BROWN 1951 - Money Economy in Medieval Japan

MONEY ECONOMY
ll1
MEDIEVAL JAPAN
A Study in the Use of Coins
by
Delmer M. Brown
Publishcd for
FAR EASTERN ASSCX:IATION
by
INSTITUI'E OF FAR EASTERN LANGUAGES
Yale Univcnity. Ncw Haven, Connccci01t
Copyright 1951
by
Far Eastern Association
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CONTENTS
PREFACE
CHAPTER
I. INTRODUCTION: EARLY USE OF CHINESE AND JAPANESE

COINS 1
Japanese Coins in the Period of T'ang Influence 3

Chinese Coins in the Period of Sung Influence 10
II. INFLUX OF COINS FROM THE CONTINENT ( 1300-1550) 16
TenryO Temple Trade 16

Wako Activities 17
KangO Trade 19
Korean Trade 26
Wako Trade and Piracy 27
III. JAPANESE COPPER AND COPPER COINS 33
Copper Mining 33
Minting of Coins in Japan 36
IV. USE OF COPPER COINS 40
Temple Donations and Gifts 40

Political Gifts and Assessments 42
Sales and Purchases 43
Bills of Exchange 45
The DosO 46
Shidosen 52
Commerce and Industry 55
v. JAPANESE SILVER AND SILVER COINS 56
New Supply of Silver Ore 56

Export of Silver 61
Minting of Silver Coins 64
VI. JAPANESE GOLD AND GOLD COINS 67
New Supply of Gold 67

Importation o Gold 72
Minting o Gold Coins 77
CHAPTER
VII. USE OF GOLD AND SILVER COINS 79
Political Gifts and Assessments 79

Payment of Taxes 83
Transactions at the Tamon In Temple 84
Commerce and Industry 90
VIII. CONCLUSIONS 94
REFERENCE FOOTNOTES 101
BIBLIOGRAPHY 115
A. Manuscripts 115
B. Collected Documents, Letters and Works 115
C. Contemporary Works 117
D. Monographs and Special Studies 120
E. General Works 127
PREFACE
The startling technological and industrial developments of the

modern age have led an increasing number of social scientists to give
more attention to the part which economic expansion has played in the
molding of human history. But Western scholars of Japanese history
have assumed, for the most part, that there was no significant eco-
nomic growth in Japan prior to the arrival of Perry in 1853, and in their
studies of earlier periods they have limited their attention largely to
the fields of art, literature, religion and politics. Japanese economic
historians, on the other hand, have made remarkable advances since
the pioneer efforts of Miura Hiroyuki in the l 920's. A great mass of
source materials has been collected and published, and hundreds of
specialized studies have been made. This work makes it imperative
that we in the West reexamine our old assumptions regarding pre-
Perry history.
One of the more misleading conclusions that we have drawn is that

the emergence of money economy reached significant proportions only
in modern times. The oversimplified view that in 1868 feudalism was
destroyed and money economy born has done much to distort our inter-
pretations of Japanese social developments, past and present. In 1927
Matsuyo Takizawa, a graduate student at Columbia, submitted a Ph.D.
dissertation entitled The Penetration of Money Economy in Japan which
showed clearly that there was a highlydeveloped exchange economy in
the eighteenth century, but she too became a victim of the old assump-
tions when, in the first sentence of her first chapter, she wrote that
"Money economy did not penetrate in Japan until after the seventeenth
century . . . . ''
As an initial attempt to explore the extent and nature of the develop-

ment of money economy in Medieval Ja pan ( from about 12 00 to 16 00) I
have concentrated on the importation of Chinese coins, the mining and
importation of precious metals, minting operations, and the extent and
nature of the transactions in which coins were used as money. My pur-
pose has be'en to gain a clearer understanding of the astounding social
changes which make these transitional centuries an intriguing period
in the history of Japan.
The basic research for this study was carried out in connection with
the preparation of a Ph. D. dissertation submitted at Stanford University
in 1946 under the title of "An Historical Study of the Use of Coins in
Japan between 1432 and 1601." Since that time additional work has been
done--some of the results of which have appeared in the form of arti-
cles in academic journals. The original dissertation therefore has been
recast in much wider limits and almost entirely rewritten.
For the reader who is not familiar with the Japanese language, it
should be noted that some terms do not lend themselves readily to trans-
lation. I have used such words in their romanized forms, but an attempt
has been made to explain their meaning when they first appear in the
text. In regard to dates, only the years have been transposed to the
Western equivalent, unless a more specific date was essential in estab-
lishing the proper chronological sequence. Personal names are used in
the Japanese fashion, surname first. When a single name for a famous
historical figure is used, that name, according to Japanese custom, is
his given name.
The writer is deeply indebted to the Rockefe~ler Foundation for

providing financ!al assistance during the preparation of the study and
to the Harvard-Yenching Institute for making available the unusually
complete collection of Japanese materials in its Oriental Library.
Grateful acknowledgment is made to the following journals for permis-
sion to use material from articles written by me: the American Histori-
cal Review, the Far Eastern Quarterly and the Harvard Journal of Asi-
atic Studies; also the University of California Press for permission to
quote from Yoshi S. Kuno's Japanese Expansion on the Asiatic Continent
(Berkeley, 1937). 1 wish to thank Professor Serge Elisseeffof Harvard
University who gave generously of his time in helping me through diffi-
cult passages in sixteenth century texts. Dr. Kaiming Chiu, Libraran
of the Harvard-Yenching Institute, provided invaluable bibliographical
assistance, and Dr. Chou Yi-liang of Harvard helped with Chinese texts
and Japanese documents written in Chines e. I am indebted to the follow-
ing persons for reading the manuscript and making valuable suggestions:
Dr. Royal Wald of the Department of State, Dr. Derk Bodde of the Uni-
versity of Pennsylvania, Mr. William Holland of the Institute of Pacific
Relations and Dr. Hilary Conroy of the University of California, Berkeley.
Finally, 1 want to express my appreciation for the painstaking guidance
of my doctoral adviser, Professor Yamato Ichihashi of Stanford University,
and to thank the Far Eastern Association for including this study in its
new Monograph Series.
Delmer M. Brown
University of California
CHAPTER I
Introduction
Early Use of Chinese and Japanese Coins
Japan's pre-Meiji history includes three comparatively short peri-

ods during which great strides were made toward the establishment of
a more interdependent, and thus a more modern, social structure. The
first period extends roughly from the Great Reforms of A. D. 645 to
the end of the Nara Era in A. D. 784. This period is notable for whole-
sale borrowings from the culturally advanced China of the T'ang dynas-
ty, for the organization of a centralized bureaucratic government, the
improvement of roads, the growth of markets, and marvelous achieve-
ments in the various fields of art and literature. But toward the end of
the ninth century there was a gradual decline in the power and glory of
the T'ang dynasty; localism began to spread in Japan, and the seeds of
a unique type of feudalism were sown. During the tenth and eleventh
centuries sorne of Japan's greatest literature was written at the Im-
perial Court, but as far as the rise of modern social phenomena was
concerned, these centuries were a relatively inactive interlude in Japa-
nese history.
The second period of great social change falls approximately be-

tween the beginning of the Kamakura era in 1185 and the failure of the
second attempted invasion of Japan by the Mongols in 1281. It was dur-
ing this period that possibly the highest level of political unity to date
was reached. There was extraordinary economic activity, including
advances in metal work, the discovery and exploitation of rich gold de-
posits in the province of Mutsu, the rise of an active foreign and in-
terna! trade, and the development of such modern financia! institutions
as bills of exchange and lending institutions. In the field of religion
three important new Buddhist sects, with a more popular appeal, were
founded and a movement arose which has been frequently termed the
Japanese Reformation. In various literary and art forms a far more
lively interest in mundane affairs was reflected. But after the pro-
longed and costly efforts of the Hojo regents to strengthen their de-
f enses against the Mongols, the milita.ry government began to weaken,
and for more than two centuries thereafter Japan suffered from almost
constant civil war. These centuries are frequently referred to as
Japan's "Dark Ages" and were the heyday of Japanese piracy, peasant
1
2 Money Economy in Medieval Japan
uprisings and militant Buddhism. It was then that feudalism probably

reached its most mature stage of development.
The third period of social effervescence begins in about 1543, when

the first Europeans arrived in Japan, and ends around 1638 with the
adoption of the exclusion policy which permitted only the Dutch and the
Chinese to carry on a restricted trade at Deshima. In preceding
decades hundreds of small feudal lords had been fighting among them-
selves for political supremacy, and the emperors were living in pover-
ty. But by the end of the sixteenth century that great military genius
Hideyoshi had created a strong central government that was sufficiently
powerful to attempt even an invasion of Korea and China. Large armies
were now equipped with firearms, huge castles were being constructed,
and prosperous commercial centers were springing up throughout the
country. It is with the expansion of money economy during the first
half of this period that the present study is primarily concerned but, as
in the case of an analysis of any modern development, the historian
finds strong roots in earlier, dynamic periods of history.
Although coins were first issued in Japan in the eighth century, dur-
ing the first period of great change, it is possible that primitive forros
of money, such as pottery, were used as media of exchange or units of
value as early as the late neolithic period (c. A. D. 100), for there was
already sorne specialization of production that would have made the ex-
change of goods desirable and the use of money convenient. But proba-
bly most exchanges wer.e still by barter. However, with the intro-
duction and use of iron at about the beginning of the third century, there
was far more specialization. Now such important articles as iron
swords, knives and hoes were made and agriculture gradually became
more important than fishing and hunting as a means of sustaining life,
particularly after the spade was devised to turn over the soil ( not mere-
ly to chop it up) and after a primitive plow was developed that made it
possible to substitute the work of oxen for that of human beings. A
larger proportion of the population became swordsmiths, armor smiths,
builders, weavers, soldiers and merchants. In the third and fourth
centuries the more progressive clans, armed with iron swords, carried
out extensive military campaigns, resulting in the emergence of the so-
called Imperial clan to a position of preeminence in many areas of
Kysh and Honsh. By the last half of the fourth century this clan was
undertaking invasions of Korea where it demanded, and received, large
amounts of "tribute" which further stimulated industry and interna!
trade. It is not surprising, therefore, to find that long before the Great
Reforms of A. D. 645 the Japanese not only had turned to the use of
rice and cloth as money, but that apparently they also had adopted the
more sophisticated practice of using, as money, the coins which had
Introduction 3
seeped into the country from the continent.* The Nihon Shoki includes
an item for the year 683 to the effect that a decree was issued which
legalzed the circulation of copper coins and prohibited the use of silver
coins.1 No further details concerning the action are given, but it is
generally agreed that this entry provides strong evidence of the circu-
lation of coins, made either in China or Korea, during the seventh
century.
Japanese Coins during the Period of T'ang Influence
It was under T'ang ( 618-906) influence, however, that Japan ex-

perienced truly remarkable poltica!, economic and cultural advances
that led her to mint her own coins. An insular position had placed
Japan somewhat outside the pale of earler outpourings of Chinese
culture, but by the turn of the seventh century the channels of cultural
diffusion were greatly improved. Many high-ranking officials of the Im-
perial clan had learned the system of Chinese writing and were now able
to read Chinese books and to exchange notes with Chinese officials.
Furthermore, Buddhism in Japan had grown steadily since its introduc-
tion from the continent, traditionally in A. D. 552, to become the major
cultural tie with China. Following the civil war of 587 the victorious
Soga clan gave wholehearted support to 'Buddhism because some of the
rival clans were in a stronger position, as regards local cults, and be-
cause the establishment of Buddhist temples, as representations of a
superior culture, was an extremely important means of exercising po-
litical influence in outlying areas. The priests in a sense became local
officials who served, and were loyal to, the patron Soga clan.2 A few
years later the famous Prince Shotoku of the Imperial clan also became
a Buddhist devotee. He too seems to have realized the political value
of the religion, as is shown in his Seventeen Article Constitution of
604 which was a collection of Confucian principles anti Buddhist philo-
sophical precepts designed to provide a greater poltica! strength for
bis clan. By 624, six years after the establishment of the T'ang dynas-
ty, 46 temples had been built. The demand for Buddhist statues, bells,
incense burners, altars, screens and many other paraphernalia aroused
tremendous interest in direct and continuous contact with China, for the
'Ihe first specific reference to coins in Japanese chrenicles is found in the Nihon
Shoki wider the date A.D. 486. In describing the peace and prosperity of the times,
it states that a koku (currently 4.9629 bushels) .of rice ns valued at ene piece
of silver; kokushi Taikei (TOkyo, Keizai Zasshi Sha, 1897-1901), 1, 273; tranalated
in W. G. Asten, 'Nihongi, Chrenicles of Japan frcm the Ear liest Times to A.O. 697,'
Transactions and Proceedings of the Japan Society, London, Supplement 1 (1896), I,
391. The entry suggests that sil ver coins were already circulating, Dut the refer-
ence is dismissed by Aston as "a flight of the author's fancy, sti1111lated by his
recollectiens of Chinese literature." Ibid., note 2.
high quality and authenticity of the Chinese products were readily ap-
parent to the Japanese.
Just as the Japanese were becoming more interested in closer and

more extensive contacts with the Chinese, there emerged in China one
of the most glorious of all dynasties. The Japanese emissaries to the
T'ang Court could not but be impressed, for China under this new dynas-
ty was probably the most powerful and the best ruled country in the
world. Her frontiers ~eached the borders of Persia, the Caspian Sea,
and the Altai Mountains. The T'ang Emperor was an absolute ruler
surrounded by able ministers and assisted by local officials in clearly
defined administrative districts. The examination system, the legal
codes, the large standing armies, the beautiful capital and many other
achievements made the Japanese determined that such political, eco-
nomic and cultural heights be attained in Japan.
The palace revolution of 645 brought an end to Soga rule in Japan

and raised mento positions of power who turned to scholars of Chinese
institution'S and learning for advice on reforms that should be adopted.
The laws and orders that soon emanated from the Court wrought funda-
mental changes in the whole of Japanese society. Many of the old
institutions were abolished and in their place was built a political
framework, along Chinese lines, that set the stage for a centralized
government with far more power over the lives of people in extensive
areas of the islands. To increase the financia! strength of the govern-
ment, hereditary titles to land were abolished, all cultivated land was
distributed among the farmers on a per capita basis, and a regular
tax system was devised. Roads, ferries, and post-stations were built
to facilitate tax collection and the supervision of local affairs. A con-
script army was planned that would center military power in the
government, rather than in the old clans. Finally, in 710, a perma-
nent capital modeled after the fabulous T'ang capital at Ch 'ang-an was
constructed at Nara.3 During the following seventy-four years, while
Nara remained the capital, Japan enjoyed one of the brightest periods
of her history. In this politically centralized and economically pros-
perous age the Japanese government first turned to the minting of
standardized coins.
By the end of the seventh century experience with coins from the
continent undoubtedly had shown that this form of money was far more
useful than rice, which was more bulky and more liable to wastage. It
was only a matter of time, therefore, before the Japanese saw the
further advantage of coining their own money. With the turn of the
eighth century they had learned from the Chinese the techniques of
Introduction 5
minting and had discovered deposits of silver, copper and gold.* In 708
a new copper deposit was found in the province of Musashi which was
considered of such importance that the name of the current era was
changed to WadoAa~ soft copper) and Empress Gemmyo issued a
special decree announcing the good news and proclaiming that the dis-
covery must be a sign that "the deities of Heaven and Earth . . . want
to make Us happy .' 4 Only seven months later the government ordered
the minting of Japan's first coins. t It is significant that this event pre-
ceded, only by two years, the establishment of Japan's first permanent
capital at Nara. Coins greatly facilitated the working of those special-
ized and intricate procedures that are necessary for the establishment
of a strong rule.
Bu~ before Japanese coins were to serve their functions efficiently

severa! problems had to be solved. First, there was the problem of
counterfeiting. A few months after coins were first struck, an Imperial
decree was issued which proclaimed that a counterfeiter would be en-
slaved and bis possessions handed over to the informer; persons pass-
ing counterfeit money for gain were to be given 200 strokes with the
stick and further punished with forced labor; and a person who was
cognizant of counterfeiting operations, but did not report them, was to
be given the same kind of punishment.5 Sll another difficulty was the
establishment of the proper relationship between silver and copper
coins. For a time an attempt was made to enforce the use of silver
coins in larger transactions, but this arrangement seems to have pro-
5ilver was discovered on the island of lsusliima in 674 (Nihon Shoki, Kokushi
laikei, I, 506) and a few years later in the province of Iyo ( ibid., 559). Copper
was presented to the Imperial Court from the provinces of !naba and Suo in 698
(Shoku Nihongi, Kokushi Jaikei, II, 4-5; translated in J. B. Snellen, 'Shoku
Nihon;;i, 01ronicles of Japan, C.OOtinued, from 697-791 A.D.,' 1ransactions of the
Asiatic Society of Japan 2nd 5eries, XI [ 1934]. 173). Aston has expressed the
view that copper was produced in Japan earlier (op. cit., II, H4-5, note 2).
Gold was sent to the Imperial C.OUrt from Tsushima in 701, and in the same year
officials of the Court were dispatched to the province of Mutsu to refine gold
(Shoku Nihongi, Kokushi laikei, II, 14). Two Cirectors of the Mint (Chsenshi
~~Jt ~) were appointed in 694 (Nihon Shoki, Kokushi Taikei, I, 567), but in
spite of one writer's conclusion that, judgin~ from these appointments, copper
coins proLably were minted in Japan before 694 (Leon van de Polder, 'Abridged
History of the Copper Coins of Japan,' Transactions of the Asiatic Society of
Japan first Series, >JX [~lay, 1891], 426), there is no conclusive evidence that
coins were struck prior to A.D. 708.
t C.Oins so marked are described in Polder, op. cit., 429-30. 1he Shoku Nihongi
contains no reference to the minting of such coins, but the conclusion that
they were first made in this year is based on the statement that, in 708,
sil ver money was used for the first time (Kokushi laikei, II, 55).
vided no satisfactory solution, for a month or so later silver coins were

abolished and only the copper coins were left in circulation.6
The most serious problem, however, was gaining acceptability for

the Japanese coins. An Imperial Decree in the year 711 clearly shows
the difficulties which the government was facing in this connection:
The use of money is to pranote the exchange of goods. But at

the present time people still cling to their old habita and do not
yet understand this. Although they trade, they do not save money.
1hose of Ju-roku-i [Junior Sixth Rank] and lower who have saved te~
han (10, 000 pieces) of [ copper] coins wi 11 get thei r ranks. rai sed
one step, those who have saved more than twenty kiPan two steps.7
In the following months other orders of a similar nature had to be is-

sued. On one occasion travellers were required to carry coins, 8 and
shortly thereafter it was decreed that in transactions involving the
sale of land all prices were to be stated in terms of metallic coins. 9
Gradually, however, the problem of gaining acceptance for government
coins was solved, not so much because of the frequent decrees and
orders but rather because the practica! experience of traders preved
the superiority of this form of money.
Japanese scholars have given considerable attention to the subject

of the circulation of metallic currency in the Nara and Heian eras ( 710-
1160), and their general conclusion is that coins carne to be used ex-
tensively in the markets of the capital and vicinity. It is their con-
tention, however, that even at the peak of the circulation in the eighth
and ninth centuries, coins were not widely used in the rural areas. In
fact, the greater the distance from the capital the less coins were cir-
culated. In the country districts, therefore, rice, silk and the like con-
tinued to serve as money .*
A valuable study of the circulation of coins in the Nara era is: Kida Shinroku,
'Naracho ni okeru Senka no Kachi to Ryts to ni tsuite' (Conceming the Cir-
culation and Value of Copper Coins in the Nara Era), Shigalw Za.sshi, XLIV, 1
(January, 1933), 1-58. For a study of coins in the Heian era aee: Nishida
Naojiro, 'Heiancho ni okeru Kahei no Shiyo oyobi Ryts ni tsuite' (Concern-
ing the Circulation and Use of Coins in the Heian Era), in Kaiz0sha, ed. ,
Nihan Keizai Shi Kenlryii (Studies in the F.c:onomic History of Japan) (TOkyo: Kai-
zO.ha, 1926), 63-89. Also see Kobata At~ushi, 'Ocho Jidai Kahei Shi no Kenky'
(Study of the ffistory of Coins in the Dynastic Era), Keizai Shi Kenlry, No. 10
(August, 1930), 1-16; No. 11 (September, 19~), 1-20; and Nakamura Naokatsu,
'Ocho Jidai ni okeru Senka no Ryts ni tsuite' (Concerning the Circulation of
Copper Coins in the Dynastic Era), in Nihon Keizai Shi Kenky,' 90-109. For a
recent work on the general history of money economy during the period prior to
1167 see Hosoka- Kameichi, .Todai Kahei Keizai Shi (History of Money F.c:cnomy
in Ancient Times) (TOkyo: Moriyama Shoten, 1934).
Introduction 7
With the unusual expansion of industry and trade in Nara and in

certain other commercial centers the demand for currency increas~d
to such a degree that the government was faced, after the turn of the
ninth century, with its old problem in reverse: how to mint enough
coins to fill the demand.10 Instead of encouraging the saving of money,
the accumulation of excessive savings was prohibited and, shortly there-
after, an Im~erial Edict abolished the right to purchase Court ranks
with coins. 1 Another policf: adopted to meet this new situation was to
mint coins with less copper 2 and at the same time to force their cir-
culation at even a higher value. When new issues were made ( there
were twelve issues between 708 and 958), * the copper content was de-
creased and the government usually ordered that the new coins circu-
late at a value ten times that of the old coins. This made it possible to
produce more coins with a given amount of copper, and yet in 821 there
was a sharp drop in the total number of coins made. Up to this time
sorne 5,670,000 were made yearly, but in 821 the number fell to
3,000,000.1 3 Thereafter it became increasingly difficult for the
government to obtain enough copper for coinage.14
The policy of devaluating the coins and enforcing circulation at a

level well above their intrinsic value resulted in an increase in the
number of coins which could be made from the available supply of
copper, but it also resulted in the reemergence of the old problem of
non-acceptability. The gpvernment in 865 felt obliged to prohibit
merchants of Kyoto and Omi from refusing to accept inferior cash, 15
and regularly thereafter similar orders were issued. Another effort
in the same direction was the readjustment of prices upward so that the
value of the inferior coins more nearly approximated the value of com-
modities. In 866, for example, the government pegged the price of rice
at 40 mon ~ t for one sho 1f" ,
tt whereas it had formerly been 26
mon per sho.16 The officials even resorted to ordering temples and
shrines to offer up prayers that coins be more widely used.17 But in
spite of all these efforts, more and more merchants refused to accept
the poorer coins and reverted to the use of such commodities as rice
and cloth as money. It was estimated in one source that in the year
865 from twenty to thirty percent of the coins were rejected, 18 and in
986 it was recorded that 'Ever sine e the middle of the ninth month of
last year money has not been used at all as a medium of exchange. .19
Probably the temples used currency for a longer time. because their
1be names and dates, together with pictures, of all the twelve 'dynastic coins'
are found in Tsukamoto Toyojiro, 1he Old and New Coins of Jopan (okyo: TOyo
Kahei KyOkai, 1930), 1-25.
t A unit of copper money equivalent to one copper coin.

