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[3] [4] [5] In 760 Japanese currency was reformed and gold and silver cash coins were introduced, however by the end of the 10th century the value of Japanese coinage had severely fallen combined with a weak central government led the Japanese to return to barter.
Initially, the coinage was used essentially for export purposes in order to pay for imports of luxury goods from China, such as silk. [2] 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 1706–11, in order to generate more revenues from seigneurage, but with the effect of ...
In 760, a reform was put in place, in which a new copper coin called Man'nen Tsūhō (萬年通寳) was worth 10 times the value of the former Wadōkaichin, with also a new silver coin named Taihei Genpō (大平元寶) with a value of 10 copper coins, as well as a new gold coin named Kaiki Shoho (開基勝寶) with a value of 10 silver coins.
The yen started to replace the old non-decimal denominations in 1870: in the 3rd quarter of 1870, the first new coins appeared, namely 5, 10, 50 sen silver and 2, 5, 10, 20 Yen. Smaller sen coins did not appear before spring, 1873. [ 1 ]
Experimental Japanese coins were struck in porcelain towards the end of World War II. These pattern coins were never issued for circulation, though some privately made ones circulated unofficially. The following is a list of Japanese pattern coins from the yen based currency system started under the Meiji Restoration. [1]
[1] [2] The Imperial edict for Mannen Tsūhō coins appears in the Shoku Nihongi where it is entered for March 16 in the 4th year of Tenpyo Hoji (760) during the reign of Emperor Junnin. This edict stipulates that 10 silver Taihei Genpō coins were to be used for 1 gold Kaiki Shoho coin. 1 silver Taihei Genpo coin could also be exchanged for 10 ...