

Reference: Hidemasa Morikawa, Zaibatsu: The Rise and Fall of Family Enterprise Groups in Japan, University of Tokyo Press, 1992

 

 

The banknotes of the Japanese yen are part of the physical form of Japan‘s currency. The issuance of the yen banknotes began in 1872, two years after the currency was introduced. Throughout its history, the denominations have ranged from 0.05 yen to 10,000 yen.

Before World War II[edit]

1869

In 1869, the Ministry of Finance introduced notes in denominations between 10 sen and 100 yen. “Imperial Japanese Paper Currency” followed in 1873 in denominations of 1 yen up to 20 yen. “Imperial Japanese Paper Money” was issued between 1881 and 1883 in denominations between 20 sen and 10 yen.

1877

In 1877 and 1878, the Imperial Japanese National Bank issued 1 and 5 yen notes. In 1885, the Bank of Japan began issuing notes, in denominations of 1, 5, 10 and 100 yen. 20 yen notes were added in 1917, followed by 200 yen in 1927 and 1000 yen in 1945. [1]

Between 1917 and 1922, the government issued 10, 20 and 50 sen notes. 50 sen notes were reintroduced in 1938. In 1944, 5 and 10 sen notes were introduced by the Bank of Japan.

1930

Japan 1930 10 yen P 40a,PMG 64 FPO UNC IDR 1.157.894, 74

Dr Iwan comment

I found the near same PMG , I didinot nremember when and where I found this PMG

 

 

Allied forces notes[edit]

1945-1951

The Allies issued notes in denominations of 10 and 50 sen, 1, 5, 10, 20, 100 and 1000 yen between 1945 and 1951, during which time the Bank of Japan also issued notes. Banknotes below 1 yen became invalid on December 31, 1953 by the same legislation mentioned above.

 

P.O.W 1 yen Camp Chit Ticket for US Military (very rare) est price IDR 2.368.289,47

Australia actually made notes for the occupation as well and those can be seen at the Australian Reserve Bank website [2]

Regaining sovereignty[edit]

1950

By the early 1950s, notes below 50 yen had been replaced by coins, followed by those for 50 and 100 yen in the late 1950s.

1957-1958

In 1957 and 1958, 5000 and 10,000 yen notes were introduced.

1982

The 500 yen notes were replaced after 1982,

2000

while 2000 yen notes were introduced in 2000.

2016

100-1000 yen notes were introduced at July 2016 with small papermoney type.

Dr Iwan comment

I have   almost all of the above Japan PM type

 

except geometric patern 1946

200 yen 1946 ,

1000 yen 1986 (I found but I sold in 2000)

and

 

5000 yen 1956, I still hunting this rare bank note,

I found a rare catalogues of Japan Banknote with more older bank note which some I found in Jakarta, if the collectors and scholar want to look please visit my museum”Our Ancestor Museum WANLI SONS Kelapa Gading North Jakarta Indonesia.

Look the complete table of Japan papermoney at another page below

 

1946-48[edit]

Series A (1946–48)

Image

Value

Dimensions

Description

Date of

Obverse

Reverse

Obverse

Reverse

issue

issue suspension

expiration

   

¥0.05

94 × 48 mm

Prunus mume blossoms

Geometric patterns

May 25, 1948

December 31, 1953

June 30, 1954

   

¥0.1

100 × 52 mm

Pigeons

The Diet building

September 5, 1947

   

¥1

124 × 68 mm

Ninomiya Sontoku

Geometric patterns

March 19, 1946

October 1, 1958

Valid

   

¥5

132 × 68 mm

Geometric patterns

March 5, 1946

April 1, 1955

   

¥10

140 × 76 mm

The Diet building

February 25, 1946

   

¥100

162 × 93 mm

Prince Shōtoku, “Yumedono” (A hall associated with Prince Shōtoku in Hōryū-ji Temple)

Hōryū-ji Temple

February 25, 1946

July 5, 1956

For table standards, see the banknote specification table.