tt C.Urrently 1.5888 quarts.
holdings were extensive and coins were popular as contributions. As

late as the year 1000 the Toji Temple was still receiving metallic
money in payment of taxes from its fiefs in Omi, Izu, Kai, Kozuke, No-
to and Etch. But thereafter its records show that all taxes were paid
in kind and that rice, woven fabrics and silk were used as units of ac-
count and as media of exchange.20
The government's failure to increase the number of coins made

each year and to reestablish acceptability for its devaluated coins is
only one aspect of the general emergence of localism during the tenth
and eleventh centuries. No attempt will be made here to analyze that
larger problem, but it should be pointed out that there was one develop-
ment which was directly rela:ted to coinage and which may well have
been a major fact in the wider area of political decentralization: the
decline in the amount of copper available for coinage. The edict of 821,
which announced the decline in the number of coins minted in that year,
explained that the decline was "due to a decrease in the amount of
copper mined ... 21 The copper shortage was temporarily alleviated
during the latter half of the ninth century by the discovery of new
copper deposits; in 865 a copper mine was opened in the province of
Yamashiro, and five years later new sources of copper were found in
the provinces of Bitch and Bingo. Copper was also discovered in Mi-
saku, Bizen and Iwami, and the supply available for minting of coins
was further augmented by several measures taken by the government
to encourage mining and to check the use of copper for purposes other
than coinage.22 Nevertheless, the new deposits and the efforts of the
government to encourage mining apparently resulted in no appreciable
increase in the production of copper, for no greater number of coins
were minted and the quality of the coins continued to fall.
But in the absence of statistics on copper production in these

centuries, it may well be that the inadequate supply of copper for coin-
age was due more to the fact that an increasing amount of this precious
metal was being used for other purposes. There is no doubt but that an
enormous drain on the copper s.upply was caused by the casting of large
numbers of bronze statues and bells at the numerous Buddhist temples
throughout Japan.23 Takimoto estimates that during the period from
1072 to 1128 more than one thousand statues were cast.24 In making
the great statue of Buddha at Nara in 1195 over 900, 000 pounds of
copper were required.25 The large bell at Katnakura, cast in 1235,
had a more direct bearing upon the circulation of coins, since in this
case 300,000 copper coins were melted down and used for the first cast-
ing. A few months later the bell had to be recast, and at that time an
additional 30,000 coins were used.26
During the tenth and eleventh centuries few acceptable Japanese

Introduction 9
coins were made, but sorne coins were being imported from China. As
indicated above, the Japanese were probably acquainted with Chinese
money as early as the fifth century. Even after Japan began to mint
her own coins, Chines e currency continued to flow into the country. For
example, in 753 as muchas 25,000 kan~ * were brought to Japan in
one Chinese vessei.27 As long as trade with China continued to be
limited to an exchange of official envoys and as long as the government
was able to monopolize all trade rights, it was comparatively simple
to restrict the importation of Chines e currency. But as the central
government began to weaken, private merchants carne to dominate the
trade and currency regulation proved to be more difficult. A large
number of Chinese merchants entered Japan to carry on private trade;
many of them took up their residence in the leading ports of Dazaifu
and Tsuruga.28 Private trading increased after 890,29 whereas the
official "trade" was completely broken off.in 894. All Japanese were
strictly forbidden to sail for China for the sole purpose of carrying on
trade, and hence the major part of the commerce, thereafter, fell into
the hands of Chinese merchants. The following edict of 903 shows the
difficulties that the Japanese government faced in regulating foreign
trade:
From what I have heard, latcly when a Oiinese merchant-ship

canes, l>efore the official envoy of the ship has been up to the Court,
from the temples and Miya, from the daimyo and ministers, emis-
saries are sent to huy things up with great eagerness, and the
wealthy people of Kyoto also desirous to get articles from far
lands at any high price can not get them ... 1he fault of
all this mismanagement is greatly due to the bad a<lministration
of the custom officials who do not fulfil their duties. 1he
article of the la-A seems to be forgotten, where it is said that
any one who, before the government have given their approval,
does any commercial transactions secretly with the banjin
( savages or foreigners) will be considered as a thief, judged
accordingly and be condenned to three years hard labour 3o
Throughout the eleventh century the Heian Court struggled to enforce

its regulations against private trading. Severa! men were exiled in
1040 for carrying on trade with China privately, and in 1094 a noble
lost his rank for the same offense.31
But gradually the impotent Japanese government lost its control

over foreign trade, and the coins which were brought into Japan carne
largely into the possession of officials and merchants residing at Da-
zaifu and Tsuruga. There are no available statistics on the amount of
A string of copper cash containing l,000 mon (i.e. 1000 copper coins).
Chinese coins which found their way into Japan through illegal private
trade with China, but it is clear that the amount was not sufficient to
check the general trend toward a wider use of rice and cloth as money.
Chinese Coins in the Period of Sung Influence
The Sung Dynasty ( 960-12 79) did not play su ch a spectacular role
in Chinese history as did the T'ang and yet it was a period of great
cultural achievement. It was also a period of remarkable expansion in
overseas commerce due, in part at least, to technological developments
in shipbuilding and navigation. The superior quality of the Chinese
ships has been described as follows in an account of 1178: "The ships
which sail the Southern Sea and south of it are like houses. When their
sails are spread they are like great clouds in the sky. Their rudders
are severa! tens of feet long. A single ship carries severa! hundred
men. It has stored on board a year's supply of grain."32 As to new
techniques in navigation we have this passage in an account of the year
1119: 'The Ship-master or captain ascertains the ship's position, at
night by looking at the stars, in the day time by looking at the sun; in
dark weather he looks at the mariner's compass or the south-pointing
needle. ,,33 By the twelfth century the Chinese merchants, especially
at Canton, were carrying on an extensive trade throughout the Far East,
including Japan.
The discovery of rich deposits of gold in the province of Mutsu was

another factor in the upsurge of trade between Japan and China after a-
bout 1175. Although wood continued to be the most important item in
Japanese exports, such large amounts of gold were shipped to China
that Japan became noted, even in Europe, as a country rich in gold .
Sino-Japanese trade was further enlivened by a growing demand in
Japan for coins which in turn was related to the current reemergence
of poltica! unity under the military, and to the general expansion of in-
dustry and commerce.* A greater volume of trade transactions
created a far greater demand for a better medium of exchange than
rice or silk.
Again there are no available statistics to show clearly how many

Chinese coins were imported from China, but judging from the various
orders issued on the subject after 11 75 it can be deduced that the
1bis trade has been studied by Mori Katsumi in his 'Nisso Kots ni okeru Waga
Ndoteki BOeki no Tenkai' (Development of an Active Trade Aetween Japan and Sung
[China]), Shigaku lasshi, XLV, 2 (February, 1934), 143-87; 3 (March, 1934),
291-358; 4 (April, 1934), 441-85. Akiyama Kenzo's study, Nisshi Kosho Shi Ken-
ky ( 1939), also throws new light on the subject, especially since he made ex-
tensive use of Cliinese sources.
Introduction 11
number was considerable. In 11 79 the government attempted to fix

prices in terms of Chinese coins, and undoubtedly because it was un-
able to control the amount and types of coins in circulation it decided
in 1193 to prohibit all use of Chinese coins.34 By this time the new
military government ( Bakufu) had been firmly established at Kama-
kura, and although a military organization was being devised which
gave Japan a much greater degree of political unity, the government
apparently was not able to enforce its order against the use of Chinese
coins. At any rate, a change of policy was made in 1226, and Chinese
coins were accepted as legal tender.35 The increased demand for this
foreign money is indicated by a report that in 1261 Hojo Tokimune sent
an envoy to China with a large quantity of gold with instructions to buy
up Chinese coins.36 This was the beginning of a practice which was
continued intermittently by Emperors and Shoguns until the end of the
Ashikaga era ( 1573), and which accounted for a tremendous increase
in the total circulation of Chinese coins in Japan.
With this influx of Chinese copper coins, an increasing number

of commercial transactions were effected with these coins as media
of exchange or units of value. Tamaizumi Tairyo, a scholar of
Japanese monetary history, has examined more than four hundred
deeds, dating from 1186 to 1283. He found that for the period from
1186 to 1219 the unit_of value, in more than thirty-nine percent of the
(
deeds, was the sen i~ unit of Chinese copper money) and that in the
period from 1220 to 1283 this was true in more than seventy percent of
the cases.37 The records of the Todaiji Temple show that in 1269 the
taxes to the temple were paid in kind, but in 1280 taxes to the same
temple were paid in copper coins. 38 During the thirteenth century
taxes levied by the central government on non-agricultura! enterprises,
such as commercial_ guilds ( ~ ) , *
toll stations ( sekisho ~ t J.fp,
and pawnshops ( doso J:_ ~), were also paid in coin.39
lhe za was an institution established by a special charter granting it the right

to carry on trade of a specific type. For a brief survey of the rise of the za
see Yosoburo (sic) 1akekoshi, The Economic Aspects of the History of the Civili-
zation of Japan (New York: MacMillan, 1930), 1, 2ll-31 [hereafter cited as Eco-
n011ic HistoryJ. For a more exhaustive treatment of the subject see Miura Hiro-
yuki, 'Za no lgi ni tsui te' (Concerning the Signi ficance of tite Za), Shigaku.
l.asshi, XXIX, 1 (January, 1918), 1-6 4 (April, 1918), 343-52.
t 'lhe sekisho prior to the Kamavura era was more like a frontier military post,
whereas after about 1200 it took on characteristics of a toll station. In the
Tokugawa era (1603-1868) it was sanething of an inmigration station, since it
was used primarily to check on the movement of persos going to and fran &lo.
See Curtis Alexander Manchester, 1he Origin and Development of Sekisho in
Japan (University of Michigan Ph.D. dissertation, 1946).
An even more definite indication of the part Chinese copper coins

was playing in the Japanese economy of the thtrteenth century is found
in the growth of such financia! institutions as the doso and in the use
of bills of exchange. These developments not only reflected a more
extensive circulation of coins but also served to increase the velocity
of that circulation. The operations of these institutions meant that
coins were used in more and larger transactions.
The pawn business in Japan, as in Europe, was originally associ-

ated with religious institutions and with the government, but in the
twelfth and thirteenth centuries loans with pledges as security carne
to be made extensively by sake ( Japanese wine) shops--probably be-
cause these shops were among the first to gain a sufficient accumu-
lation of capital to undertake operations of this kiI)d for profit. Con-
sequently, the term sakeya do so 5~ Ji
J:.~ (the storehouse of the wine
shop) was used to designate such lending operations, undoubtedly be-
cause the pledges, and possibly the records, were kept in the store-
house of the wine shop. By the end of the thirteenth century, or the
beginning of the fourteenth, the word sakeya was dropped from the
term sakeya doso, leaving only the word doso to signify this business
of making loa~lt is assumed that tJle change was associated with the
rise of the business as an independent enterprise. ~ were so
numerous and prosperous at the time that the taxes levied on them by
the military government constituted an important source of revenue.40
This explains why, when the military government ordered a general
cancellation of debts in 1297, an exception was made for loans made
by the doso. 41 At the beginning of the Ashikaga era in 1336 a "legal
code'' was formulated which provides further evidence of the growth
of these institutions:
Doso should be encouraged. L\ie to the burden of high taxes

and to illegal entries [sane doso] have been forced to close.
1hereby noblemen have been deprived of a way of meeting emer-
gencies and poor people have lost a means of ltemporarily] sus-
taining life. Consequently, if dos are encouraged, greater se-
curity will be provided for everyone.
The article suggests that at the middle of the fourteenth century the
doso had attained a position of great importance in the economic life
of Japan.
'Kenmu Shil<imoku Jj,' Gunslw Ruij. (1okyo: Keizai Zasshi Sha, 1893-1902), XIV,
35. 1he code has been translated by John Carey Hall in 'Japanese Feudal Laws: 11
-- 1he Ashikaga Code ( 'Kenmu Shikimoku' -- A.D. 1336),' 1'ransactions of the Asi-
atil! Society of Japan, XXXVI, 2 ( 1908), 1-23, but my interpretati~ of this par-
ticular article is quite diHerent, due primarily to Mr. Hall's having trans-
lated doso as "fireproof houses," ibid., 14.
Introduction 13
The practice of paying off accounts at distant points by means of

bills of exchange* probably first arase in Japan during the thirteenth
century. t They were used, in the beginning, for sending money back
and forth between Kyoto ( where the Imperial Court and many of the
larger temples were located) and Kamakura, the seat of the military
government. The earliest known bill of this type is dated 1282. The
document, though not in the traditional form of later years, is thought
to be a bill of exchange used by a monk going from the Koyasan Monas-
tery to Kamakura in arder to represent the Monastery in sorne legal
proceedings. It was presumably drawn up to provide the monk with
funds during his stay in Kamakura.42 Another bill dated 1293 reveals
considerable development and suggests that this means of effecting
payments already was being used extensively. It reads:
Bill of Exchange
Amount: 5 kan
1he above swn has been paid in Kamakura and is to be col-
lected within five days [fran sight] fran Priest Iko of the Jisso
Temple of 'oj i [in Kyoto]. If for sane reason the payment is not
forthcaning within the agreed period of time, an additional 5 kan
is to be paid as canpensation. 1he above is hereby certified.
2nd day, 12 Moon, Einin 1 [1293]
[Seal of Yorihira]43
Like loans made by the doso, the bills of exchange were not affected by
the government's broadtokusei(debt cancellation arder). of 1297. The
arder itself did not mentan bills of exchange, but shortly afterward the
government handed down this decision: '' Regarding /bills of/ exchange
(ka es en) : As usual /Such transactions7 shall be binding. However, the
charging of interest{ ribun :fj 'JJ'\..) willnot be approved, even if s'1ch
charges are recorded on the document. The {fulf/ amount of the bill
shall be paid."44 It appears that such a long-period of time general-
ly elapsed from the time a bill was drawn until it was paid that inter-
est was charged during the intervening period 45 and, therefore, there
was sorne doubt as to whether or not the cancellation arder applied to
such interest-bearing instruments. So a government decision was
handed down requiring the payment of bills of exchange but cancelling
interest charges. The necessity of making such a decision indicates
that bills of exchange had come to be used widely.
1he term kawashi or kaesen -,lft'. was cannonly used in the Middle A,es to de-
note the exchange of money by~bills of exchange, whereas ka111ashiww.i ~-*. re-
ferred to similar exchanges of rice. The bill itself was called a warifu (or
saifu) f~Jf .loyoda Takeshi, 'Oisei no Kawase' (Bills of Exchange of the
~iddle Ages), Shakai Keizai Shigaku, VI, 10 (February, 1937), 69-70.
tfor study of the origins of the bilis of exchange see Miura Hiroyuki, 'Kawase
Tegata no Kigen' (Origin of flls of Exchange), in /fosei Shi no Kenky (Studies
With the Mongol Invasions of 1274 and 1281 a definite leveling off
of Japan's economic expansion is noted. The invasions severed the
trade with China and also inflicted a heavy financia! burden upon the
entire military class. Even in the years befo re the invasions both the
warriors and the military government were beginning to suffer from
relying primarily upon fixed income from land at a time of rapid eco-
nomic expansion. Thei:-e was now a much greater demand for consumer
goods, particularly after an Imperial Prince became Shogun in 1252 and
introduced the luxurious tastes of the Imperial Court to the military
men at Kamakura. The economic difficulties of the warrior class could
not be alleviated by the central military government, not only because
its revenue was adversely affected by the expanding economy but also
because it was faced with new and urgent demands upon its resources.
In 1257 there was a violent earthquake in Kamakura, and two years
la ter Japan experienced a fa mine which was so serious that military
government officials were ordered to cancel tax collections and to
give relief to the peasants. There was also interna! military strife,
particularly among the militant Buddhist institutions in the neighbor,-
hood of Kyoto. But the most extensive and costly military operations
were those which arose out of the invasions of Japan by the mighty
Mongols. Even after the second attack was driven off the Japanese con-
tinued to prepare for still another invasion, which did not materialize.
The financia! burden, not only to the military government but to indi-
vidual warriors, was staggering. In earlier victor.ies by the Minamoto
family and the Hojo regents large areas of land had been taken from
the enemy and distributed among deserving retainers. But from the
operations against the Mongols there were no newly acquired areas of
land. Furthermore, the warriors found that, owing to the absence of
large mmbers of men from the fields, there was a marked decline in
rice production, which was reflected in a decreased income for the
Bakufu.4 6
Therefore, by the end of the thirteenth century the economic dis-

tress of the warriors was causing an increasing number of fiefs to fall
into the hands of nonmilitary persons, and the military government
did not have sufficient economic strength to give its retainers any
positive assistance. When sumptuary laws, price fixing, and other legal
measures failed to improve the economic position of the retainers, the
Bakufu was forced to consider more drastic methods for preventing the
transfer of fiefs to nonmilitary men. The tokusei of 1297 was probably
the most positive of the steps taken. The military government by this
in Legal History) (Toky, 1919), 912.:24. Miyazaki has brought out tlae point
that early Japanese bills of exchange were probably related to Chinese usage dur-
ng the T' ang era, Miyazaki Michisaburo, 'Nihon Shina Kodai no Kawase Seido' (Ex-
change Systems of Ancient Japan and China), Shigaku Zasshi, XII, 1 (January, 1901),
5-6.
Introduction 15
means made a positive, though futile, effort to save its retainers from
economic ruin. But in the face of an expanding economy the warriors,
who were supported by fixed incomes from land, could gain no per-
manent or substantial economic assistance from the cancelation of
their debts or the return of their fiefs. In fact the tokusei apparently
proved to the government that such disregard of creditors' rights was
highly detrimental to its own interest.47
During the first part of the fourteenth century the military govern-
ment became progressively weaker. An increasing number of local of-
ficials began to act independently of the central government and final-
ly there broke out a series of ci\ril wars which marked the beginning
of Japan's so-called "Dark Ages."
CHAPTER II
Influx of Coins from the Continent ( 1300 - 1550)
Recent studies in the history of medieval Japan tend to show that in

spite of the prevalence of civil war, piracy and peasant uprisings, there
was considerable economic growth during the so-called period of the
"Dark Ages." Trade, both official and private, was carried on with
China, Korea and islands of .the Pacific, 1 and certain financia! and com-
mericial institutions continued to expand.* To be sure, from 1300 to
1550 economic life was relatively sluggish, especially when compared to
the effervescent activity of the thirteenth and late sixteenth centuries,
but during the intervening two hundred and fifty years changes took place
which cannot be disregarded in any study of the rise of modern social in-
institutions. This is particularly true in considering the emergence of
money economy. The widest circulation of metallic money carne during
the last quarter of the sixteenth century, after the Japanese expanded
their production of precious metals and resumed the minting of copper,
gold and silver coins, but the significance of a constant influx of Chinese
copper coins in earlier centuries cannot be overlooked.
Tenry Temple Trade
The reestablishment of a semi-official trade relationship with Mon-

gol China shortly after the beginning of the Ashikaga era ( 1336) seemed
to suggest the rise of another period of unusual economic activity. The
first of the Ashikaga Shoguns, Takauji, granted the Tenryii Temple per-
mission to carry on trade with China, ostensibly that the Temple might
obtain funds for the construction of a building dedicated to Emperor
Godaigo. The Tenryii Temple ships did a flourishing business and were
instrumental in importing into Japan huge sums of Chinese coins. After
a prolonged period of limited contact with China there was now a strong-
er demand for Chinese coins. Another factor in the active trade was the
availability in Japan of two items which were then in great demand in
China: swords and sulphur. The Japanese metalsmiths were making
swords which, according to sorne, were of a quality that has never been
equaled elsewhere at any time in history, and these swords brought a
For an excellent general survey of economic history of the period see Shiba Kentaro,
'Oisei no Keizai' (~ledieval Economy), in Nihon Rekishi, No. 3 of Series 10 of lwa-
nami Lecture Series (TOkyo-: lwanami Shoten, 1934).
Influx of Coins from the Continent ( 1300 - 1550) 17
high price in China.2 The Tenryfr Temple trade, which lasted until the
end of the Yan (Mongol) dynasty in 1368, resulted in the importation of
such a large quantity of Chinese coins that Kobata Atsushi, an outstand-
ing scholar of Japanese monetary history, concludes that this trade is
an extremely important factor in the emergence in Japan of a more com-
plex exchange economy. 3
But the Tenry trade carne to an end with the collapse of the Mongol
rule and the rise of the Ming dynasty in 1368. The Ming Emperors were
in no mood to permit the Japanese to continue such a profitable t.rade un-
til something was done about the Wako1~ jt( Japanese pirates) * who had
been ravaging the coasts of China, and until the Japanese were willing to
accept the status of a tributary state -- the type of relationship which
had long been traditional in China 's dealings with neighboring states.
For the next several years the Chinese continued to insist that sorne
satisfaction be given on these two matters, and although the Japanese
were anxious to regain the profits of the old trade, they were apparent-
ly unable, or unwilling, to check piracy and they did not wish to pay
tribute to the Ming Emperor. Finally in 1380 all diplomatic relations
were broken off, not to be reestablished until Yoshimitsu reopened
negotiations in 1.401. He was much less squeamish about accepting the
tributary status and was far more interested in monetary gain.
Wako Activities
The Wako might well have brought more coins into Japan during the
fourteenth century than did the Tenry Temple ships. Again we have
merely indirect evidence. The pirates were engaged in illegal operations
and left few records of their loot or trade, but the constant references
to pirates in Chinese and Korean chronicles indicate that the expeditions
were numerous and large. Wako were first mentioned in historical ac-
counts of the Heian era ( 794-1160). when they were based along the
shores of the Inland Sea. During the first part of the Kamakura era they
were making raids along the coasts of Korea, and in the thirteenth
century they began to concentrate their operations along the shores of
China. in following decades the Wako attacks became so devastating that
the Chines e had to set up coastal def enses for protection. 4 The extent
of Wako activities at the beginning of the Ashikaga era ( 1336-1573) is
Wak is most conmonly translated as 'Japanese pirates'but that translation leads to

considerable misunderstanding for Wako did not always limit their activities to
piracy and not all Wak were Japanese. 1hey carried on a considerable amount of
peaceful trade. Sane writers on the subject have concluded that the Wak resorted
to force only when they met opposition or when they received what they considered
to be unjust treatment. Contemporary Chinese accounts reveal that many Wak bands
contained as many as twenty, or even thirty per cent Chinese. See Akiyama, Nisshi
Ksh Shi, 552 and 591; and Takegoshi, Story of the Wak.
suggested by the steps which the Japanese government had to take in

order to insure safe passage for the Tenry Temple ships. Prior to the
departure of a ship, orders were sent to local governors along the coasts
of Shikoku, Kysh and southern Honsh. Each local official was ordered
to provide protection for the vessel while it sailed through the waters
under his jurisdiction. Shoda, the Japanese scholar who has studied this
subject, has concluded that these precautions were solely for protecting
the ships against Wako seizures and that the wide dissemination of the
orders clearly indicated extensive Wako operations.5
At the beginning of the Ming dynasty ( 1368), when relations between

Japan and China became strained and were ultimately broken off, the
Wako activities increased. One of the prime concerns of the Ming
Emperor, in his negotiations with the Japanese government, was that
these Wako should be suppressed. For example, in the communication
sent to Japan in 1369 he wrote:
lf your kingdom is a righteous one, then you will cane to our

Court [i.e. send envoys], if not, then [you had better] prepare
your anns and strengthen your defenses. lf you insist on perpe-
trating acts of brigandage, We shall inmediately conmand our
generals Lor admiralsJ to proceed to your subjugation.
Reckon wi th th is, O King! 6
The following year the Ming Emperor warned: "The accumulated evils
and the continuous violation of the laws of humanity by your subjects do
certainly offe.nd Heaven, from whose punishment Japan is destined to
suffer . . . . .,7 Threats and requests were made almost yearly but the
raids continued, extending from the province qf Shantung in the north to
Fukien in the south. When a rebellion, in which Japanese were thought
to have been involved, broke out in 1380, the Ming Emperor severed all
relations with Japan and ordered the strengthening of defense works
along the coast.
Korea probably suffe red more from Wako invasions during the
fourteenth century than did China. Yoshi S. Kuno has stated that the
greater part of Korea 's coast had become virtually a "No Man's Land,"
and a Korean account of 1385 describes an invasion of one province by
a pirate fleet of 150 vessels.8 Akiyama Kenzo has tabulated the raids
by Wak6 ~n Korea during the period from 1375 to 1388:9
Year Number of Raids

1375 11
1376 39
1377 54
1378 48
1379 37
1380 40
1381 26
1382 23
1383 47
1384 20
1385 12
1387 7
1388 14
Toward the end of the fourteenth century a Korean leader, Yi Taijo, be-
came famous for his success in protecting Korea from the Wako. It was
he who founded the great Yi dynasty of Korea and who adopted a policy
toward the pirates which tended to make them more interested in peace-
ful trade than in piratical incursions into the interior. Consequently, by
the beginning of the fifteenth century the attacks were reduced somewhat
in number and intensity.
Although Japanese records provide no accurate data relative to the

nature and amount of the loot taken by the Wako in the fourteenth century,
most of the writers on the subject have concluded that precious metals
and coins were the articles which they were most anxious to acquire.
It is significant that the Shimazu family, which was in control of the
Wako-infested coasts of Kysh, was collecting taxes in copper money
as early as 1393.*
Kang0 Trade
In 1401 Yoshimitsu decided to reopen negotiations with the Ming

Emperor. He indicated his willingness to suppress Japa:nese piracy and
acccepted from the Ming Emperor the title, "King of Japan" (.Nihon Ko-
kuo EJ~I~ ~) Such a reversa! of policy was undoubtedly due to his-
need for money, as is pointed ot by Yoshi S. Kuno: "Because of his
imperative need for money, Yoshimitsu was ready to bow low befare a
possible source of revenue, and even to barter the national honor and
dignity of Japan for the trade privileges and other p'ecuniary conces-
sions and grants that the Ming emperor was a ble to offer.' l O It took
sorne time to work out the details of the arrangement to carry on ''of-
ficial trade" because the Ming officials wanted to make certain that each
Akiyama, Nisshi KOshO Shi, 491. Takekoshi draws this conclusion: uAfter the
civil war in the era of the Southern and Northern Dynasties in Japan the coins
in circulation were in shortage more and more. 1here was no alternative for
Japan but to obtain Chinese coins through the Wako trade . . . " The Story of
1he Wako, 65. In the same work he explains why there are no extant relics of
WakO plunder: " .. the lfoko robbed the Mings of gold, sil ver bullion and
copper coins . . . . " !bid., 96.
20 Money Economy in Medieval J apan
ship was really sent by the Shogun and not by a leader of one of the hated
Wako bands. The traditional certificates ( kangob~> were used; a *
certain route had to be followed; the number of ships and the size of the
crew were limited; the port of call, the ship's markings, the ceremonies
to be followed were fixed; and even the food and clothing of members of
the mission were regulated.11 But finally in 1407 a mission from the
Ming Emperor arrived in Japan, and Yoshimitsu received as a "present"
15,000 kan of copper coins and 1,000 ryo;r,f of silver. It appeared that a
truly profitable arrangement had been made, but shortly after Yoshi-
mitsu f ell ill, and he began to f ear that the deities were angered by his
decision to accept the harsh terms of the Ming Emperor. On his death
bed he made his son promise that he would break off the agreement, and
in spite of the requests and demands of the Ming Court, the wishes of
Yoshimitsu were respected until 1432.
When Yoshimitsu decided to cancel the arrangements he had made

with China, efforts to check the activities of the Wako were discontinued
and Wako depredations along the co~st of China again became a source
of great anxiety to the Ming Court. 1 In the year 1429 a Korean official,
who had just returned from Japan, included in his report considerable
data concerning the Wako, and after mentioning dozens of places along
the Inland sea where bases for such activities were located, he esti-
mated that the number of men engaged in piracy ran into the tens of
thousands and that the number of vessels was well above the one-
thousand mark.13 It is clear that Wako organizations wex:-e no longer
small isolated bands acting in contravention to local law, but that they
were well-equipped and well-organized groups operating with the sup-
port of powerful military lords of Western Japan. When Yoshinori,
1he patents were divided, one part being taken by the Japanese and another part
retained in China. A mission fram Japan had to effect a joining of the patents
at a specified place in order to obtain recognition as a bona fidi tributary
m1ss1on. For details see Akiyama, Nisshi Ksho Shi, 511.
t In the Nara era the Japanese had adopted the Chinese system of weights and there-
fore had two systems, the "big" (daishi> 1;;.ift4, )
and the "small" (shsh1J' ;t.i... ).
1he "big" system was used for measuring sil ver, copper, etc., whereas the "smaI"
was used for other articles. By both systems the largestunit was the kin, end
there were 16 ryo in a k in, but the si ze of the ryo varied. In the "big" system
the ryo was equivalent to 10 110-.e (or 37.5 grams), whereas in the "small" system
a ryo was equal to only 3.33 1101U1e (or about 12.48 grams). In otlaer words, the
ryo of the ''big" system was three times as large as that of the "small." Nihon
Keizai Shi Jiten, I, 364 and 808; II, 966. But at.about the middle o the
fourteenth century the size o the ryo was cut down to about one-half of its
former size for the "big" system, and the word ryO.e ~ j!:!J was used, at irst at
least, to distinguish it fram the old ryo. It was equivalent to 4.5 Olllle (or
about 16.87 grams). Rytsii Shi, 344. Therefore, 1000 ryo of silver, by the new
system, was equal to about 16,800 grams or 540 oz. troy.
the grandson of Yoshimitsu, decided to reopen diplomatic negotiations

once more,* the Chinese Emperor was far more co-operative than be-
fore, since he was even more anxious to gain sorne relief from the Wako
incursions. In return for Japanese promises to take positive measures
in suppressing the Wako, the Ming Emperor relaxed sorne of the old
restrictions. All trade, however, was to remain in the form of "tribute"
to the Ming Emperor and '' gifts'' to the Shogun and his envoys. The
Emperor established a new custom of sending, with ea.ch mission, a
gift of 200 ry of silver to the "King of Japan" andan additional 100 ryo
to his "Queen." Japan was permitted to send three ships each year and
each ship was allowed to carry 300 men. 14 The resumption of this
"Kang Trade" in 1432 marks the beginning of a new era in the mone-
tary history of Japan, for after this date eleven missions were sent to
China ( the last in 154 7) , and each was responsible for the importation
of a new supply of Chinese copper coins.
Shortly after the restoration of diplomatic relations five Japanese

vessels sailed through the lnland Sea for China. They returned in 1434
carrying, among other things, 30,000,000 Chinese coins, a present from
the Ming Emperor to the Shogun. The money, although termed a "gift,"
was considered compensation for 3,000 Japanese swords, valued at
1O,000 mon each, which the Shogun had sent to the Ming Court as
"t.ribute:'In addition, Yoshinori received the 300 ryo of silver which
became a customary "gift" to the Shogun and his wife and which was
not considered compensation for "tribute" but rather a token of ap-
preciation, it seems, for efforts made to suppress the Wako.l!>
The enormous profits gained from the first mission immediately

prompted the Bakufu to send another. Again the ships carried 3, 000
swords which were valued at 1 O kan ea ch and which should ha ve yielded
a return of 30, 000 kan, 16 but forsorne reason the Japanese did not re-
ceive their money. Whether the Chinese were dissatisfied with the
Japanese efforts to quell the pirates is not known. We do know that the
third mission was not sent until 1451, and it is assumed that the failure
to obtain the "gift" of copper coins at the time of the second mission
accounts for the long delay, although it may also have been dueto the
chaotic political conditions which prevailed within Japan.
When the third "tributary mission" departed in 1451, it was made

up of ten vessels that carried far more "tribute" than in 1432 and 1434.
Instead of 3,000 swords, there were now over 9,000; and instead of 23,000
kin of sulphur, there were 364,400 kin. But the value set on the Japanese
KlDlo writes that Yoshinori was an egotistic man of str<ng materialistic incli-
nati<ns who hoped to gain trade concessions and grants from China and thereby to
enrich both himself and his government, Japanese bpansion, 1, 104.
articles was now much lower. The swords yielded only 6 kan, rather
than 10 kan, and sulphur brought only about one-half as muchas before.
Consequently the total income from this mission, in copper coins, was
only about 30,000 kan, roughly the amount obtained from each of the
ear lier and muchsmaller. missions .1 7 However the J apanese seem
I I
to have received also the 30,000 kan which the Chinese had failed to
hand over on the previous occasion, 18 and thus they brought back a
total of 60,000 kan or 60,000,000 coins.
The fact that four of the ten vessels in this mission were sponsor-
ed by lords of Western Japan has attracted sorne attention, for it indi-
cates the beginning of a trend toward control of the "Kang0 trade" by
the lords of Western Japan, who were also profiting from the Wak
operations. The ships in the first two missions had been sponsored
by the Shogun or by lords and religious institutions located in the
neighborhood of the capital. The tendency for Western lords to in-
crease their hold on the trade suggests that because of their associ-
ation with the Wak who threatened, if they did not actually control, the
sea routes to China, they were placed in a stronger !osition for in-
sisting upon a greater share of the official "trade." 9
The impact of interna! political rivalries upon the "Kangc) trade"

is more clearly reflected in the dispatch of the fourth "tributary"
mission in 1468. Seventeen years had elapsed since the sending of the
third one, and it is assumed that the delay was due not only to the poor
return on "gifts" sent in the previous mission but to a failure to reach
any agreement as to who should, or could, sponsor the ships. This was
a period of constant interna! strife, and there were few military lords,
or Buddhist institutions, who were sufficiently confident of their po-
sition to undertake an expensive venture on which no return could be
expected for at least two years, the time which generally elapsed be-
fore the vessels returned. But finally Yoshimasa, who was then Shogun,
found himself in such a difficult economic position that he decided in
1459 to try another "Kang mission." He was a lavish spender and had
done all that he could to obtain additional funds by making special as-
sessments, by borrowing from the main temples in Kyoto and by sending
envoys to Korea to see what money could be obtained there. Having de-
cided to send another mission to China it took nine years to gather
enough funds to fit out the mission and to make all the necessary plans
and arrangements. Finally when the mission got under way from the
last Kyshu port in 1468, it consisted of only three vessels; one was
sponsored by Ouchi, the Western lord who was enriched by Wako ac-
tivities, one by Hosokawa of the Kyoto area and the third by the Bakufu
itself. The rivalry which complicated the formation of the mission also
was a source of trouble during its passage to China, for en route the
Bakufu vessel which was carrying the kang ( patents) was stopped by
Ouchi forces and the patents seized.20 On the return trip the Hosokawa
and Bakufu vessels took the route south of Kyiishii to avoid the waters
under the control of Ouchi. Akiyama has concluded that the whole ven-
ture took on the aspects of a struggle for power between Hosokawa and
uchi, and between the merchants of the Ouchi-controlled port of Hakata
and those of the Hosokawa-controlled port of Sakai. 21 The Bakufu
actually played a minor role in the mission. Yoshimasa made a special
plea for 5,000 kan of copper coins but only 500 kan were received.22
A diary kept by one of the members of this mission shows that the
lords who sent ships to China had adopted the practice of allowing
merchants to carry on private trade in China. This assumption is
based on an entry in the diary to the effect that there were eighteen
"l,000 kan merchants" and eighteen "500 kan merchants" aboard.23
Japanese scholars have concluded that "1,000 kan" and "500 kan"
represented sums of money paid to the sponsor of a shiQ by a merchant
for the privilege of boarding that ship to trade in China.2 4 If such an
interpretation is correct, a total of 27,000,000 mon ( or 27,000 kan)
was paid by these merchants. Presumably the private trade of the
merchants accounted for the importation of a considerable amount of
Chinese money, over and above the sum paid to the sponsors.
Since Uchi was now in control of the patents, the Bakufu attempt-
E!d, without success, to obtain new patents through the Koreans. But
Ouchi was in no stronger position than the Bakufu with regard to
organizing a mission, for the mission would not have been recognized
in China without an official letter marked by the Chinese seal which
had been presented to the Bakufu. 2 5 Finally an agreement was reach-
ed between the two, and three ships sailed from Sakai in 1476; one was
sponsored by the Bakufu, one by Ouchi and the third by the Sokoku
Temple. To his official message Yoshimasa attached a petition which
has be en translated, quite freely, by Profes sor Kuno as follows:
Because of long-continued warfare in my humble state, all

of the copper coins have been scattered and lost. 1he state coffers
are completely empty. 1he land is laid waste. 1he people suffer
from extreme poverty. We have absolutely neither means nor ways of
protecting and saving them. 1he books have also been destroyed by
the weapons of the soldiers. lt has long been our custom to have
copper coins and books provided us by the supreme nation. As the
records show, in the Yung-lo era, [1403-1424] the imperial throne
made abundant gifts of copper coins to our state. Recently no
gifts of this sort have been sent. Nothing is now so ur~~ntly
needed in our humble state as are books and copper coins. 1his
state of affairs is hereby reverently laid before the throne with
urgent hope for imperial consideration and grants.26
In reply the Ming Emperor Hsien-tsung wrote:
You, King, have presented a memorial to our throne stating

that because of long-continued national disturbance in your
country your state coffers are entirely ernpty. On the basis of
events that took place in the Yung-lo era, you have petitioned
for a gift of copper coin from our throne so that you may save
your people from distress. \\e have referred the matter to the
Imperial Board of Rites for investigation. lhat Board has re-
ported to the throne stating that there is no record that copper
coins were ever given to the King of Japan by the throne. How-
ever, because your envoy, Myano, has repeatedly appealed to our
throne for a grant, therefore, lest we should disappoint you,
we hereby speciall2 grant copper coins to you, amount to fifty
7
thousand kan
In the year 1480 Yoshimasa again initiated plans for another "Kan-
go mission, '' which did not materialize until three years la ter. When it
was found that sufficient capital was forthcoming from merchants at
Sakai, it was decided that the Bakufu could send two vessels, instead of
one, and that the third vessel should be sponsored by the Imperial Court.
Since 6uchi was deprived of the opportunity of participating in the mission,
the vessels were again forced to take a route that did not pass through
Wako infested waters controlled by 6uchi. 28 From the petition which
Yoshimasa sent with his official letter it is clear that his major purpose
was to obtain a new supply of copper coins:
I have a serious matter to present to the throne. As our

hwnble state has long suffered from national disturbances and
military onslaughts, our copper coins are exhausted. Nowhere
in our land can a single copper coin be found. Our state cof-
fers are all empty. We have nothing with which to protect and
look after the interests and welfare of the people. We are
now sending an envoy to the throne. 0ur sole purpose in send-
ing him is to find sorne way of saving our people from their
suffering. ~e would appeal to the sympathy and merey of our
sage Emperor for a grant of one hundred thousand kan of copper
coins so that our urgent need may be met. Should such a gift
be granted, it would be esteemed as the greatest happening of
our lives. lhis memorial is reverently presented for imperial
consideration with an earnest hope that an imperial grant will
be made. 29
Yoshimasa received the traditional gift of 300 ryo of silver, 200 for him-
self and 100 for his wife, and since the 37,000 swords sent were valued
at 3 kan each it is assumed that sorne 101, 000 kan of copper coins
were also received. 30 On the return trip considerable anxiety was

aroused in the capital when it was heard that the envoys had decided that
the southern route was too dangerous and that the ships should return
through Ouchi waters. But as Uchi was promised a part in later mis-
sions. the ships were not molested. 31
A request for another Kango mission was made in 1485 by a Kyo-

to temple which wanted funds for sorne construction work, and after the
lapse of two years Yoshimasa decided definitely to approve the request.
Negotiations with Hosokawa and Ouchi were initiated, and finally it was
agreed that six vessels should be included, three to be sponsored by
Hosokawa ( or probably more accurately, the merchants of Sakai), two
by Ouchi ( or the merchants of Hakata) and one by the Bakufu itself.
The vessels sailed from Sakai with the official letters and patents in
1493. Again sorne 7,000 Japanese swords were sent as "tribute," but"
there was no longer the same demand for these weapons. The price
had fallen from the early figure of 1 O kan to 1.8 kan. 32 Complete
data as to the total amount of coins brought back by this mission is
lacking but the swords alone must have accounted for 12,600 kan.
In 1498 several temples in Kyoto made a concerted effor.t to obtain

approval for another Kango ( the eighth) mission, but dueto constant
civil war and intense commercial rivalries betweep the two major
ports of Hakata and Sakai. arrangements were not completed until
1506. The official envoys departed from Sumiyoshi in that year, but
the mission was held up tbree years at Yamaguchi and actually did not
reach Ningpo until 1511. This time Ouchi, and his Hakata merchants,
sponsored two of the vessels, whereas Hosokawa backed one. Again
7,000 Japanese swords were presented to the Ming Court, and again
they were valued at only 1.8 kan each. 33 It is presumed, therefore,
that 12,600 kan of copper coins were obtained by the Japanese. On
the return trip the vessels were waylaid by 6uchi fo1ces and the
patents seized.
_ Because of the seizure of the patents by Ouchi. the rivalry between