   

1950-53[edit]

Series B (1950–53) [3]

Image

Value

Dimensions

Main Color

Description

Date of

Obverse

Reverse

Obverse

Reverse

issue

issue suspension

   

¥50

144 × 68 mm

Orange

Takahashi Korekiyo

The headquarters of the Bank of Japan

December 1, 1951

October 1, 1958

   

¥100

148 × 76 mm

Brown-orange

Itagaki Taisuke

The Diet building

December 1, 1953

August 1, 1974

   

¥500

156 × 76 mm

Dark blue

Iwakura Tomomi

Mt. Fuji

April 2, 1951

January 4, 1971

   

¥1000

164 × 76 mm

Grey

Prince Shōtoku

“Yumedono”

January 7, 1950

January 4, 1965

For table standards, see the banknote specification table.

   

The series B introduced a new high value banknote ¥1000.

1957-69[edit]

Series C (1957–69) [3]

Image

Value

Dimensions

Main Color

Description

Date of

Obverse

Reverse

Obverse

Reverse

issue

issue suspension

   

¥500

159 × 72 mm

Blue

Iwakura Tomomi

Mt. Fuji

November 1, 1969

April 1, 1994

   

¥1000

164 × 76 mm

Yellow-green

Itō Hirobumi

The headquarters of the Bank of Japan

November 1, 1963

January 4, 1986

   

¥5000

169 × 80 mm

Green-brown

Prince Shōtoku

The headquarters of the Bank of Japan

October 1, 1957

January 4, 1986

   

¥10,000

174 × 84 mm

Brown-green

Prince Shōtoku

A pillar painting of Hōō in Byōdō-in Temple

December 1, 1958

January 4, 1986

For table standards, see the banknote specification table.

The series C introduced two new high value banknotes ¥5000 and ¥10,000.

1984[edit]

Series D (1984) [4]

Image

Value

Dimensions

Main Color

Description

Date of

Obverse

Reverse

Obverse

Reverse

issue

issue suspension

   

¥1000

150 × 76 mm

Blue

Natsume Sōseki

Pair of cranes

November 1, 1984

April 2, 2007

   

¥5000

155 × 76 mm

Purple

Nitobe Inazō

Mt. Fuji, Lake Motosu and cherry blossoms

   

¥10,000

160 × 76 mm

Brown

Fukuzawa Yukichi

Pair of pheasants

For table standards, see the banknote specification table.

Due to the discovery of a large number of counterfeit Series D banknotes at the end of 2004, all Series D banknotes except ¥2000 were virtually suspended on January 17, 2005,[5] and officially suspended on April 2, 2007.[6] According to a news release [7] from the National Police Agency, they seized 11,717 counterfeit Series D banknotes (excluding the ¥2000 denomination) in 2005. However, they seized only 486 counterfeit current issue banknotes, namely Series E ¥1000, ¥5000, ¥10000, and Series D ¥2000.

2000[edit]

Commemorative series D (2000) [4]

Image

Value

Dimensions

Main Color

Description

Date of issue

Obverse

Reverse

Obverse

Reverse

   

¥2000

154 × 76 mm

Green

Shurei-mon

Scene from the Tale of Genji and portrait of Murasaki Shikibu

July 19, 2000

For table standards, see the banknote specification table.

2000 yen note with The Tale of Genji and Murasaki Shikibu on the right corner

Dr Iwan comment

I found this papermoney at Seoul City at NamDaimon Market money changer in 2008.

This is the current issue. The 2000 yen note was first issued on July 19, 2000 to commemorate the 26th G8 summit in Okinawa and the 2000 millennium year as well. Pictured on the front of the note is Shureimon, a famous gate in Naha, Okinawa near the site of the summit. The other side features a scene from the The Tale of Genji and the author Murasaki Shikibu on the lower right corner. The motif of the scene was taken from the 12th century illuminated handscrolls of the novel kept at the Tokugawa Art Museum in Nagoya. The image of Murasaki Shikibu is taken from the Gotoh edition of the Murasaki Shikibu Diary Emaki held at the Gotoh Museum.

These notes are rare in the market, but at banks they are readily available. Many Japanese consider the 2000 yen note a novelty as it is the only Japanese denomination whose first digit is 2. To promote the circulation of the notes, some companies had started paying wages in them. The series D is the first to display the EURion constellation.