Ouchi and Hosokawa reached the breaking point. Hosokawa insisted
upon sending a mission ( the ninth) even without patents, and Ouchi
sent ships to take advantage of the patents he had seized. The ships of
both parties arrived at Ningpo in 1523, only about ten days apart. Al-
most immediately fighting broke out between the two groups, resulting
in considerable loss of life. The Ming Court was so disturbed by these
developments that the Ningpo harbor was closed, resulting in the col-
lapse of the official trade which had become so important to the Japa-
nese. The Shogun sent a message to the Ming Emperor, requesting that
the port be reopened and also asking that new patents anda new seal be
granted to the Bakufu, explaining that the previously granted patents had
been seized on the return trip of the last mission and that the seal had
been lost in a civil war. Uchi also tried to reestablish the legitimacy
of his claims in a letter to the Ming Court. 34
The Bakufu and Hosokawa eventually ceased preparations for send-

ing another mission ( the tenth) but Uchi, in 1539, dispatched three ships.
The envoys succeeded in gaining admittance to the capital, obtaining new
patents and getting Ningpo reopened. As "tribute" far more swords than
usual ( 24,152) were presented, but the price was even lower. Now each
sword was valued at only 1 kan each. In addition, over 300,000 kin of
copper was presented to the Court.35 If an equivalent in copper coins
was received for this "tribute," more than 300,000 kan. must ha ve been
obtained, since the value of copper was about 1 kan for one kin.
The last Kang0 mission ( the eleventh) contained four vessels, all
sent by 6uchi. The Ming Court had become greatly concerned over the
increase in Wako activities and did not permit the Uchi ships to land.
After one whole year of waiting permission was finally granted. The
mission returned to Japan in 1550, and one year later the "Kang0 trade"
carne to an end. It is highly significant that this official trade was broken
off at just the time that the Japanese were beginning to mint their own
coins, rather than rely entirely upon coins imported from the continent.
Korean Trade
Even at the height of Japanese piracy along the coasts of Korea at

the end of the fourteenth century Japanese officials in Kyshii were mak-
ing efforts to establish an official trade relationship. In 1378 more than
230 Koreans who had been taken prisoner by pirate bands were returned,
in an attempt to gain the co-operation of the Korean government. When
the Yi dynasty was established in 1392 a more liberal attitude toward
Japanese trade was adopted by the Koreans, and feudal lords of Western
Japan soon began to profit from a more active trade in Korean ports.
The attention which Yoshimitsu gave to the suppression of piracy, at the
beginning of the fifteenth century, provided a further stimulant to the
trade which continued to expand throughout the fifteenth century. Be-
tween 1450 and 1466 an average of four ships a year arrived in Korean
ports from Japan, but in 1467 the number rose to thirty-three.36
An important feature of the Korean trade was the importation of

copper coins into Japan. Korea had long minted copper coins, and with
the establisnment of the Yan dynasty in China, Chinese currency was
adopted. Cloth, a traditional medium of exchange, was still widely used,
but the government issued numerous laws to force the circulation of
coins. Coinage was limited, however, by a lack of copper ore. In the
active trade that developed between Japan and Korea during the fifteenth
century, much of Korea s supply of coins flowed into Japan. The govern-
rnent took severa! measures to save her currency. It tried to restrict
the exportation of copper coins and, when that failed, to limit the trade
itself. In 1445 the monetary problems became so serious that cloth was
again adopted as a medium of exchange. The situation did not improve
and, shortly afterward, the currency was devaluated and the exportation
of coins prohibited.37 However, the government was unable to enforce
this prohibition, because a Japanese record shows that the huge number
of 10,000,000 Chinese copper coins was received from Korea in 1458.*
There is evidence that during the subsequent period Korean re-

strictions on the export of copper coins were more rigidly enforced.
The Ashikaga Bakufu and the lords of Kysh began to send ships to
Korea with the request that- copper money be paid for articles of trade,
with the excuse that funds had to be obtained for the building of temples.
For example, the Tenry Temple sent a ship to Korea in 1462 with a
letter from the Bakufu which requested that the Korean government per-
mit the exportation of copper coins for the benefit of the Tenry Temple.
No coins, however, were obtained. After 1470 Ouchi and other lords of
the West began to control the Korean commerce justas they were con-
trolling Chinese commerce. They too attempted .to obtain copper coins
from Korea by using the plea that the coins were to be used for rebuild-
ing a temple. Such an attempt was made by Ouchi Masahiro in 1473 .
He requested copper money for the rebuilding of a temple which had be
been destroyed by fire. Yamana, Shimazu, Otomo and other lords made
similar attempts after about 1477. In 1483 the lord of Tsushima succeed~
ed, in this way, in obtaining a sum of 1O,000, 000 coins. There was a defi-
nite decline in the number of Chinese coins brought into Japan from Korea
during the sixteenth century. The Koreans had resorted, for the most
part, to the use of cloth as a medium of exchange.38 But it is clear that
during the long period when Japan was not minting her own coins the im-
portation of coins from Korea added considerably to the sum total of those
which were brought into Japan from the Asiatic continent.
Wako Trade and Piracy
Wako activities undoubtedly accounted for a large percent of the flow

of copper coins into Japan, even after the establishment of "official"
trade. When Yoshimitsu's grandson, Yoshinori, undertook to reestablish
official trade relations with China in 1432, he had to promise to adopt
Zenrin KokuhO Ki, quoted in Kobata, Ryts Shi, 51-52. In 1455 a system was set
up in Korea w~ereby Japan was permitted to send only 50 ships to Korea each year.
1he Koreans also attempted to limit the ships to those sent by the Governor-
General of Kysh' or to those which had permits from the lord of Tsushima. 1he
Japanese were also allowed to cal! only at certain specified ports.
certain mea sures designed to suppress Japanese piracy. He promised

to prohibit Japanese subjects from engaging in piracy, to maintain
vessels along the coast to search out pirate ships, and to repatriate
Chinese subjects captured by pirates. And yet there is little evidence
that any positive effort was made to carry out these promises or that
any appreciable results were achieved. Chinese records show that only
a few ~ears later a pirate band with 40 vessels attacked villages on the
coast. 9 There is no indication that the Ming Emperor held Yoshinori
responsible for such outbreaks; he may well have realized the weakness
of the Ashikaga Shoguns and possibly feared that any further pressure
might CC;lUSe a disruption in the new trade relations and might there-
fore result in a further increase of such piratical expeditions.
Although Korea was gradually freeing herself from Japanese piracy

during the fifteenth century, there was no decline in such activities along
the coasts of China. Chinese villages apparently provided more lucrative
pickings and, of course, Chinese officials were not inclined to permit
peaceful trade with any but those who carried the official patents. Also
the central government of Japan was far too weak to carry out positive
measures against the pirates, especially since they were organized into
large bands under strong leaders who had the backing of powerful feudal
lords in Western Japan.
Toward the middle of the sixteenth century Japanese piracy reached

its highest point. Probably the most powerful and spectacular pirate
leader was a Chinese by the name of Wang Chih ( Japanese pronunciation:
Ochoku)J. t! .About the year 1532 he became entrenched on the Goto
Islands and by 1541 had gained such strength as a Wako leader that
Matsuura Takanobu, one of the strongest feudal lordsof Kysh, invited
him to live at the port of Hirado. It is said that Wang dominated most
of the outlying islands of Kysh and that the pirates operating in the
China Sea were under his control. He reached the peak of his power at
the middle of the century .40
A clearer picture of what these bands were like and what they were
doing may be obtained from the following account wM ch is believed to
have been written sometime in the sixteenth century by a man who was
a pirate himself:
C:Uring the Eisho and Taiei eras (1504-1527) severa! warriors .
from islands . off the coast of Iyo banded together and
crossed the ocean to foreign lands, where they operated as pirates
and became wealthy. Murakami 1.usho, the lord of Noshima, was select-
ed as their leader. lhe pirates pillaged coastal towns and seized
all kinds of things, making themselves rich. lhey operated along
~ .11) &-~ The phrase gi ves no clue as to the nature of the Kako loot.
the coasts of Oiina.. . , and among the islands of ti.e soutl1east,

as far as the Philippines, Borneo, and Bah. Far severa! years they
continued these forays . In time rnin, fisherrnen, scoundrels
and others from the Kysh-Shikoku area joined the pirate bands, and
gradually their size increased from eight or nine hundred to over a
thousand men. Consequently, all the people on islands of the south-
western seas were harassed by pirates. Even Ming 01ina feared them,
andas a result sent out her huge armies [to drive them away]. Cliina
also strengthened her coastal defenses. lt was at this tin1e that
the piratea came to be known as W~o . . . .
Iida Koichiro of Oshima in the province of lyo and Kitaura Kan-

juro of Momojima in the province of Bingo were the first [pirate
leaders] to sail to foreign landa, pillage the coastal villages,
steal property and enrich their families. lt is said tl1at at first
the two leaders had only fifty or aixty men under them, but with each
raid their profits mounted considerably and, as a result, the bands
became larger and more powerful.
In foreign countries soldiers were drawn up to guard the coast

against ourt raids. Consequently we increased our military atrength.
lf we could not destroy the armies guarding the coast, we could gain
no profit. lherefore, before setting sail we made complete prepara-
tions for engaging such armies in battle. In regard to these prepara-
tions, Wu and Sungtt had a large nud>er of guns and it became neces-
sary to take proper counter measures. Toward the end of the lembun era
(1554) we adopted the use of guns, which increased our military strength
and enlarged the size of the pirate bands. In 1555 the nuni>er of men in
the seven groups reached a total of more titan 1,000. Each ship was load-
ed with 700 koku of rice. There were eight or nine main vesaels, the
best of which were called Hagaibune . . In 1563 our seven banda,
totalling l,~O men, attacked Ping-hai in Ming Cliina . \le had
one hundred and thirty-seven veasels of varioua sizes 1he total
number of piratea of all classea reached the figure of 1,352 men, plua
(i()O fishermen and the like who made up the crew. Of the above there
were two or three hundred Oiinese piratea who had joined our r:mks 41
This account is in error in indicating that Japanese piracy began as

late as the sixteenth century. The term Wako was also used much earlier.
However, the contents suggest that the author was a member of a pirate
band of Bingo and that his description of Wako activities was based on
thefi~enth,
Riinin -~ is the applied
tel'lll unattached aoldiers. lliring the laat hal! of
to
and the entire aixteenth century, there were so llSJly interna!
wars in Japan that the nudler of rnin increaaed tremendoualy. Many soldiera of
a defeated army becmae r0nin, and muy others cho.e to becmie rnin in order to
aeek more adnntageoua emplO)Wellt.
t 1lle use of the word reA, here auggiesu that the author wu one of the Wak.
t+ lu ~ and Sung ~ were probably usecl broadly to refer to <hins.
first-hand knowledge.
Chinese sources contain a fund of information relative to the upsurge

of pir.te activity after 1550. A tabulation of references in the Ming Shih
shows the follQwing number of Wako attacks on the Chinese coast fro-i:n-
1552 to 1563:42 --
Year Number of Raids

----
1552 2
1553 15
1554 12
1555 34
1556 20
1557 3
1558 9
1559 17
1560 2
1561 o
1562 7
1563 2
The increase in the number of attacks during the 1550's is usually

attributed to the weakness of the Ming government and to the inability
of the Japanese to curb the pirates. A more plausible explanation, how-
ever, was indicated in that part of the Wako source, translated above,
which reads: "Toward the end of the Tembun era ( 1554) we adopted the
use of guns, which increased our military strength and enlarged the size
of the pira te bands." Firearms were first introduced by the Portuguese
in 1543. When Pinto, a Portuguese adventurer, returned to Japan in about
1556, he was told that in the capital of the province of Bungo there were
about 30,000 guns and that there were probably more than 300,000 in
Japan.43 These figures may not be exact, but other evidence supports the
conclusion that the Japanese were already manufacturing large numbers
of matchlocks. Guns were first introduced in Kysh, and that island soon
became a center for the manufacture of guns.44 It is not surprising, there-
fore, to find that the feudal lords of that area were supplying firearms to
the Wako at an early date.
Regarding the decline in the number of Wako attacks after 1560,

Chinese accounts emphasize the importance of the strengthened military
forces of the Ming government. In 1555 a large fort was built at Shanghai
to protect the area around the mouth of the Whangpoo River from Wako
incursions, and at least a dozen other forts were built at about the same
time. 45 A more convincing explanation of the increased military strength
of Ming China, however, has be en presented by Akiyama who points out
that the Chinese began to rely upon military weapons introduced by the
Portuguese.46
Other important factors contributing to the decline of Wako raids

in China were: ( 1) the competition, and opposition, of the lar ge Portuguese
and Spanish ships, ( 2) the more frequent participation of Wako forces in
the interna! wars of Japan, and ( 3) the extension of Wako operations to the
islands of the South Pacific.
As late as 1582 a report was sent to the Spanish Governor General of

the Philippines, Don Gonzalo Ronquillo, that a body of Japanese had ar-
rived with twenty-six vessels under a man called Taifusa. An expedition
was or.M'nized and the Japanese were finally"repulsed by means of artil-
lery." The number of raids thereafter apparently increased, for in
1585 a '' strong memorial was forwarded to the Council of the Indies in
Madrid recommending the establishment of a fleet in arder to protect
the northern shores of Luzon ( i.e. Cagayan) from the raids of the Japa-
nese."*
The death blow to the Wako was dealt by Hideyoshi after he con-
quered Kysh in 1588. At that time he issued this arder against piracy:
Article 1: To maintain ships for the purpose of piracy and

to engage in piracy has been strictly prohibited. lherefore, no-
where in the waters round ahout our nation should there be found
any pirate ships. However, our government has recently been in-
formed that certain prate ships are still operating in the waters
near the provinces of Bingo and lyo, as well as on Izu (sic} and
on other small islands. lhese offenders are hereby declared to
be outlaws. Prompt and severe punishment is to be infl.icted upon
them.
Article 2: Of ficials of local governments and their deputies
shall SUlllllOll inmediately all the seafaring men who are engaged in
trade, fishing, or other work in ships. 1hey shall carefully in-
quire into their daily life and work. If their explanations prove
satisfactory, they may be permitted to continue their work. But
they should be required to make sworn statements before the gods
that they will never engage in piracy. All these sworn state-
ments should be forwarded to the governments of the respective
feudal lords.
M. T. Paske-Smith, 'lhe Japanese Trade and Residence in the Philippines, Before

and during the Spanish Occupstion,' 1'ransactioos of the Asia tic Society, XLII, 2
(November, 1914), 692. As late as 1590 the strained relations that existed be-
tween Japan and the Philippines was attributed to "the piratical expeditions to
the north of Cagayan," which had "by no means ceased with the repulse in 1&!2 of
0
Taifusa" and such expeditions "had often come down and interferred with the
na ti ves and veaaels trading to Manila. " Ibid., 695.
Article 3: Henceforth, when, owing to the negligence or

wronsdoing o Kyuj in or o Ryoshu Llocal magistrates or owners o
eststes along the coast], piratea shall be discovered operating
in the waters under their control, the Kyujin or the Hyoahu will
be held responsible and will be severely punished. Their estates
as well as their personal property will be coniscated.48
It is difficult to determine just how many Chinese coins were im-

ported into Japan by the Wako. Takekoshi has written that most of the
accounts dealing with their forays merely state that they brought back
"precious articles ... 4 9 However, tbere are sorne specific references,
such as the one in a Loochoo source which contains a description of an
engagement with a Wako ship off the shore of Okinawa. As a result of
the battle the Wako forces were defeated and ''the entire treasure of
coins which they had aboard was thrown into the ocean . . . . "50 Take-
koshi writes as follows regarding the importance of coins in Wako
operations: ---
While the Government of Japan was doing ita utmost to make

money by foreign trade, the Japanese piratea tried the more di-
rect means of phmder, and as their loot was gold and sil ver,
cop)'.l'.er coins, and other treasures, the wealth brought by them
in to' J(yushu, Shikoku, and the inland sea districts of the middle
provinces of Japan is beyond estimation, and in due course this
looted treasure brought a new life into the whole country
How much wealth those Japanese brought over to their country is
not known. We only knaw that ichi, who possessed only a part of
Suwo and Nagato Provinces and was a supporter o ltako and a trad-
er, was far richer than any other feudal lord.51
CHAPTER 111
Japanese Copper and Copper Coins
The rise in the productive capacity of Japanese mines after 1540,

and the subsequent resumption of coinage, were basic factors in Japan's
economic prosperity of the last half of the sixteenth century. Copper
had already become prominent as an export in the fifteenth-century trade
with both China and Korea, but after about 1540 copper and silver pro-
duction soared and silver suddenly became the most important tem of
export. From the sale of copper abroad the Japanese obtained Chinese
copper coins, and from the subsequent sale of silver they received arti-
cles that found a ready market in Japan and that, therefore, contributed
greatly to the further expansion of money economy. After 1575 there
was also a vast new output of gold, and although, unlike copper and
silver, it did not figure in Japan's exports, it played a major role in the
monetary developments of the period. Toward the end of the sixteenth
century large quantities of all three of these precious metals were used
in making coins to fill the growing demand for a more adequate supply
of acceptable money.
Copper Mining
The location and productive capacity of the fifteenth-century copper

mines are not definitely known, but records show that the metal which
was shipped to China in 1434 originated in the provinces of Tajima, Mi-
masaka, Bitch and Bizen.1 The most productive mine was apparently
at Dgamaru~~lftL in the province of Iwami. 2 The sharp rise in
the amounts sent to China and Korea suggests a definite increase in
the total copper output. The official mission to China of 1451, consist-
ing of ten ships, carried 154,500 kin of copper, whereas the mission of
1539, which was made up of only three ships, carried 298,500 kin. 3
A similar increase is noted in the trade with Korea. 4 Copper became
the major item of export at a time when the total volume of trade was
increasing by leaps and bounds.
It should be pointed out, however, that the export of larger amounts

of copper was probably not due entirely to improved mining and metal-
lurgical techniques and to the discovery of new mines. For one thing,
the Japanese copper ore had a high silver content and sometime during
the sixteenth century, if not earlier, the Chinese and Koreans developed
a method of extracting the silver, thereby creating a greater demand

for Japanese copper. Furthermore, it is to be remembered that toward
the close of the fifteenth century the trade with China, as well as that
with Korea, had fallen largely into the hands of western lords, such as
Ouchi, who were in control of areas where copper wasmined. Possibly
copper ore was not so readily available for missions sent from Hyogo
and Sakai. One other factor, too, may have had sorne bearing upon the
shift toward copper: the decline in the Chinese demand for Japanese
swords. So many swords had been sent to China that the value had
dropped sharply, indicating that they were something of a glut on the
market. These factors undoubtedly had considerable effect on the sale
of copper abroad, and yet there was certainly an increase in the pro-
duction of copper, even before the turn of the sixteenth century.
A new era in copper mining dates from the digging of a mine shaft
by Kamiya Jutei 4..:ff .lj
~ in 1526 .*
Prior to this time all mining
seems to have been limited to the use of pits and trenches. It is not
clear whether Kamiya introduced the use of diagonal slopes or hori-
zontal shafts, but it is comparatively certain that he made great ad-
vances beyond surface mining. 5 At about the same time a new
method of smelting, known as the yamashitabuki J. ~ process, t .,_x
was introduced. It superseded the mabuki
oX technique which has
been described by Nishio as follows: "'
lhe ore was first crushed to separate the waste; the prepared
rich ore was then roasted with fuel to drive off the sulphur (roast-
ing stage); next the roasted ore was melted by a strong blast, pro-
duced by a bellows, so as to separate part of the iron which combines
with the flux to form slag. 1hus a matte was produced . 6
With the adoption of the yamashitabuki process the smelting operation

was divided into two stages. The first stage ended with the making of
the matte, as described above. The second stage consisted of re-
smelting the matte in an open hearth with a strong draft. By following
this improved method of smelting, a better grade of copper was ob-
tained. 7
A few years later a method of separating silver from copper ore

was used by Kamiya at his mines in the province' of Iwami. The exact
nature of the process, called rensuiyo "X it f:S..
or "chain-smelting,"
is not definitely known. It was probably a liquation process involving the
The ahaft was called a 11abu flj., , Gin.ian Ky Ki ~ lU .. ii (Old Account of

Sil ver Mines), quoted in Kobata, 'Clisei SandO Shi Ko,' 172.
t lhe name originated with the village o Yamashita, where the procesa - first
introduced; Takimoto, Nihon Sangya, IV, 450.
Japanese Copper and Copper Coins 35
use of a crude furnace to melt the ore and thus to separate the metal
from impurities. The melted lead and silver were carried off, leaving
the less fusible metals as a porous mass. The lead and silver were
then heated in cups in a low furnace with a bottom of ashes to obtain
the silver. Sine e the Ja panes e copper ore had a high silver content,
the introduction of the liquation process made the mining of copper a
far more profitable enterprise.*
The output of copper was further increased by the discovery of

severa! new deposits. After 1570 mines were opened: ( 1) at Kawa-
kami >I .J::.. in the province of Harima, ( 2) at Akazawa Jk, 5f
in Hitachi
( 3) at Ani fJ 1;:.. in Ugo. 8 and ( 4) at Gendo Jt f~ in Mutsu. 9
Copper was also discovered in the province of Iwashiro in 159510 and
JL
at Ashio JI:.. in Shimotsuke in 161 O. 11 The mine at Ashio is still the
most important copper mine in Japan.
The utilization of more advanced mining and metallurgical methods

together with the discovery and exploitation of new deposits, contributed
much to the increased production of copper in the sixteenth century.
However, the activity was due, in part, to an increased demand in Japan
for copper. Three developments of the period operated to stimulate
such a demand: the introduction of firearms; the growing popularity of
the tea ceremony which created a greater demand for copper utensils;
and the increasing inadequacy, both in quantity and quality, of the
Chinese coins which intensified the need for copper coins struck in
Japan.
The actual amount of copper mined after 1570 is not known, but by
the close of the century the principal mines of Japan were being worked.
After 1610 the Dutch merchants alone shipped out approximately 25,000
piculs of copper each year, and it is estimated that the Chines e also
were taking out an equal amount.12
H. H. Manchester, 'Mining in Old Japan, lhe Bronze and lron Ages--Methods of Re-
covering Gold and Silver--lhe Reduction of Lead Ores,' Engineering and Mining
Jouma.l-Press, C::XV, 20 (May 19, 1923), 889-93. lhe same subject is covered in
Nishio Keijiro, 'Transmission of Liquation Process,' Jouma.l of Mining ~ssocia.tion
of Ja.pan, 452 (October, 1922), 682-85. Kobata is of the opinion that Kamiya
learned the process fran Cliinese at Hakata; 'lwami Linzan no Kenky,' 62. A
J:orean source, however, discloses the view that the Japanese learned the method
jong Si llOk ~ .f~ f*f i

of separatin!, silver fran copper ore by contact with Korean minera. Yijo C1wng-
(Reign of Cliungjong Ll506-1545] in the Yi Annals),
quoted in Kobata, 'lwami Ginzan no Kenky,' 62. Takekoshi wrote as follows re-
garding Kamiya' s process: "lhe name of Kamiya, who went to Cliina; where he
learnt mining and metallurgy, and on returning brought about a remarkable change
in Japanese mining, is not so famous as that of sorne rowdy among Hideyoshi's
followers who became a lord ; Econ011ic History, I, 370.
in Japan generally were placed in that category. The types of coins

which were classified as "bad coins" varied with the time and locality,
but for the most part, they were those pieces which people refused to
accept. For many years all coins cast in Japan were so classified, but
there were others, such as those counterfeited in China, obsolete coins,
and defaced coins. 14 Most Japanese scholars writing on the subject
agree, however, that it was the privately minted copper coins of Japan
that made up the largest portion of the pieces which were rejected as
"bad coins ... 15
A study of the monetary laws after 1485 shows that there was a
sharp increase in the number of "bad coins" and that a larger number
of coins was removed from the category of "bad coins." In other
words, since Japanese copper pieces constituted such a sizeable
portion of the money which was being rejected, the above trends sug-
gest that more coins were being made in Japan and that gradually more
of them were being circulated as money.
In 1485 Ouchi, who was in control of most of the copper producing

districts of 4"apan, ordered that ''In the payment of special assessments
( tansen};... i_l )t .... a sum of 100 mon shall contain 20 ~ of Eiraku
:kit tf or Sentoku 'i 1t
ttt coins:"l"6" The law aimed primarily at
enforcing the circulation of two different Chinese coins, and it seems,
therefore, that Japanese coins were not yet a serious problem. But by
1512 the situation had changed. The Ashikaga Bakufu promulgated a
law in that year which contained the following clauses: "Ofthe Japanese
coins tttt the better grade Eiraku, KateiJ; ;t ttttf and other coins
figaku Zauhi, XLII, 12, p. 1398. In mny of the disagreements between

Japanese and Cllinese merchanta, the counterfeit Cllineae coins were frequently
a source of friction, as in the case of the riots of 1523. Kobata, Ryta
Shi, 202-3.
t Tansen refera to money aaseaaed on each tan of rice bnd. However, such an
aaaessment waa generally for meeting a apecific expense of a lord, temple
or shrine, such u a trip to the capital or the building of a new hall.
Nihon Keiiai Shi Jiten, 11, 1036.
tt Eiraku (Cllinese pronunciation Yung~lo) is the n1111e for the Cllinese era ( 1403-24)
during which these particular coina were minted. 1hey were first coined in
1411 and were probahly the moat popular of all the Cllinese coins imported
into Japan. In some parta of Japan the firat part of the word waa uaed to
form the word Eidau.fe-,\ which ceme to mean mnount of l!Qley." For des-
cription of these coins see Polder, loe. cit., pp. 419-500.
ttt Sentoku (Cllineae pronunciation Hiian-te) is the name of the Oiineae era of
1426-35. 1he coins called by this name were lllinted in 1434. Shiba, loe.
cii., XLII, 12, 1395.
tttt Otilen Ht 4\, , li terall y .. lmcl maaey." Shib& is of the opinion, however,
which have inscriptions on their backs shall be considered good coins

. . . . All coins with slight defects, except for /defective7 Japanese and
Ware~//.. coins,* shall be considered good coins-:" 17 In the period after
1485, Japanese coins had not only become a subject of monetary laws
but certain types were apparently accepted as good coins. It is con-
cluded, therefore, that many Japanese pieces were already in circulation.
The trend toward the inclusion of more types within the category of
good coins is further exemplified by the following clause in the Asai law
of 1566: "All coins, except Ware and Uchihirame .:1-J -f-
f coins without
inscriptions, shall be accepted in all payments, including the payment
of taxes . . . " 18 The culmination of the trend, however, is found in
a law promulgated by Oda Nobunaga in 1569. It reads, in part, as fol-
lows:
Koro, Sentoa&, Yake and all other old coins shall circulate
aa [good coins].
Eaiyo, Okake, Ware, and Suri coins all shall circulate at
one-ifth [the value of good coins].
Uchihiraae and N~kintt coins shall circulate at one-tenth
[the value of good coins]. Other "bad coins" shall not
be rejected:
Special assessments, land taxes, money paid in lieu of public
<1ervices, the selling of gold and silver, trade in Cltinese goods and
silk, the pawning of goods, the sale of grain etc.--all shall be
handled at the [above] fixed rate of exchange, which is in acco~d
ance with the current market price. 1here shall be no raising of
prices under the excuse that the coins are good or bad.
In all trade tranaactions onehalf of the amount shall be paid
in good copper coins and the other half with inferior copper coins.ttt
In other respecta the transactions shall be in accordance with the
desires of the parties concerned.
Buying and selling of bad copper money is strictly forbidden.
that it means Japaneae coins." Loe. cit., XLIII, 2, 267.

tttttShiba believes that Eiraa& and Katei (Cltinese pronunciation <Jiia-ting) coins
were counterfeit coins bearing those n~s. rather than official Cltinese era
coins. Loe. cit., 261. 1he only Cltinese era having the latter name was that
dated 1208-25.
1 have not been able to identify Ware coins, but the word suggests that they
were defaced pieces.
t 1he uchihiraae coins have been the subject of considerable disagreement, but
Shiba holds that they were counterfeit coins made in Cltina. Loe. cit., p. 246.
tt 1he Nankin coins are believed by Shiba to have been counterfeit coins, loe. cit.,
ttt
246.
1.0.sen , , a
Kobata is of the opinion that they were made in Japan, op. cit., 83.
Any person forcing his way into a market or causing any distur-
bance at a time when the value of a copper coin may not yet have been
established, shall be detained and reported. Any person failing to
report such an offense shall likewise be considered an offender.
Any person not confonning to the above articles shall be ap-
prehended inmediately and punished.19
The Nobunaga law mentioned no coins that were to be rejected, and a

rate of exchange, based on market prices, was established. Thus, coins
struck in Japan were to be accepted as money, although at a fixed rate.
Additional evidence of a larger number of coins made in Japan is

to be found in the increased use of ''bad coins'' in various types of
transactions. After 1538 numerous deeds, bills of sale and mortgages
showed that "bad coins" were used. Such documents appeared more
frequently in western provine es, and after Nobunaga 's order of 1569
they became quite common. Thereafter "bad coins" were given as
offerings to temples, and to pay freight charges, harbor dues and the
like. 20 As late as 1591 Hideyoshi levied a special tax on his retain-
ers amounting to 5 kan of "bad money'' for each 1,000 koku of their
fiefs. 21 Of course, after 1572 the larger transactions were gener-
ally in gold or sil ver.
For the period prior to Nobunaga 's order, there exist very few
direct refei-ences to private coining. However, an account of the
Eiroku era ( 1558-1570) states that Yamana entered the city of Kyoto
and had sorne bronze Buddhist statues rnelted down for the purpose of
casting coins. 22 Takekoshi also writes that copper coins were rnade
in the province of Kai as early as 1512 and that in those years rnany
copper coins were produced in the Kyoto area.*
There is sorne evidence that Nobunaga, irnrnediately after he enter-

ed Kyoto, had sorne silver and gold coins rninted. But there is no indi-
cation that official copper coins were struck until the Tensho Tsiiho ~
JE..i! f coins were rnade in 1587 by Hideyoshi.23 This issue con-
tained silver and gold, as well as copper, pieces. Five years later there
was another issue, with coins rnade of all three rnetals, called the Bun-
roku Tsho ~ ~ ... il 1f.
24 and in 1601 a cornparatively unified C"rrency
systern was established in which copper coins were an integral part.25
The shift away frorn the use of Chinese money was clearly indicated by
a law of 1608 which prohibited the circulation of old Chinese copper
Eiraku coins. 26
Takekoshi, Econoaic tfi1tory, 1, 262. Contemporary chroniclea show that coina

were cast in several localities, and books on numismatics contain illustrations
of nmierous coins from various provinces. Unfortunately, however, moat of the
coins cannot be definitely dated.
CHAPTER IV
U se of Copper Coins
The influx of Chinese coins from the continent, together with the
minting of coins in Japan, added much to the sum total of metallic
money available to the Japanese. Unfortunately for the monetary
historian, however, no statistical annuals or reports were made in
Japan in those days, and we therefore have to rely upon rather indi-
rect evidence not only to determine the approximate number of coins
in circulation, but also to establish the velocity of the circulation and
the effect of this circulation upon the economic life of the period. In
order to arrive at a more definite understanding of the importance of
copper coins as a catalytic agent in the development of a more com-
plex exchange economy, it is necessary to examine contemporary
diaries, chronicles and records which may supply information con-
cerning the nature and importance of the various exchange operations
in which copper coins were used as money.
Temple Donations and Gifts
The Buddhist temples were among the last to give up the use of
coins and to turn to rice and silk as money d\lring the tenth and
eleventh centuries, and they were among the first to accumulate stores
of wealth in terms of copper coins once larg quantities of Chinese
coins began to pour into the country after the middle of the twelfth
century. It is significant, therefore, that it was in the transfer of lar ge
sums of copper coins between temples in Kyoto and Kamakura in the
thirteenth century that bills of exchange were first used. With the out-
break of civil wars in the fourteenth and fifteenth centuries, the large
temples, in many areas, retained control over their extensive landed
esta tes and, in sorne cases, even enlarged them - - frequently with the
help of armed men. Therefore, donations of copper coins to the
temples increased in number and size. One temple in Nara received
a total of 100,000 ~in offerings during the year 1484.1
In addition to gifts from worshippers, large donations were re-

ceived from local lords who were attempting apparently to gain the
backing of these rich and powerful institutions. The same Nara temple
mentioned above received a gift of 25,000 mon in 1507 from a local
military lord by the name of Akazawa, 2 and under similar circum-
40
Use of Copper Coins 41
stances a feudal lord, Matsunaga, made a donation of 36,000 mon to the

same temple. 3 When Nobunaga was making his bid for political su-
premacy, he made even more liberal gifts. At the time of his entrance
into KyOto in 1568 he presented 2,000,000 monto temples and shrines
in the provine e Settsu "to help them repair damages." At about the
same time he gave 20,000,000 monto religious institutions in the city
of Sakai.4 The extensive use of copper coins to gain the support of
strong Buddhist temples suggests that the remarkable political centrl -
ization of the last half of the sixteenth century might not have been
possible without a large supply of copper coins to facilitate the hand-
. ling of such deals.
As certain military leaders attained greater authority over larger

areas of Japan, the Buddhist institutions found that their positions had
greatly changed. Instead of receiving large gifts in return for politi-
cal, and in sorne cases military, support, it was now often necessary
to pay the military lords lar ge sums of money for 'protection.'' When
an army entered a town, or temple compound, the soldiers considered
the place as fair game for looting until a "prohibition order" ( kinsei
jrei ~ $'J-~f; Uj ) was posted. Such an order was signed bythe military
lord and prohibited all soldiers from creating disturbances or from
damaging property. When Nobunaga's forces entered Nara in 1558, the
city obtained a "prohibition order" but a high price had to be paid for
it, as we can see from an entry in a Nara temple diary: '' Recently
Nara received a 'prohibition order'* ( signed) by Kazusa. t An exces-
sive amount of money was demanded as compensation ( for the order) tt
and, consequently, the city officials are being severely criticized. More
than 1,000 kan may ha ve been demanded ... 5 Six days later the follow-
ing entry was made in the same diary: "In regard to the money demand-
ed by the Owari forces ttt as payment for a 'prohibition order, tttt
fourteen or fifteen different types of assessments have been levied.
They range from 3 kan 200 mon down to 50 mon. Thc peasants at Ta-
monzan are complaining. It is unfortunate. The Buddhist halls as well
as the temple dwellings ha ve been subjected to assessments." 6
A similar demand of 5,000,000 mon was made by Nobunaga on the Hon-
ganji Temple, and 20,000,000 mO'Was the amount demanded from lshi-
yama Temple and the city of Sakai. 7 A cursory glance through the
best collection of historical materials for the period reveals that a
In this case: bOgyo eisatsu P~ 'I! ~J IL

t Probably a retaine~ o Nobwiaga who had the title o Kuuaa no Kami .
tt flanzeni ,~~
ftt Probably referring to Nobwiaga's forces, becaume Nobunaga ceme originally
from the province of Owari.
tfff Seisatsuzeni fr'J l{. t1:.
large proportion of tbe documents are "prohibition orders signed by

military barons. 8 If we assume tbat eacb was tbe occasion for a gift
of copper coins, it can be seen tbat tbe practice accounted for a large
monetary income.
Political Gts and Assessments

--------
The military leaders who succeeded in establishing political unity
in Japan toward tbe end of the sixteenth century by no means relied
solely upon military conquest. Many of tbeir steps in the acquisition of
greater power were facilitated by alliances and agreements tbat were
based upon judicious and liberal gts of money, not merely to Buddhist
temples, but to otber military leaders and to officials of the Imperial
Court. One of tbe key moves made by Nobunaga in bis rise to power
was bis alliance with Ashikaga Yoshiaki, a pretender to the office of
Shogun. In the arrangements we know that Nobunaga made a gift of
1,000,000 monto Yosbiaki, 9 and when Yoshiaki was finally installed
as Sbogun, Nobunaga furtber strengtbened bis position in the capital by
presenting the Imperial Court with 100,000 mon. lO In later years, as
gold and silver money became more widely used, copper ceins did not
often figure in such high-level political arrangements.
Copper coins were also frequently given by a feudal lord to bis men,
not as salaries but as rewards for meritorious service. Because of tbe
large number of unattached warriors, wbo were constantly on tbe alert
for more advantageous employment, a successful baron tried to gain a
reputation for being a liberal donor of coins. Festivals, victorious
campaigns, the opening of a new castle or mansion, a tea ceremony - -
all were proper occasions for gifts of money. Hideyoshi even initiated
tbe practice of distributing coins during a military engagement, in order
to stir bis men to greater endeavor-.
Tbe retainers also made presents of money to their feudal lord. It

seems that tbe practice arase from a desire to enhance their standing
and to obtain promotions. Gradually, however, such gifts became
customary, and the following tem in a contemporary chronicle of Kaga
shows that, in that province at least, they were almost compulsory:
"ben Maeda Toahiie returned to K.nazan. after the Korean
cmnpaign, the retainera were ordered to appear in fonnal dreaa to
offer their New Year greetings. 1he meai>era of the Maeda fmly
and Toahiie's leading retainera were to presenta gift of 1,000
llOI, and thoae retainers holding a fief of leas than two or three
thouaand kolw were to gi ve 500 llOR. The others were to gi ve 300
aon. Each man was ordered to present his gift personally . .
[Later) Toshiie sumnoned eleven retainers and pointed out that
they had not come to pay their respects at New Year's and that
they had not made a present of 2,000 (sic) lllOl'l, even though their
lord had been absent for a long time. Toshiie expressed his dis-
satisfaction with these retainers and had their names recorded
lfor future referenceJ .11
Sales and Purchases
References in sixteenth century accounts disclose that coins had

come to be widely used as money for ordinary purchase and sale of
commodities. In the hundreds of such items entered in the Tamon In
Temple Diary, which covers most of the sixteenth century, few in-
dicated barter transactions. Tamaizumi, in bis statistical analysis of
land deeds, found that an increasingly large proportion of the deeds
quoted prices in copper money. For the entire Ashikaga era he found
that more than 90 per cent of all deeds examined showed that prices
were in coins, and less than 10 per cent in rice. His results for the
Ashikaga era ha ve been tabulated as follows: 12
1334-1392 1393-1473 1474-1573
Rice Coins Rice Coins Rice Coins Total
Kinai 18 220 6 262 19 311 836

Tokaido o 36 1 145 2 138 322
Tesando 2 5 15 26 19 60 127
Hokurikudo o 3 o 1 1 13 18
Nankaido 2 34 o 75 4 83 198
Sanyodo o 1 o 15 1 24 41
Sanindo o 9 o 7 4 13 33
Saikaidc5 1 5 6
Total 23 313 22 531 50 642 1581
Unfortunately Tamaizumi did not carry his research bcyond the Ashikaga
era. A similar analysis for the last years of the sixteenth century would
undoubtedly have shown an even more complete shift to the use of metal-
lic currency, because of the resumption of coinage by the Japanese and
because of the efforts of certain military leaders to prohibit the use of
other types of money.
In 1569 Nobunaga issued an arder which marks a milestone in

monetary history. It reads as follows:
Buying and selling with rice [as a medium of exchange] is

prohibited.
Sales in vol ving more than 10 k in of thread, 10 kin of drugs,
10 rolls of damask or 100 teacups, 6hall be made with either gold
or silver. However, if neither gold or silver is available,
authorized good copper coins shall be used. Large quantities of
Chinese goods shall also be handled with gold and silver. Other
small sales shall be made with any authorized medium of exchange.
However, if anyone trades secretly in gold or silver, he shall be
heavily fined.
Ten ryo of gold shall be equal to 15 kan [of copper coins];
ten ryo of silver shall be equal to 2 kan.
All purchases shall be made, and all loans from temples and
pawnshops shall be repaid, with legal media of exchange. How-
ever, debts in gold and silver shall be repaid in gold or silver.
If gold or silver is not available, the debt shall be repaid
with authorized good money.
Any person who gains profits from [arbitrarily] fixing the
value of copper coins [offered in exchange for] articles of sale,
shall be sent from the province and shall be prohibited from
carrying on business in that province thereafter.
The exchan8e of gold and silver in connectibn with any trans-
action is strictly forbidden, and gold and silver received from
such a dealer shall not be honored .
Fines for offenses in [the use of] money: In offenses in-
volving swns ranging from one to one hundred copper coins, the
fine shall be 1,000 111on; for sums amounting to more than one
hundred coins the fine shall be 10,000 mon. Offenses involving
other sums of money shall be dealt with in accordance with this
scale.
Any person who violates these monetary regulations shall be
punished by his village; if the village fails to perform that
duty, all persons therein shall be held collectively and indi-
vidually responsible. Moreover, any troublesome person should
be reported. Any report regarding the illegal acts of a person
shall be rewarded with a gift of 500 copper coins.13
This order not only made it illegal to use rice as a medium of exchange
but it established a fixed rate of exchange between copper, gold and
silver coins and designated the type of transactions in which the various
types of coins were to serve as legal tender. Such measures were proof
that copper coins were b eing widely circulated as money in trade trans-
0
actions. They also tended to increase circulation for they provided
In Takekoshi's Economic History, l, 375, the following conment was made concern-
ing Nobunll{;;a' s monetary law. "In the first article trade in rice was prohibited."
t
This is an erroneous interpretation of the original text: V' 1\.;f.. J 1.J.
~ ..t_ j
standards which added to the acceptability of coins.
Bills of Exchange
The increased use of bills of exchange in the fifteenth and sixteenth

centuries was not merely another manifestation of a greater circulation
of copper coins but also served to increase the velocity of circulation.
When payments were made with bills of exchange, the available supply
of coins served the functions of money in a greater volume of trade.
After the establishment of the Ashikaga Bakufu in 1338, the local

feudal lords began to rely upon bills of exchange as a means of sending
their taxes to the capital. Large temples, which had fiefs and branch
temples in outlying areas, used bills in preference to sending coins.
The advantage of this method was outlined in 1380 by one of the officials
of a Toji Temple fief in the province of Suo: ''When we send a sum of
20 kan to the Toji Temple, we face the danger of having the money lost
on the way in rough seas, etc. Furthermore, there frequently is no
available vessel. A bill will arrive within the year, and the temple can
have it cashed immediately in Hyoho of Sakai ...... 14
With greater circulation of coins during the fifteenth century, the

use of bills of exchange was extended to all types of commercial trans-
actions. Gradually the temples lost their monopoly as dealers in bills as
'
commercial institutions called the toimaru r~ ~ frequently translated
"monopoly merchants," expanded their operations into the field. At the
beginning of the fourteenth century the toimaru became commercial
agents for the heads of manors. They marketed the rice, operated inns
and warehouses and, in general, managed all the commercial operations
of a manar, or severa! manors. During the fifteenth and sixteenth cen-
turies the toimaru expanded their bsiness to include trading in many
types of commodities. They bought and sold agricultu.ral, marine and
industrial products. With such expansion of business, toimaru were
operating not only in the large ports but in trading centers in the in-
terior. Many of the toimaru, particularly in such commercial c:enters
as Sakai. Nara, Kyoto, Hygo and Hirose, accumulated such stores of
capital and had su ch extensi ve commercial connections that they could
handle bills of exchange more easily and efficiently than the temples.15
Along with this development certain changes in the form of bills

were made. The following is an example of one drawn in the fifteenth
century:
~wit: 10 kan. (Seal)
The above amowit of money i'!s to be paid to Jiro of Sakai.
Honor this bill without question.
[To:] Hikogoro.
2nd day, 12th 111>0n, ~in 1 ( 1467) (Seal)
[Written on the reverse side:]