2004[edit]

Series E (2004) [4]

Image

Value

Dimensions

Main Color

Description

Date of issue

Obverse

Reverse

Obverse

Reverse

   

¥1000

150 × 76 mm

Blue

Noguchi Hideyo

Mt. Fuji, Lake Motosu and cherry blossoms

November 1, 2004

   

¥5000

156 × 76 mm

Purple

Higuchi Ichiyō

“Kakitsubata-zu” (Painting of irises, a work by Ogata Kōrin)

   

¥10,000

160 × 76 mm

Brown

Fukuzawa Yukichi

Statue of hōō (phoenix) from Byōdō-in Temple

For table standards, see the banknote specification table.

This is the current issue. The EURion constellation pattern can be observed on the series E.

Source wiki

 

 

Lokk more info from E-Bay auction August 2016-08-15

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(3) WW ll era JAPANESE Bank note…10 YEN.

o    IDR52,500.00

o    0 bids

o     

o    45m left (Today 8:18PM)

o    From United States

o    Customs services and international tracking provided

JAPANESE OCCUPATION $10 MALAYSIA CURRENCY

o    IDR13,026.32

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40 BILLS World War II Japanese Military Yen Money Banknote NIPPON VINTAGE

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Japan 100 Yen, 1953, P-90, UNC

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JAPAN WWII MILITARY BANKNOTE 10 YEN DRAGON 1940

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Japan Military notes “Shotoku Hei-gou 100Yen” 1945 ◆UNC condition

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Japan 500 Yen Nippon Ginko Banknote

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Japan banknote 10000 yen (1958) B358 P-94 UNC-

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Japan 1916 1 Yen 2x Banknotes

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Japan, Allied Military, 10 sen, (1945), P-63, WWII, aUNC

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Japan banknote 100 yen (1946) B342 P-80

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JAPAN 10000 10,000 YEN P102B 1993 DUCK FUKUZAWA UNC BILL CURRENCY MONEY BANKNOTE

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Japan P-106 2004 10000 Yen (Gem UNC)

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Japan JPY (2000) UNC 2000 Yen Banknote Money Bill P-103b

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Japan P30, 10 Yen Propaganda Note

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Japan banknote 1 yen (1916) B312 P-30 UNC-

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Japan 1 Yen 1946 P 85a circulated Banknote , M10

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Japan banknote 5000 yen (2001) B362c P-101 UNC-

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Japan Banknote “2th Kiyomaro 10yen” 1943 XF-condition

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Japan 10 Yen 1940’s Block {376} Circulated Banknote

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6 pc Japanese Government Currency WWII Invasion Occupation 32.50 Pesos U grade

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Bank of Japan 2th 1944y~ 100Yen Shotoku Block {150} aFine

o    IDR157,894.74

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Japan banknote 50 yen (1951) B353 P-88 UNC

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Japanese banknote 5 yen military m 25 UNC 1938

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Japan banknote 10 yen (1930) B320 P-40

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New listing Malaya – Japan occupation WWII Banknote 1 Dollars 1942 P-M5c Block Letters MO

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JAPAN, 10 YEN, P#40a,ND(1930)

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1930s-1940s LOT/ 3 CIRCULATED JAPANESE PAPER CURRENCY Japan MONEY ISSUED

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1000 Yen Nippon Ginko Japan Japanese Banknote Circulated

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References[edit]

  1. ^ “1000 Yen note 1945 prince Yamato Takeru”. World Banknotes. Retrieved 14 February 2015. 
  2. ^ http://www.rba.gov.au/Museum/Displays/_Images/1920_1960/100_yen_note_front_big.jpg
  3. ^ a b http://www.boj.or.jp/en/type/list/yuko/data/money01.pdf
  4. ^ a b c Currency in Use: Bank of Japan
  5. ^ http://www.boj.or.jp/type/release/zuiji/bnnew16.htm Archived August 8, 2007, at the Wayback Machine.
  6. ^ 一万円券、五千円券および千円券の今後の支払について:日本銀行
  7. ^ http://www.npa.go.jp/toukei/souni/gizou.htm Archived August 10, 2007, at the Wayback Machine.

External links[edit]

 

Wikimedia Commons has media related to Money of Japan.

Japanese currency

     
 

Topics

 
 

Coinage

Rin

 

Sen

 

Yen

 

Other

 

Banknotes

Sen

 

Yen

 

Military

Source wiki

The End @ Copyright DR Iwan 2016

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