In locating Hiko~r0, ask for Hirosetsu at the Bitch shop.
in KitanoshO, Saka1.l
The above bill was sent from a Toji Temple fief in Bitchu, and the drawer
was probably a dealer in the province. In comparison with earlier bills
this had the added features of an affixed seal, the name of the receiver,
the omission of any ref erence to a period of payment ( apparently making
it payable at sight), and the payment of the bill by a commercial dealer,
not a temple.
There are many indirect indications of a more extensive reliance

upan bills of exchange during the sixteenth century, such as the plea
made to the Ashikaga Bakufu in 1526 by merchants of Kyoto that the im-
pending tokusei ( debt cancellation) arder exclude bills of exchange.
There are also references to unusually large amounts of money being
remitted by bills. 17 For example, in a record of 1569 it is stated that
200,000 mon was drawn by Goroemon of Temba on an exchange house,
named the "Daimonjiya. "*Financia! arrangements of this type obvious-
ly increased the velocity of the circulation of copper coins, and after
about 1580 they also increased the velocity of the circulation of gold and
silver coins.
The Dos
Credit institutions, like bills of exchange, not only provide ad-

ditional evidence of a wider circulation of coins but also served to in-
crease the velocity of circulation. In other words, accumulated capital,
instead of being removed from circulation through saving and hoarding,
was made available through credit institutions to individuals who had use
for the funds. The various credit organs, as far as we know, had not yet
introduced the practice of making loans from funds placed with them on
deposit, but nevertheless their operations are a highly significant fact
in Japan's medieval expansion of money economy ..
The institution which was most active in the credit business during
the medieval period was the doso. The term is frequently translated as
"pawnshop," but during most of the period it accepted immovable, as
well as movable, property as security for loans. Toward the end .of the
period the doso also made loans on shiki-"t or feudal rights, so it was
more than a pawnshop. We have already seen that by 1336 it had become
sufficiently important to warrant a separate article in the new legal
Yamashina, /(otots~ /(ya f(i, IV, 364. The Dai110t1j iya A.-*._ ~ appears to have
been a trade name for one of the specialized dealers in bills of exchange.
"code" of that year,* and in spite of the constant military strife and
general political chaos which prevailed thereafter, it is certain that the
doso not only was making loans on more kinds of security but that it
was doing a much larger business.
An outstanding feature of the expansion of the doso during the

fifteenth century was the part it played in the numerous peasant up-
risings. These uprisings were generally called tokusei ikkUf,~--.t-1.:
or 'uprisings /Of people demanding7 a debt cancellation order.' 't '
The debts which they wished to be cancelled were principally those
owed to the doso. To show the relationship between the peasant up-
risings and the business of making loans let us look at the uprising
of 1428.
The disturbance first arose among men working in the horse-

express business in the province of Omi. These discontented men be-
gan to gather in various places to discuss their common grievances.
Their numbers were increased by other dissatisfied peasants until
the gathering reached the proportions of an unruly mob. They then
headed for the nearest pawnshop, wine shop or temple -- where there
were warehouses filled with pledges that had been given as security
for loans at high rates of interest. On their way the people shouted
that a debt cancellation order had been granted, or was going to be
granted, and consequently others joined their ranks. Upon arriving
at the pawnshops, wine shops or temples, they forced their way into
the warehouses, seized the pledges and destroyed the loan contracts.
Word of these activities spread and other mobs gathered in other
areas. After several days, and after it had become clear that the
situation was getting worse, the central military governmem issued
an order forbidding such disturbances, and finally dispatched troops.
Even with the use of military force, the mobs could not be quieted and
the government finally granted a partial tokusei. All cebtors were
allowed to reclaim their pledges upon the paymentof one-third of the
Supra., 12.
f 111e tokusei of the Ashikaga era have been studied by Miura Hiroyuki in Zoku
ffseiShi no Kenk)'U (Continuation to: Studies in the History of Law) (TOkyo:
lwanami Shoten, 1925), 1203-49. lhe uprisings, with which the tokusei were
closely associated, have been the subject of three studies by NakamuraYoshi-
haru: (1) 'Shoki no Tsuchi lkki' ;f(.!} I~' ;J:.. - .fk (Peasant Uprisings of
the Early Period) Shakai Keizai Shigaku 11, 10 (January, 1933), 1009-64;
( 2). ()iin Izen no Tsuchi lkki' ~. ~.:. "~ fj ' -*- - ~fi:: (Peasant Uprisings
Befare 1467)~ ~hoku 1eikoku lJaigaku_Hobungakubu Kinen RaashU ~ ;t, J 1 ~f
~.t.f.Jpte. ~ tJ.,, and (3) 'CAtin Bwnnei Nenkan no Tsuchi lkki to Toku-
sei' (Orders of Debt Cancellaticn and Peasant Uprisings IAlring the Period
1467 - 1486), Shigaku Zasshi XLV, 6 (June, 1934), 671-707; 7 (July, 1934),
830-60; and 8 (August, 1934), 964-93.
loan.* In vie}V of the fact that the mobs seem to have limited their di-
rect action to places engaged in making loans and that the uprisings re-
sulted in a tokusei, it would appear that the credit operations consti-
tuted the main source of discontent.
That the business of loaning money continued to be a source of

trouble is obvious from an order, issued ten years later, to the effect
that: ''Any person who borrows an excessive amount of money and who,
after spending the money, demands a cancellation of debts because he
finds himself in difficulties . . . . has committed a serious offense. Such
actions are strictly forbidden ...... 1a But the order did not prevent
further uprisings, since in 1441 there was another one, and in this case
an even broader cancellation of debts had to be granted. The articles
of the tokusei order pertaining to loans made by doso read as follows:
Certificates of loan,t including those with tokusei clauses, tt

shall be returned to the debtors.
Pawn ticketsftf shall be returned to the debtors.
In case the term [o the loan] has expired, the pledge shall
be forfeited to the pledgee in accordance with law.19
By this order the certificates of loan had to be returned to the debtor

wthout even a partial payment of the loan.
During the latter half of the fifteenth century the peasant uprisings,
and tokuse orders, became more numerous. While Yoshimasa was
Shogun ( 1449-1490). thirteen such orders were issued by the central
military government, 20 but many more were issued locally, by local
officials, by associations of merchants or by the operators of doso
themselves. tttt The constant threat of a tokusei caused money
. ~liura
Hiroyuki, Zoku Hosei Shi no Kenky, 1204-09. The uprising of 1428 was
variously called: (1) toluisei ikki,t.t-~tokusei uprising), (2) ullalrashi
ikki .11,11--#f- (uprising of persona renting horses), (3) tsuchi iltki (or
doikki) .:L - 41';: (peasant uprising).
t Kar isho ..ft f
tt MonshO J:... "f .In some documenta the word amgm :)( t
was used. Such a
clause stipulated that the certificate of loan was not to be affected by aiy
future proclamations of tokusei. 1hese clauses continued to appear in loan
contracta as late as the seventeenth century; Miura, ~ku llOsei Shi no Kenlty,
p. 1248.
ttt Shichilten '){ $... .
ffff Nakanura, '()iin Bunmei Nenkan no Tsuchiiki to Tokusei,' 964-93 and 1077-94.
Borton found that fran 1426 to 1526 there were 36 peasant uprisings. Hugh
Borton, 'Peasant Uprisings in Japan of the TokU8awa Period, Transaction
of the Asiatic Society of Japan, 2nd Ser., XVI (1938) 16.
U se of Copper Coins 49
lenders to charge higher interest rates and to resort to various schemes

to avoid the loss of capital through tokusei ord~rs. The central govern-
ment was afraid, however, that such efforts, although providing sorne
protection to individual business men, would increase popular discontent
and would lead to other, more serious, forms of mob action. Conse-
quently in 1466 the following order was issued:
lt has been previously ordered that [interest] on loans
shall not exceed 100 per cent [of the principal], but in
recent years [the law] has become notoriously ineffective.
For this reason it was reissued in the Eikyo era (on the 6th
day, llth moon, 2nd year). Nevertheless, creditors are unjustly
and willfully revising loan certificates under the pretense of
redrafting them, and are thereby increasing the principal of the
loan [to conceal additional] interest. l~henever interest
reaches an amount equal to the principal, the certificate of
loan shall be returned to the debtor, and mortgaged land and the
like shall be retumed to the original owners. Hereafter any
person acting contrary to this law shall be prosecuted . . t
In spite of an excessive number of tokusei and a lack of adequate

protection by the central government, the doso continued to expand. In
an attempt to avoid the cancellation of debts by tokusei orders they de-
vised effective means of concealing interest charges, and in order to
protect their shops from the actions of peasant mobs they undertook to
come to terms with local militar?J leaders and in sorne cases fo or-
ganize their own military force. 1 In addition, the position of the
money lender was improved after the turn of the sixteenth century by
better protection, military and otherwise, from the stronger local
lords who were beginning to emerge. In general it appears that the
stronger leaders of the sixteenth century were becoming more aware
of advantages to be derived from obtaining the support and co-oper-
ation of the townspeople. They no longer were inclined to rely ex -
clusively upon military support and upon income from landed proper-
ty. In other words, the growth of money economy was reflected in
the political policies of the new leaders.
The following portions of the Imagawa legal code of 1526 disclose

1430.
t Order, 26th day, 5th moon, &nsho 1 (1466), in Miura, 1.ob HOui Shi no Kenky.,
1230. At the beginning of the fifteenth century aix per cent per month was
charged in the province of Shimosa, and caaes of eight and ten per cent per month
were also noted. In 1452 a Baltu/u order att~ted to regulate interest ratea: on
metal utensils and the like no more than four per cent per month was to be charged.
<ltuno Tekahiro, 'Murmnachi Jidai ni okeru Doso no Kenkyii' (Study of Doao in the
Muranachi Era), Shigaleu muhi, >UV, 8 (August, 1933), 995. Another atteq>t was
made in an order of 1459. Loana were classified in to two categoriea In ane the
intereat was limited to five per cent per month and in the other to aix per cent.
Keuu lrai Tauika, Gunaho Ruijii, XIV, 6/j.
a certain concern for the claims of creditors:

A creditor ahall poatpone taking any action against a debtor
until two years after [the term of] the loan has expired. lf
the loan is not paid oH in six years, an appeal shall be made to
the proper officials and to the holder of the fief; whereupon the
debtor shall be pressed for payment. Intereat on all loans of
money shall be paid in accordance with the tenns of the loan
contract.
Regarding the gi ving of revenues from fiefs as pled@es on a
loan: there have been cases in which men have spent the funda
from a loan and then entered a monastery. In the ~~eio era [ 1492-
1500] lobara Suo no Kami conmitted such an act. lt was difficult
to overlook his loyal service, and thus the matter was dropped.
(However, his fief, the village of Yakizu, was handed over to the
creditors.) lhis year (1525) Fosh found himself somewhat embar-
rassed about this Lloss of fief] and, consequently, another fief
had to be granted to him. Such disposition has been permitted
once, but hereafter any person or family showing such an inclina-
tion shall be stripped of all possessions. 22
Still greater legal protection was provided in the following articles of the
the Takeda Code of 1547:
Wien claims are pressed by two persons against the land of a

person who has not paid his debts, the holder of the first mortgage
shall take possession. However, if thP first mortgage is not in
order, the land shall becane the possession of the second claimant.
lt is a serious crime for a debtor to run away, or to becorne
a vagabond. In such cases, the responsible members of his family
shall pay the debt. However, in the case of men who have sold
themselves into slavery, the customary action shall be taken.
In the case of debts contracted by two or more persons joint-
ly, if one of the parties runs away, the other party [or parties]
shall make full compensation, even though said party [or parties]
may not have been cognizant of the escape.
lhe llltter of what constitutes a fair security shall remain
as agreed upon in the contract. In case a man has received a
small loan for a pled~e of high value, such pledge shall not be
disposed of by the credi tor, even though the term of the loan may
have expired. lbat the creditor might not incur a loss of profit,
he shall take possession of the pledge after consulting with the
guarantor -- but only after waiting a few months for payment and
after considerable pressing o the debtor for payment.
A person loaning money or rice at interest which has come to
equal the principal or putting pressure on a debtor to the point of
causing him distress shall be fined. Comnon people who treat the
Sakifuda ~-*L .
borrowing of money lightly, or debtors who fail to pay interest on

their loans, shall be reported to the authorities and treated as
indicated above.
nhen the master ot a dos' absconds, his record.s shall be exam-
ined and, in case there is a shortage ot' funds, his cultivated
helds and shop shall be confiscated . . 23
Toward the end of the sixteenth century there were numerous codes of
local feudal barons, as well as city ordinances, which reflected many
legal refinements on the subject of loans. For example, an Asano law
of 1595 has one article which reads:
In case pledges become wet or are damaged by mice, they may be

reclaimed upon the payment of the principal of the loari. In case
of fire, the loss shall be shared by both parties. In case the pawn
ticket has been lost, even if there is sorne doubt about it, the
pledge may be reclaimed if the term ot' the loan has expired and the
interest [and principal] have been paid. In case the pledge has been
lostA the entire principal of the loan shall be cancelled by the credi-
tor .:4
The Asailo law seems to show more concern for the protection of the
pledgee than for the pledger. In case of loss or dama ge, the debtor
would stand to lose more than the creditor, even though the latter
might have been negligent in providing the proper safeguards.
The final developments in the legal position of the doso in the

sixteenth century, however, are found in city ordinances. They reflect
a reaction against what appeared to be undue concern for the interests
of the creditor and show an effort to establish a more just basis for
the settlement of all claims and disputes arising from credit operations.
An example of such an ordinance is one for the city of Himeji, issued in
1601. A portion of it reads as follows:
In regard to the buying and sellin8 of stolen goods, or to

the pawning of same: lf the original owner discovers such goods,
the lidentity] o the aeller shall be revealed [by the buyer or
pawnbroker]. However, in case the buyer [or pawnbroker] claims
that he has never seen or heard of the man before, the original
owner may reclaim the goods by paying to aaid buyer [or pawn-
broker] the price [the latter paid for the gooda].
In case a robber entera a dos, the pawnbroker ahall not be
responsible, if it is clearly established that the pledgea have
been stolen. However, if the certainty of the robbery cannot be
established, the dos shall be responsible [for the losa].
Aaano 1erumasa law for fmeji, 23rd day, 3rd moon, Keicho 6 (1601), in Takekoshi,
Nihon Keizai Shi, 111, 319-21. Hideyoshi iasued an order for the market of Hakata,
Shidosen*
Toward the end of the fifteenth century many temples and shrines
began to use their accumulated capital for loans. Previously the re-
ligious institutions were more interested in landed property and landed
rights. but with an expanding exchange economy and the growing im-
portance of lending operations they found the loaning of money at in-
terest to be a profitable business. The temples were in a particularly
advantageous position for such financial activities during the fifteenth
and early sixteenth centuries, because tokusei orders generally did not
apply to loans made by religious institutions .25 The first tokusei to
mention such loans was the one of 1441. It contains the clause: "Temple
loans shall not be cancelled." 26
But the order granted in 1454 includes an innovation, which was in-
serted in most of the subsequent tokusei: f
lemple loans shaU not be cancelled, hut a loan shall not be

considered as a temple loan if it bears interest higher than two
per cent [per month].
Furthermore, if the temple loan is not recorded in the loan
register,tt its validity shall be open to question. 'l7
During the last half of the fifteenth century, when tokusei orders
were frequently granted, religious institutions carriedon a very
flourishing credit business. A diary of Minakawa Chikamoto, a legal
officer of the Ashikaga Bakufu, contains valuable information relative
to temple loans. during the period from 1470 to 1484. Several entries
deal with court actions in which debtors were sued for the payment of
at the time of his Kysh campaign in 1587, which contained the following article:
"Even though tokusei orders may be granted elsewhere, they are not to have effect
on loans made in this market"; Hideyoshi order for Hakata, Sth day, 6th moon,
Tensho 15 ( 1587), Kusaka Yutaka, comp., Ho Ko Ibun (Documents of Hideyoshi) (loky:
Hakubunkan, 1914), 140-1.
lhe word shidOsen ~~ t t1 is based on shido, the &ddhist hall where prayers were
offered for the deceasea. Shidosen at first referred to money which was given to
this hall by a &ddhist believer. In fact this meaning is still retained in the
modern word shidokin ;fi] '! ~ which is translated as "monetary offering to a shrine
or temple." lhe shidosen gradually became an important source of revenue, and fi-
nally the tenn was used losely to indicate all the money of a temple or shrine. In
the fifteenth century this capital was loaned out at interest and the word shidosen
referred to such loans.
t 1he tokusei of 1477, however, stated that the temple loans were to be cancelled only
after the interest had equalled the principal. Kobata, 'Chsei ni okeru ShidOsen
ni tsuite,' 26.
1
tt Sh idOch :t-i] 1'l.
loans. Three such suits were recorded in 1478. A better indication of

the great financial importance of such loans is the fact, recorded in the
diary, that high ranking officials and even feudal lords borrowed large
amounts of copper money from the temples. In one case 20,000 mon
were borrowed and in another 40,000 mon. 2 8 A diary of a Buddhist
priest at the Tamon In Temple, in an entry for the 21st day, 4th moon
of 1484, includes the statement that the Tohoku In Temple had 100,000
mon worth of pledges on hand. 29
The importance of temple loans during the latter half of the fifteenth
century is further substantiated by the detailed orders, governing su ch
loans, sent by Chosokabe, the lord of the province of Tosa, to the Kye
Temple. The order read~ as follows:
No pledges shall be acceptedfby the temple] for loans bearing

interest higher than three per cent [per month].
Interest [is to be paid] within two months. If the interest
is not paid within two months the pledge shall be forfeited.
No loan shall be made without a pledge, even to a magistrate.
In case a pledge is received fran a magistrate that is not
adequate [security for the amount of money loaned], the magistrate
shall make proper canpensation [for the unpaid portion] of the
principal and interest, when the pledge is forfeited.
Loans shall not be made to the priests of the temple if they
do not give pledges, even though the loans rnay be for a short terrn.
No loans shall be rnade to vassals of the temple, even if they
give pledges.
An accounting shall be made every other month in the presence
of the priests [of the temple] and officials.
No loans shall be made to of ficials or priests o the temple
on inmovable pledges, even if the loans are for short periods.
At a time when magistrates are being changed, no pledgea
ahall be accepted [from them] which are not adequate [security
for the loans].l>
The expansion of the credit business of religious institutions to-

gether with the greater frequency of tokusei orders, caused interest
rates to be a matter of primary concern to the temples. How explicit
the law was in defining the legitimate interest rates that could be
charged is indicated by the following parts of a document of 1526:
lemple loans carry interest of two per cent [per month]. Yet
it was ruled that on a loan of one thosuand 1110n the interest for
one year was to be [no more than] two hundred 11on -- that is, inter-
est for ten months. lhe interest for two niontha of the year was to
be omitted. lemple loans bearing no reater interest were not af-
fected by the iokusei. Also lthe Court] ruled that, as in
the case of a certain Gozan temple, if a temple loan at two per

cent interest [per month] was foWld, upai investigation of the
temple register, to be unrecorded, said loan was to be cancelled
by the tokusei. Strictly speaking, loans with two per cent inter-
est lper month] were cancelled by the tokusei, because interest
on one thousand 110R at such a rate would amount to two hundred and
forty 1110n for the year, and if the interest was that high, the loan
was not considered a [true] temple loan.
Sane loan [certificates] were declared to be certificates of
deposit, even though interest was charged. Such loans were not
affected by the tokusei because the interest had not been collected.
However, certificates of deposit which showed odd sums of money
were cancelled by the tokusei. For example, a certificate of
deposit which [showed the arnount of] l kan, 505 llOR was cancelled.
One mentioning the small sum o five aon was not considered a
legitimate certificate of deposit, because [it was presumed] that
it was made into a certificate of"deposit after interest had been
frequently calculated and paid 31
As long as there remained any threat of a tokusei, therefore, the

temples were careful to keep interest rates below the level prescribed
above. An order of the Jorakuan Temple in 1545 shows the steps taken
by temples to avoid cancellation of their loans.
Interest on temple loans made by the Jorakuan lemple shall

be charged for ten months [of the year], even though the loan
extends for the full year. lwo months shall be omitted. Inter-
calary months shall also be omitted. However, in case of emer-
gency loans following the death of a ~arent, the [interest] may
be charged on a monthly basis 2
When the tokusei orders became less frequent, the interest rates on
temple loans rose. The Tamon In Temple diary, under an entry fer the
9th day of the 5th nioon of 1567, states that three hundred and fifty copper
coins were loaned at an interest of five per cent per month.33 Frequent
references to such a high rate are found in the diary, but there are also
records of two per cent interest. For example, in 1568 the rate was two
per cent per month on a loan of two thousand mon. 34 After 1565 there
seems to have been no consistent policy with re~rd to inter.est charges.
In 1580 a loan was made at 4 per cent per month,35 but four years later
another loan was made at 2-1/2 per cent per month.36
After 1525, when the tokusei ceased to be a common occurrence, the

temple loans increased in both size and number. In 1555 the Hoko In
Temple loaned a feudal lord the sum of 300,000 mon and received a
mortgage on the Hachijo Manor. 37 The same s"'O'li"rce, in a discussion
of temple finances ten years later, pointed out that the Hoko In Temple
.1J. U., , the fi ve main temples of Kyoto.

had accumulated "several thousands of kan" from its financial oper-

ations. The priest, who recorded this fact, complained that the temple
was neglecting its religious work. 38 A document of 1568 shows that
mortgages were being accepted on rice fields as security for loans.39
After Nobunaga 's rise to power there were certain restrictions

placed on the activities and income of the temples. In addition to the
enforced "gifts" mentioned above, Nobunaga issued such orders as the
one sent to the Sokoku Temple in 1570:
Your tenple is to be cCX1111ended for supplying the requested

military provisions so expeditiously Hereafter any temple
loans, except those made by the official exchange dealers, shall
be examined. And if they [ yield an amount] in excess of what is
needed for repairing the temple, you will be punished.>
Such restrictions did not cause more than a temporary check to the lend-
ing operations of the religious institutions. In 1579 the diary of Tamon In
Temple priest contains entries regarding five different loans which aver-
age 6,~00 ~ each. 41
Commerce and Industry
Even with such strong evidence of the greater use of copper coins
in these various exchange activities, an accurate estimate of the total
circulation cannot be obtained without taking into account the general
expansion of commerce and industry. In other words, not only were
coins being used in more types of exchange, but the total volume of ex-
change was greater. In studying the influence of Chine se copper coins
imported into Japan we have noted an expanding f9reign trade, particu-
larly in the field of illegal trade, or looting by the Wako. Attention will
be devoted to the further expansion of trade in the lasthalf of the sixteen-
th century, when we turn to a study of the production of gold and silver.
But probably more important than trade, in the general economic ex-
pansion of the period, was the spurt of industrial activity after the
middle of the sixteenth century, but since this was a period in which
the circulation of gold and silver seemed more significant than that of
copper coins, we will take up this subject in more detail in Chapter Vil.
CMikikae j ins ip 51 ~ J... fl .

CHAPTER V
Japanese Silver and Silver Coins
The remarkable increase in the production of silver after about 1540

probably accounted more than any other single factor for the unusual eco-
nomic activity of the sixteenth century. Silver from the new mines in
Western Japan was the most important item of export in an expanding
foreign trade, and silver, along with copper and gold, was used extensive-
ly in the minting of coins during the last quarter of the century. The im-
portance of foreign trade and the minting of an adequate supply of ac-
ceptable coins accents the major role which silver played during the peri-
od.
New Supply of Silver Ore
The technological improvements that were instrumental in increas-

ing the production of copper had an even more decisive influence upon the
production of silver. The initial impetus carne with the opening of a mine
in Iwami by Kamiya Jutei in 1526. Contemporary chronicles attribute
much of Kamiya's early success to the shafts which he dug and which, as
indicated above, actually constituted the first real steps beyond primitive
surface mining. The metallurgical process introduced by Kamiya was
probably as important as the improved mining methods. For the first
time the Japanese were able to refine silver from their metalliferous
ores.* Immediately after the introduction of the new process, Japan be-
came an exporter of sil ver .1 All the other mining and metallur gical
improvements mentioned in the discussion of copper mining were also
important factors in silver production, but there was an additional ad-
vancement, at the end of the sixteenth century, which affe.c ted the output
of silver an~.lold: the development of a new technique called the nan-
banbuki lt f:J!'
o( process, or "Southern-Barbarian Smelting." Nanban
was the word most commonly used in the sixteenth century in referring
to the Portuguese, and it has therefore been assumed that the process
was learned from them. That theory is supported by the following tra-
dition, as related by Geerts:
About the year 1590 a foreigner (Portuguese?) named Haku-sui
shewed, it is said, a Japanese called &.nitano the manner of
separating silver from lead or copper, even when it occurs in a
Supra, pp. 33-35.
56
Japanese Silver and Silver Coins 57
small quantity only. Sunitomo introduced the new process into his
metallurgical works, rose in wealth and power, and got an Imperial
patent for the purification of copper and separation of silver
from lead and copper 2
There is sorne confusion regarding the nature of the nanbanbuki process,

but it is agreed that, in general, it was an irnproved rnethod of refining
silver and gold. And yet it is difficult to determine just how the rnethod
differed frorn the one introduced by Karniya earlier in the century. Both
Manchester and Geerts show an illustration of a wood print of the nan-
banbuki-do* and each explains that it was a liquaticn process for refining
gold and silver.3 But Nishio, in discussing the irnprovements intro-
duced by Karniya, describes what appears to be the sarne rnethod and even
calls it a liquation process. 4 It can be concluded, however, that the nan-
banbuki process, introduced in about 1590, was an irnprovernent upon Ka-
miya 's methods -- possibly including the use of a better liquation furnace.
It would probably be incorrect to assume that technological develop-

ments alone accounted for the new supply of silver during the sixteenth
century, for such factors as political stability were relevant. The rise
of powerful rnilitary barons in localities where large amounts of precious
ores were mined has led Kobata to conclude that the interest of such men
in acquiring these metals was a major factor in the upsurge of mining.
As evidence for _such a conclusion we can point, for example, to the con-
current rise of Ouchi and the increase of silver output in his territories.
There is no doubt that without a demand for precious metals there would
have been no production, but it must also be admitted that without a knowl-
edge of mining methods, large scale production, at least, would not have
been possible. To try to emphasize the importance of one factor, to the ex-
clusion of the other, is to miss the significance of the interdependent re-
lationship between the two. It is no mere accident that large amounts of
silver ( and gold) were produced in the years when certain political figures
were achieving great success in extending their power over larger areas of
Japan. Technological innovations in mining and metallurgy afforded a
stronger economic base to their power, and greater political unity aroused
new interest in the production of precious metals.
The silver mines of Iwami were the first to be developed, although

important mines were subsequently worked in the province of Tajima and
on the island of Sado. In 1533, the same year in which the new refining
process was introduced, 100 mai t .f~ of silver were received by Ouchi
See illustration in Geerts, 108, Fig. XI.

t ()i.e mai was equal to 10 ry or about 161.53 grams or 5.2 oz. troy.
from bis silver mines in Iwami. The new source of wealth was wrest-
ed from him six years later by another feudal lord, Amako. Ouchi, how-
ever, soon mustered sufficient strength to recapture the Yamabukiyama
*
Castle, which had been constructed especially to guard the mines. In
1540 he collected 500 mai of silver. Again, another lord, Ogasawara
Nagataka, rose and seized the castle. He, in turn, was driven out in
1542. Thereafter, until 1563, the Yamabukiyama Castle passed back
and forth between Ouchi and Amako. 5 It is obvious, therefore, that
the productivity of the silver mines had become sufficiently important
to be a source of bitter political rivalry between feudal lords of western
Ja pan.
In 1564 Mori finally captured the Iwami silver mines and presented
them to the Imperial Court and the Shogun. t But not all of the sil ver was
sent to the capital, because tax receipts for 1581 show that Mori received
3,652 mai of silver during the first half of the year. 6 In 1585 he made a
present of 1,000 mai of silver to Hideyoshi. 7 When he went to the capital
in 1588, he again gave 3,000 mai of silver to Hideyoshi and an additional
1,2 00 mai to other notables at the capital. 8
After the death of Hideyoshi the Iwami silver deposits were taken
over by the central government, and in 1602 a total of 3,600 kantt (or
more than 83, 720 mai ) were obtained from that province.ttt On the
basis of the large amount of silver received that year, one may conclude
that during the last decade of the sixteenth century the productive capacity
of the mines rose considerably and that the introduction of theo nanbanbuki
process may have accounted, in part at least, for such a rise.
The techniques introduced at Iwami were gradually adopted elsewhere

in Japan. Sil ver mines located at Ikuno in the province of Tajima were
J.. o)t L11

The castle was also called Ginzan ~J. Castle, o~ 'Silver Mine
Castle,' Kobata, 'Iwami Ginzan no Kenky,' 31.
t Kobata, 'lwami Ginzan no Kenky,' 34. According to a chronicle of the Imperial
Court, the Otyudono no Ue no Nikk i #p 5~ Ji.'i.... _t B 'iL , the Court recei ved
~ mai of silver from the province of Aki, which was unaer Mori's control, in
1564. Q.ioted in ibid., 34.
tt In this case kan is a unit of weight equivalent to 1,000 llOlllle (121.5 ounces).
ttt Takimoto, Nihon Sangy, IV, 452-53. In 1597 Hideyoshi received a gift of 3,000
mai of silver from seven of the western provinces, induding lwami. See Hideyoshi
to Yanagizawa Motomasa, lst day, 7th moon, Keicho 2 (1597), H Taik Shinseki .9i,
1, 71; and Hideyoshi to Yanagizawa Motomasa, 28th day, 12th moon, Keich 2 (1597),
ibid., 1, 72. In the following year he also received an additional 4,869 AICli of
silver from the Cligoku, which included lwami. KeichO San Nen Kuraire Mokuroku
JlJ<.. 3.. ..f Jt ,!1'9 l -iff~ (Record of Aeceipts for 1598), in Kobata,
Ryts Shi, rev. ed., 377.
among the first to be affected. 9 An early local history shows that they
were first worked in 1542, when a shaft called the Hebi Mabu ~ f~ -'!J:
or "Snake Shaft" was opened. 10 The name indicates that new mining
methods, more advanced than the old open trenches, had been introduced.
There is a tradition which suggests, however, that the smelting process
had not yet been adopted in that area, for the local lord, it is said, dis-
liked the odors generated by smelting and therefore prohibited such
operations in his territories. 11 Nevertheless, he was still enriched
by the silver produced in his province.
In 1568 Oda Nobunaga carne nto possession of the province of Tajima

He obvously harbored no dislike of smelting odors, because the records
show that smelting was carried on at Matayama .11F U., , Iwaya %.Ji and
Tanizu~;t in that province. At about the same time a new mine was
also opened up at Nakase 'f Jl , and it was reported to have had a pro-
ductive capacity of 7 ryo per day, ora total sum of 255.5 mai annually.12
In 1588 the output was further increased by the digging of a shaft called
the Tsuki Mabu Ji r~ ' . Three thousand mai of silver were taken
from this one shaft in 1600. l3 The clearest indication of the total pro-
duction of all mines in Tajima is found in the record of Hideyoshi's in-
come for 1598, which shows that 62,617 mai were received from that one
province. 14
Although we are not here concerned with poltica! developments in

Medieval Japan, it should be pointed out that Nobunaga, Hideyoshi, and
Ieyasu ( the three prominent figures most responsible for the remarka-
ble political centralization of the sixteenth and early seventeenth centu-
ries) were successively in control of the silver mines of this province.
They also pushed the coinage of silver, and it is therefore believed that
the new supply of precious metals ( we shall see that they were also in
control of gold mines) was a basic factor even in the establishment of a
strong, central government.
Much silver was also mined on the island of Sado, especially after
the turn of the seventeenth century. In 1542, according to local tradition,
a vessel from the province of Echigo stopped at the island and a member
of the crew accidentally discovered a rich deposit of silver in the
mountains near the village of Sawane ~-f Jfl. Word of the discovery
reached the ears of the local lord, and a mine was opened. In a short
time 1,200 mai of silver were being mined annually. 15 In 1589 Sado
carne under the political domination of Uesugi Kenshin, lord of the
neighboring province of Echigo. 16 He immediately began to exploit
the silver resources. A contemporary source shows that during his
first year of control over the island, Uesugi gave Hideyoshi a present
of 1,000 mai of silver.17 The productivity of the mines was raised,
a few years later, by the opening of a new shaft. But the greatest in-
crease carne with the discovery of silver at Aikawa ..f.D JI in 1601. Dur-
ing the following year the mines at Aikafa alone produced 10,000 kan
(or more than 232,500 mai) of silver. 1 Between 1613 and 1648 Sado
. had an average annual productive capacity of 55, 735 kan ( or about
1,300,000 mai). 19 -
Silver was mined in s~veral other provinces in Japan, as is shown by

by the list of Hideyoshi's silver income for 1598:*
Province Amount of silver received
Chgoku t 4,869 mai.

Tajima 62,617 mai.
Inaba 9,282 mai.
Etch tt 1,490 mai.
Settsu 476 mai.
Echizen ttt 680 mai.
The total amount of silver received. therefore, was 79,414 mai ( or ap-
proximately 414,900 ounces). Hideyoshi had made efforts to gain direct
control of all sources of precious metals, but there are indications that
he by no means obtained all the silver mined in Japan.
The silver resour-ces of Japan were noted by the first Europeans

to visit the country. A letter of 1548, concerning the arrival of the
Portu~ese in Japan, contains the statement that much silver was mined
there. 2
Accounts of merchants and missionaries of later years abound
KeichO San Nen Kuraire Mokuroku, in Kobata, Ryts Shi, rev. ed., 377. Silver was
also discovered at Karuizawa f.!,
~ ~~ in the province of lwashiro in 1558, and
it was said to have had a yearly output of more than 3,000 mai. lalcimoto, Nihon
Sangyo, IV, 448 and Kohata, Ryts Shi, 311. There was a silver mine at Hatasa
j{&f ~~ in the province of Mino. lbid., 312.
t Otgoku ~ lil , or 'Central provinces,' referred roughly to those provinces
under the control of Mori.
tt Silver was discovered at Kameya 4~ in 1578 and after 1596 approximately
230 mai were mined there annually. 1,000 mai of silver were mined at Yoshino fr
in 1596. Kohata Atsushi, 'Kaetsun Sansh ni okeru Kingin no 5anshutsu' (Production
of Gold and Silver in the Three Provinces of Kaga, Etch and Noto), kekishi to CJiiri,
XXX, 4 (October, 1932), 273-5. In the neighboring province of Kaga silver was dis-
covered at l<uradani-t' ~ in 1592, and in 1612 it was yieldinf! about 2,000 111ai
yearly. Ibid., 271.
ttt In Echizen silver was mined at Kitabukuro :tt. Jk_ , Makidani ..fl
~, and Ono-gun
!1'
fa... ~p. Keich' San Nen Kuraire Mokuroku, in Kohata, Hyts Shi, rev. ed., 377.
in references to Japanese silver.* For exam~le, in 1565 Father Vilela

wrote that Japan had rich deposits of silver, 2 and in 1593 Father
Vali~i estimated that Japan's output was not inferior to that of
Peru.
Export of Silver
Only gradually did the new supply of silver affect the supply of
money. At first large amounts of the metal were exported to China and
Korea, and only during the last quarter of the sixteenth century was much
of it used in coinage. The Chinese demand for silver is well known in
connection with the Spanish trade in the Philippines, but its relationship
to the expansion of Japanese trade is not generally realized. After the
mission which left Japan in 1547 the "official" trade with China carne
toan end, but by that time an active prvate trade, based upon the ex-
change of Japanese silver for Chinese silk, had developed.
In 1548 Father Nicolao wrote: "Japanese merchants are . . . . ex-

porting (fo China7 silver, military weapons, sulphur and fans. From .
China they import saltpeter, mu ch silk, porcelain wares, mercury and
musk."t But not all of this trade was carried on by Japanese merchants,
as is clear from a Spanish report, also of 1548. The writer tells of hear-
ing from a man who had recently come from Japan that fleets of as many
as 100 Chinese junks had been seen in Japanese harbors. 23 Pinto wrote
that in one year, presumably 1556, at least 2,000 junks had entered Japa-
Antonio Galvano, one of the first Fnropeans to wisit Japan, wrote in 1563: "Even these
islands (Japoes) possess gold and silver besides other riches." Antonio Galvano account
of 1563; translated in E. \\. Oahlgren, ' A C.Ontribution to the History of the Discovery
of Japan,' 1ransactions and Proceedings of the Japan Society, Londai, XI, (1912-1913),
247. Okamoto Yoshitomo, in his thorough study of Japanese-Fnropean relations during
the sixteenth century, concludes that after 1550 Japan's wealth of silver was known
throughout the world. Op. cit., pp. 694-5. Francis Xavier wrote in 1552 that the
Spaniards were calling Japan the "Silver Islands." Francis Xavier letter, April 8,
1552, in Leonard Joseph Maria f.ros, S.J., Saint Francois de Xavier, .Sa Vie et Ses
Lettres (Pars, 1900), II, 236. In 1565 Frois wrote: "1here are very many mines,
but they are deficient in everything else. " Padre Luis Frois letter to Padre lnna,
et al. February 20, 1565; translated into Japanese in Murakami Naojiro, Yosokaishi
Nihon Tsshin (C.Orrespondence of Jesuits in Japan) (Tokyo, 1927), 1, 178.
t Padre Nicolao letter of 1548 in Instituto Revista Scientifica e Literaria, LIII, 12
(1906-7), quoted in Ckamoto, Nichio KOts, 661. Kobata Atsushi, 'Nihon no Kingin
Gaikoku BOeki ni kansuru Kenky--Sakoku lzen ni okeru' (Study of Japan's Foreign
Trade in Gold and Silver--Prior to the Exclusion), Shigaku Zasshi, XLIV, 11 (Novem-
ber, 1933), 1423. Takekoshi takes the opposite stand. He writes that the pirates
and prate traders brought in enough silver and gold to compens~te for what the
Oiinese and Portuguese had taken out. Ecai011ic Hi.story, 11, 4()3. He is undoubted-
ly correct as regards gold, but evidence, as well as logic, makes his conclusions
regarding silver appear doubtful.
nese ports.* His figures cannot be trusted, but various other refer-
ences to Chinese vessels in Japan suggest that before Portuguese trade
had begun to prosper, the Chinese merchants were taking back to China
a considerable amount of silver.
Until about 1550 the Japanese and Chinese private merchants were
far more active in this trade than were the Portuguese. But thereafter
the European merchants gradually took the lead. A number of theories
have been advanced to explain this shift, but the most convincing one is
based on the sudden upsurge of Wako raids in the years 1553 to 1556.
The advantage which this situation gave the Portuguese is dealt with at
length in a letter from Father Frois in 1555. 2 4 Of course, the Chinese
became far less inclined tb welcome Japanese merchants into their
ports, for it was difficult, if not impossible, to distinguish between a
pira te and a peaceful trader. The same man, in those days, frequen'tly
engaged in both types of activity. But the number of Chiriese vessels
calling at Ja panes e ports al so f ell off at this time, as Father Frois
reveals in his report of 1562.25 Probably many Chinese vessels were
being captured by Japanese pirate.s who had only recently armed them-
selves with hand guns, whereas the Chinese had not yet taken to a
large-scale manufacture and use of such weapons. There were other
factors in the rise of the Portuguese to a more prominent position in
Sino-Japanese trade after 1550, t but it is sufficient for this study to
indicate that during the last half of the sixteenth centut'y the Portuguese
trade was the most important channel for the export of Japanese silver.
Ralph Fitch, who travelled in the East Indies between 1583 and 1591,
described the Portuguese trade with Japan as follows:
lhen the Portugals go fran Macao in Oiina to Iapan, they carry
much white silke, golde, muske, and porcelanes: and they bring from
thence nothing but siluer. 1hey haue a great caracke which goeth
Pinto, Voyages and Adventures, 459. An Cuchi. chrooicle, presumably written at about
the middle of the century, contains the statement that when the silver mines of
Iwami became productive, the news spread to foreign Courts, and a great number of
ships fran Oiina, India, and Korea came (to procure silver) " Cbchi Yoshitaka
Ki -A_ ?i l, p:i-1ij (Oironicles of uchi Yoshitaka), quoted in Takekoshi, Nihon
Keizai Shi, llI, 43. Evidence of Oiinese pirchase of silver in Japan is found also
in Korean records, Yijo CJwngjong SillOk, quoted in Kobata, 'Nihoo no Kingin Gai-
koku BOeki ni Kansuru Kenky,' 1418.
t Sir Andrew Ljungstedt in his An H.istorical Sketch of the Portuguese Settleaents
in China (Roston, 1836), 118 wrote that the Oiinese merchants . invited
by the proximity, carried on clandestinely, an exchange of goods. 1hey were
supplanted by the Portuguese, who were in the beginning, welcomed in any port
they chose to enter " lf the Portuguese ships supplanted the 01inese,
it was probably due in large part to the superiority of the Port'l!Uese ships.
thither euery yere, and she bringeth from thence euery yere aboue
sixe hundred thousand crusadoes: and all this siluer of lapan, and
two hundred thousand crusadoes more in siluer which they bring
yeerely out of India, they imploy to their great aduantage in China:
and they brin~ from thence golde, muske, silket copper, porcelanes,
and many other things very costly and gilded.2
On tbe basis of available information concerning tbe values of various

monetary units in circulation at tbe time, Fitch's figure of 600,000
crusadoes* was roughly equivalent to the value of 18,000,000 grams of
Japanese sil ver ..
Another estimate of the amount of silver exported by tbe Portuguese

was made by Van Linscboten wbo, in bis account of bis experiences in
Goabetween 1583 and 1587, wrote:
lite Captaine of the ship that sayleth of lapen doth greatly

profit by his \'oyage, (for) having a good sUllllle of money to
traffique (thither withall), in a good .ship which cannonly is of
14. of (read or) 16. hundreth tunnes, hee may well gaine 150. or
200. thousand Cucats (by the Voyage), which continueth at the
least three yeares 27
The ducat and the crusado were circulating at approximately the ratio
of 9.5 : 6.6. f Therefore, Van Linschoten's estimated profit alone equal-
led an export of roughly between 193,000 and 258,000 ounces of Japa-
nese silver. Finally in 1593 Father Valignani reported tbat the Portu-
A crusado, or cruzado, was a Portuguese gold coin originally issued by Alfonso

V 0438-1481). lt obtains its name from the cross on the reverse side which
was placed there to cannemorate the participation of this King in the crusade
against the Turks. In 1517 its value was fixed at 400 res. Albert R. Frey,
A Dictionary of Nuais111atic Naa1es, The Official and Popular Designations (New
York: American Numismatic Society, 1917), 58. A re was a amall copper coin
of low value which was aholished in the sixteenth century, but multiples were
retained. lbid., 150 and 200. In Goa, the major Portuguese center in the
Orient during the sixteenth century, the ria! of eight was worth "per custome
& commandement of the king of Portugall 400 reies." M. Will Barret, 'The
Money and Measures of Babylon, Balsara, and the Indies, with the Custanes, &c
Written from Aleppo in Syria, An. 1584," in Hakluyt, op. cii., 11, 410.
Therefore, the rial of eight was worth a cruzado, and according to Kobata,
the rial of eight was equal to about 8 aoue ( approximatel y 30 grams or 97 oz.
troy) of Japanese silver. Kobata, 'Nihon no Kingin Gaikoku B6eki ni Kansuru
Kenky,' 1398.
t P.arret, in writing on the lll<lney of Goa, stated that the 'duckat' was worth
nine and one half tangas of good money. Whereas the 'roial of 8' was worth
about six and one third tangas of Kood money. Barret, loe. cit., 11, 410.
guese were taking out of Japan about 500,000 ducats of silver annually.
Sorne silver was also exported to Korea, but not in such large
quantities. A Korean source reveals, for example, that in the year 1542
80, 000 ryo ( or approximately 43,900 ounces) of silver were imported
from Japan. 28 The Spanish in the Philippines too were interested in
Japanese silver, for they were competitors of the Portuguese in profit-
ing from the Chinese demand for silver. 29 Just how much of the Japa-
nese silver was shipped abroad cannot be definitely established, but it
seems that at least one-half of Japan's total output was exported.
Minting of Silver Coins
One of the first questions that presents itself to the student of

Japanese money is: Why is there no evidence that silver coins were
struck prior to 1572, when it is known that large amounts of silver had
been mined since the 1540's? Takekoshi suggests that the answer to
the question is to be found in the fact that silver coins, although more
valuable, were quite similar in appearance to copper coins.30 The
Valignani, 'Addiciones al Sumario,' quoted in Okamoto, Nichio Kots, 697. It is

estimated that this figure indicated an 8llllual export of ahout 20,000,000 grams
(over 643,000 oz. troy) of Japanese silver. Okamoto has made a statistical
analysis of the number of Portuguese ships which carne to Japan each year from
1546 until 1590. His results are as follows:
1546: 3 1555: 2 1561: 4 1567: 2 1573: 2 1579: 1 1585: l
1548: l 1556: 2 1562: 3 1568: 2 1574: 2 1580: 2 1586: 2
1550: 2 1557: 2 1563: 3 1569: 2 1575: 1 1581: 2 1587: 2
1551: 1 1558: 2 1564: 3 1570: 2 1576: l 1582: 2 1588: 1
1552: 1 1559: 2 1565: 2 1571: 2 1577: 1 1583: 1 1589: 2
1553: 1 1560: 2 1566: 1 1572: l 1578: 1 1584: 2 1590: 2
1554: 1
CJ<amoto, Nichio Kots, 504-14. Sabastiao Gonfalvez, in his history of the
Jesuits, estimated that between 1550 and 1600 the Portuguese were exporting
500,000 crusadoes of silver annually. Sebastiao Gonfalvez, 'Historia dos
Religiosos da Companhia de Jesus, e do que fizeram can divina graca na
conversao does infieis a Nossa Sanata Fee Catholica nos Reynos e Provincias
da India Oriental' (unpublished manuscript in Biblioteca Nacional de Lisboa),
quoted in ibid., p. 697. Takimoto ventures to conclude that between 15!i)
and 1624, 600,000,000 yen worth of Japanese silver was exported from Japan.
That figure would give an average yearly export of 7,500,000 yen. Before
devaluation the yen contained .75 grams of gold, and in 1570 the ratio of
silver to gold was about 10: l. C.onsequently, Takimoto's estimate is
equivalent toan export of approximately 56,250,000 gr&INI (over 1,808,000
oz. troy). Takimoto, Nihon Sangyo, IV, 459. Of course, lakimoto did not
limit his figure to Portuguese exports, but, nevertheless, it seems quite
high.
explanation is plausible in view of the high silver content of Japanese

copper ore and in view of the Japanese inability to refine pure silver.*
However, the absence of a central government strong enough to establish
a unified currency system, independent of Chinese coins, probably was
the main reason why silver coins were not struck before 1572.
Before the resumption of coinage. silver bullion was used as a

medium of exchange. At first the metal was placed in bags which were
marked to indicate the contents and to give the name of the metalsmith
who had made the measurement. Toward the middle of the sixteenth
century silver circulated in the form of bars. Such bars were called
kirigin tJJ4'Jl or "cut silver," because pieces were cut from the bar to
provide the amount desired for a given transaction. The kirigin were
later marked with numerous identical stamps of a reliable metalsmith
to show that the fineness had been checked. When cutting off a piece,
even though it might be a small one, a part of the stamp generally was
visible on that piece. 3 l Kirigin were made in the provine-es of Dewa,
Echigo, Sado, !zumo, !naba, and Iwami. 32 Silver mines were located
in, or in the vicinity of, each of these provinces.
Japanese scholars of numismatics agree that silver coins were

struck in severa! localities before 1587, when official coinage was re-
sumed. t However, most of the extant coins cannot be definitely dated.
Consequently Tsukamoto writes: "It is to our great regret that a
thorough investigation as to gold and silver coins minted by feudal lords
is impossible owing to the lack of reliable information, though sorne of
the coins are still in existence." 33 The diary of the priest of the
Tamon In Temple contains numerous entries concerning the use of silver
coins after 1572, 34 and for these years there is a mass of evidence to
show that large amounts of silver coins were issued, not only by the
central government but also by the local lords in silver-producing areas.
The first datable silver coins minted by the central government

were those of the Tensho Tsho issue of 1587, in which there were copper
and gold, as well as silver, coins. tt Stil more silver pieces were mint-
ed after the Bunroku Tsho issue of 1592 35 and after 1601 when a com-
As late as 1614, according to the minutes of the East India Company, Japanese
silver was refined at 4 per cent loss. 'Court Minutes of the East India Company
for November 12, 1614,' in John Saris, 7he Voyage of Captain John Saris to Ja.pan,
1613 (London, 1900), lxiii-i v.
t Takekoshi has written that Ouchi of the province of So and Yamana of the province
of lajima 'seem to have produced sil ver coins.' Et:onoaic History, 1, 262.
tf Dai /Vihon Kahei S&i, 1, 109. There has been considerable discussion as to when
si her coins with the name o{ chOgin ~ .fk were struck. Some writers have
concluded that they appeared before the TenshO Tsh coins.
paratively unified system of coinage was established, with severa! de-

nominations of coins made of all three of the precious metals. 36 But
coinage was not limited to the central government and since there were
severa! rich mines, notably in Iwami, which were not held directly by
the new leaders of Japan, it is certain that a large proportion of the
silver coins in circulation were made in outlying districts.
Chapter VI
Japanese Gold and Gold ~oins
Gold was a prominent item in Japanese exports as early as the

Nara era ( 710-784), but in the twelfth and thirteenth centuries such
large amounts were shipped to China that Japan became famous, even
in Europe, as a country rich in gold. During the politically chaotic
Ashikaga era ( 1336-1576) this metal was still mined . and a certain
amount was sold in foreign markets, but during the last quarter of
the sixteenth century really startling changes occurred in both its
production and its use. The discovery of new deposits and the intro-
duction of improved mining and metallurgical techniques permitted
a phenomenal increase in output. But in these same years there was
such a demand for gold within Japan, for monetary and other purposes,
that merchants engaged in foreign trade found that it was still profit-
able to buy up bullion abroad for exchange in domestic markets. Con-
sequently, gld probably was as closely related to the growth of foreign
trade, and to the expansion of money economy, as was silver.
N ew Supply of Gold
The sudden rise in the production of gold after 1540 suggests that
the improved methods of mining and the new metallurgical processes
were as important in gold mining as they were in copper and silver
mining.* The conclusion is further supported by the fact that two of
the three richest gold producing provinces were noted for their gold
before 1540. Of course, new veins were discovered anda large amount
was imported after that date, but it is clear that the major factor in the
. increased production after the middle of the sixteenth centur;y was the
achievement of greater efficiency in working the old mines.
Mutsu, for example, was known as a gold-producing province a-s

early as A.D. 700 t and for two centuries the mines yielded about 350
ryo annuaiy. There was a decline in the output of gold between 950 and
and 1100, but during the twelfth century new deposits apparently were
Supra, pp. 33-35 and pp. 56-57.

f Shoku tvihongi, Kokushi Taikei, 11, 14. The Taiho '}:... 'f
(Great Treasure) era
(701-703) received its name, it is said, because of the'recently discovered gold
of "1tsu.
67
discovered. One thousand three hundred ryo were presented to the Im-
Imperial Court in 1175. 2 It was this gold that was the basis of Marco
Polo's references to Japan's riches and which was also a vital element
in the current expansion of commerce with China.* During the fifteenth
century the gold resources of Mutsu were exploited first by the Nambu
familyt and then by the Datfamily. In 1483 DatNarimune went to
Kyoto and, according to a diary kept during the trip, a total of 6,000
ryo of gold was distributed as gifts among the dignitaries at the capi-
tal. 3 The Dat family continued to remain in control of the province
of Mutsu during the sixteenth century, but in 1590 it submitted to the
control of Hideyoshi. The Dat family seems to ha ve adopted the new
mining and metallurgical techniques, or new deposits were discovered,
for in 1598 Hideyoshi obtained 7,650 ryo of gold from the province of
Mutsu. 4 --
Kai was the most famous gold-producing province during the fifteenth
and sixteenth centuries, but Takeda, the feudal lord whose rise to power
was closely associated with the exploitation of the gold resources of this
province, effectively concealed the location and productive capacity of
the Kai mines. tt Consequently, only indirect indications of the actual
amount of gold mined are available. Aoki Konyo .-t- ~fr.. f~ ( 1698-
1769) went into Kai to investigate the history of go1d mining and found
that when Tokugawa Ieyasu conquered Kai in 1582, 300, 000 ryo of gold
were used for minting coins. Aoki estimated that from "ancient times"
until the Genroku era ( 1688-1703) between 3,400 and 3,500 ryo of gold
were mined yearly"in Kai. 5 After 1573, however, there wasadecline
In 1185 Yoritomo placed a military governor in charge of the province of ~lutsu

and in the following year ordered that all public assessments, including gold,
be sent directly to Kamakura rather than to the Imperial Court at Kyoto.
Gei.pei Seisui Ki ;'Jt -f ~ -lt 1(.i (Account of the Rise and Fall of the
Minamoto and laira); ch. XI; quoted in Kohata, Ryts Shi, rev. ed., 270. In
1186, 450 ryo1of gold were sent from Mutsu to Kamakura. Azu.11a Kagaai, VI, lst
day, lOth mocn, Bunji 2 ( 1186); Zoku Kokushi Taikei, IV, 255.
t In 1418 a Nambu lord went to the capital and while there made a present of
l,000 ryo of gold to the Imperial C.Ourt. Kaabun ()i Ki j ~ ~ff il.i , lOth
day. 8th moon, Oei 25 (1418); quoted in Kohata, Ryts Shi, rev. ed., 313.
tt An old Kai history includes the following cmments on the suhject: "Various
books, such as the 'Shu Ryakki' [Brief Chronicle of Kai], give statistics
on the amount of gold produced in Kai. But there always has been a dis-
inclination to reveal such infonnation. \\ben we hear that Matsugi [a
metalsmith] refused to let people know how much Kai goldhe had accumulated
secretly in bis house, it becomes increasinly difficult for us to reiy
upon any statistics." Ko Shu Shi 1f *f 1/d (Chronicles of the Province
of Kai), quoted in Takekoshi, Nihon Keizai Shi, 111, 143-44. The most im-
portant mine was located at Kurokawayama '!', 11 U..
Japanese Gold and Gold Coins 69
in the output of the gold mines. 6 and in 1598 Hideyoshi received only
200 ~ from that particular provine e. 7
The gold from the province of.Kai not only constituted the major
source of this precious metal during a period of tremendous expansion
of money economy ( for which the use of gold was a potent catalytic
agent). but it also was of considerable importance in the changing po-
litical fortunes of the period. The province of Kai came under the con-
trol of Oda Nobunaga's ally, Tokugawa Ieyasu, in 1582; shortly there-
after coins were minted by him and his successor, Toyotomi Hideyoshi.
Much has been written concerning the basis of the political power
achieved. in a comparatively short time. by these three military lead-
ers, but it is suggested that the importance of their possession of the
rich gold mines of the province of Kai should not be overlooked. With-
out the wealth which had accrued from the control of these gold mines
(as well as silver mines), it is doubtful whether these great Japanese
heroes would have been able to equip their men with so many firearms
and to carry out campaigns to distant points in the Japanese islands and
on the Asiatic continent.
Toward the end of the sixteenth century the island of Sado became
even more famous than the provinces of Mutsu and Kai for the mining
of gold. The Nishi ~ikawa ,.,E.~ mines were worked for a short
time during the Eikyo era ( 1429-1440), but the upsurge of mining ac-
tivity came during the last quarter of the sixteenth century. 8 The
first authentic indication of increased gold production is found in a
letter of 1589 addressed by Hideyoshi to Uesugi, who was then in con-
trol of Sado: "In regard to the gold from the Nishi Mikawa mines, you
are to send the assessed amount to Osaka or Fushimi, as you have done
in forier years . . . . "* In 1598 Hideyoshi obtained 7,900 ryo from
Sado. .
At the turn of the seventeenth century one of Japan's richest gold

deposits was discovered at Aikawa J:.(i Jj on Sado. Regarding this dis-
covery, Maeda Toshiie sent the following letter to two of his retainers
in Noto:
Hideyoshi to Uesugi Kagekatsu, Sth moon, Tensho 17 (1589), in Kobata, 'Uesugi ~i

no Za~sei to K6san,' 234-5. Accordin~ to the ~oyo Gmkan ' f.t f-_ fl ,
Uesug1 Kagekatsu, upon the death of h1s father in 1578, sent two men to negotiate
with Takeda Katsuyori of the province of Kai. Upon this occasion, Uesugi gave
each of the envoys 2,000 ryo of gold and sent an additional 10,000 ry to Takeda
Katsuyori. This gold probably c8111e fran Sado. (poted in ibid., 241. There are
other references to the use of gold by Uesugi, mainly aa presents, as far back as
1566. Ibid., 239.
70 Money Economy .in Medieval Japan
Urgent. 1 hear that gold has been discovered on Sado lsland

and that miners are rushing,there. 1 am told also that in Echigo
a fee of 10 kan is being collected fran each miner who leaves that
province for Sado. lherefore, you should collect a fee of 5 kan
from every miner going fran Noto. 'Prohibit the fanners from aban-
doning their fields to prospect for suld. Be sure to search the
people leaving [Noto]. Since too many people are going, give this
matter your closest attention in order to prevent disorder. If 1
hear of any misbehavior or illegal activity, both of you will be
held responsible. lherefore, take special precautions.10
The output of gold from the Aikawa mines was such that between 1613 and
1648 over 200,000 ryo were produced on Sado annually.*
Concerning the production in Japan as a whole, the records of Hide-

yoshi 's receipts for 1598 provide the most accurate figures: 11
Province Aaount Feudal Lord

Hitachit 2,217 ryo Satake
Dewa 1,638 ry0 Mogmni
~tutsu 7,000 ryo Dat
Echigoft 11,244 ryo Uesugi
Sado 7,995 ry0 Uesugi
Dewa 978 ryo Uesugi
Kai 2ID ryo A.sano
Mutsu 256 ryo Sana
Mutsu 405 ryo Nambu
Sagami 100 ry Tokugawa
Shinano 89 ryo Kyogoku
Shinano 126 ryo Sengoku
Takekoshi, Econoaic History, 11, 370. A local history of the mines attributes
11DJch of this expansion to the efficient management of ()tubo Nagayasu, who was
placed in charge of them by 1okugawa leyasu at the beginning of the seventeenth
century. Nishi Mikmoa Kinzan ~ ;... 5-J 4;:- Ll\ (Gold Mines at Nishi Mikawa);
quoted in Kobata, Ryiits Shi, 310.
t Hitachi produced gold as far back as A.O. 836, when gold from that province was
presented to the Imperial Court. Jliring the following centuries a considerable
amount was also exported to ,9iina. !bid., rev. ed., 273. lhe oldest mines
were located at Hakko .J'\... 51' . After 1595 a mine was opened at Kamifukuda
..}:. ,:fi '(fJ Tokutomi, Kinsei Nihon Kokuain Shi, X, 140-41.
tt Kobata made a special study of the metallic resources of Uesugi, but he was un-
able to account for the large amount of ore that was produced in Echigo at the
end of the sixteenth century. Gold from that province was sent to the Imperial
Court in 1564, and it was probably produced at Takane ~ ~ Kobata Atsushi,
'Uesugi Shi no Zaisei to Kosan,' 240-42. Part of a lette;f;an Hideyoshi to
Uesugi in 1595 reads as follows: "I am entrusting the gold mines of Echigo and
Sado to you. Place magistrates in charge and have gold sent to me." Hideyoshi
to Uesu~i, 17th day, lst moon, ~roku 4 (1595), in ibid., 237.
Province Aowun t Feudal Lord
Shinano 66 ryo Ishikawa

Echiz.en 55 ry Asano
Dewa 7 ryo As ano
Shimotsuke 184 ry Asano
Shinano 3 ryo Asano
Tajima 1, 270 ry Eessho et al
Suruga 90 ry Nakamura
Mino 10 ry Hirose
Mikawa 21 ryo Tanaka
Hideyoshi's total income of gold in 1598, therefore, was 34,974 ryo (or
more than 18,900 oz. troy). The amount received by him, however, did
not comprise all the gold mined in Japan. For example, the above docu-
ments show no receipts from Maeda who was lord of Noto, Etch and
Kaga. Yet in 1589 Maeda was able to give Hideyoshi a present of 27,000
ryo of gold and silver. t It is estimated, however, that approximately 22
Gold was discovered at Nakase tf'

~- in 1573 and in 1584 gold was being mined at
Yurizan 1i ~ iJ4 . laj i1111J KO )ll ~ (leflections about Taj ima), quoted
in Tokutani, op. cit., X, 140-41.
t Kose Hoan, 1'aiko Ki, Nihon Keizai Ssho, XXVIII, 415. An important gold mir.e
was located at Matsukura ;j'/~ ~ in Etch, and one account claims that for a time
it had a productive ca1acity o" about 4,000 ry annually. Matsukurayalllll Moshi-
ki tarusho .:YA-t" il.1 ,. ~ t (Accounts Dealing wi th Mt. Matsukurayama),
quoted in Kobata, 'Uesugi Shi no Zaisei to Kosan,' 244. lhere were also gold
mines at Yoshno t ff , Uwada i:: U1 , and Kamedani yama ~ ~ J.l.t in the
same province. Kobata, 'Kaetsuno Sansh ni okeru Kingin no Siishutsu,' 264-76.
lhe gold of Etchu was an important factor in the bitter strugsles between Uesugi
oi Echigo and lakeda of Kai. Kobata, 'Uesugi Shi no l:isei. to Kosan,' 244. In
Noto a famous gold mine was located at Hodatsuyama "f i! ll.t . It was being
worked as early as 1584, and a local historian of the following century esti-
mated that 35,000 ryo of gold were produced there annually .. Tomita Keishu
~-J. JC) , Sansh Shi ~ ~ 1:8 (History of the lhree Provinces),
quoted in Kobata, 'Kaetsuno Sansh ni okeru Kingn no 5anshutsu,' 262-3. His
estmate is probably excessive, for in 1616 the mine was producing only 550
ryo annually. Ibi~.f 269. ~old was also discovered at Kuragatake ~~in
1598, and the interest which Maeda showed in this new mine is reflecte in the
following letter written to a retainer: am glad to hear that gold has been
discovered at Mt. Kuragatake. Look into the matter inmediately. Have a shaft
opened. ihen you have sized up the situation, report back to me. lf gold is
found, place a reliable man in charge. 1 am sending Morikawa Zenzaemon there
as my personal representative and, therefore, you should take ca.re. Report
developments as soon as you can. It is important that you give your closest
attention to this matter." Maeda loshiie to Takabatake Iwami no Kami, 15th
day, lOth moon, Keicho 3 (1598); Kaga Han ::hiryo, I, 592. Gold was also pro-
duced in Kaga at Oten JL -;G~ in 1560, Kobata, Ry ts Shi, 312. lhe follov.-
22,500 oz. of gold were mined annually during the last two decades of
the sixteenth century .*
Importation of Gold
In assessing the amount of gold which was available to the Japanese

fer coinage it is essential to give sorne attention to the importation of
gold into Japan during the last quarter of the sixteenth century -- a
rather remarkable developme nt in the history of Japan's foreign trade.
In the beginning of the sixteenth century gold was being exported from
Japan by both Japanese and Loochoo traders, but toward the middle of
the century gold ceased to be mentioned at all as an tem of foreign trade
and after about 1580 it emerged as an item of import ( second in im-
portance only to Chinese silk), in spite of a great increase in gold pro-
duction within Japan. t Father Nicolao, in his letter of 1548, listed the
ing references have been OWld to gold mines in other provinces: (1) Hida: Kobata,
Ryts Shi, 312; (2) Tsushima: ibid., 274; (3) Rikuch: ibid., 212; (4) Ou:
Takimoto, Nihon Sangyo, IV, 445-6; (5) lzu: Tokutomi, op. cit., X, 139; (6) Iwa-
shiro: ibid., X, 131-2; (7) Aki: Kobata, 'Iwami Ginzan no Kenky,' 34.
lakekoshi writes that almost all of the major gold mines of Japan were opened up
during the sixteenth century, Economic flistory, 1, 334. The same view is express-
ed in Nihon Keizai Shi Jiten, I, 502. Notable exceptions, however, were: (1) the
gold mines of Satsuma which were producing over 78 kan of gold annually between
1624 and 1630, and ( 2) the gold mines o f Rikuchu where the mines produced 10, 000
mai of gold in 1604. 1akimoto, op. cit., IV, 458 and 452. Between 1624 and 1630
the average output of gold in all Japan was 192,315 110nune (or over 35,000 oz.).
Tbid., IV, 458.
t \o\estern students of Japanese history have generally assumed that a large amount
of gold was exported from Japan during the sixteenth century. 1hey have tended to
accept Kaempfer's estimate of the Portuguese trade: "lhe gold of the country [Japan]
was exchang'd against Furopean and Indian curiosities, medicines, stuffs, and other
things of the like nature. Upwards of 300 tons of this precious metal were exported
every year, for at that time they [ the Portuguese] had full liberty to import, and
to export., what goods, and in what quantity they -pleased." Engelbert Kaempfer,
1he flistory of Japan, Together with a Description of the Kingdo11& of,Siaa, 1690-1692
(2 vols., New York, 1906), II, 157-158. Even Oiang 1' ien Tse in his recent study,
Sino-Portuguese Trade from 1514 to 1644: A Synthesis of Portuguese and (]iinese
Sources (Leyden, 1934), 104, wrote: "As a result, the exportation of this precious
metal [gold] from Japan to Macao was considerable." Among Japanese historians,
Arai Hakuseki, a seventeenth-century scholar, has provided the traditional view
concerning the Portuguese trade. He concluded that large amounts of both gold
and silver were exported from Japan by the Portuguese during the latter half of
the sixteenth century, but he added that it was impossible to determine just how
much had been exported. Honcho llka Jiryaku (Study of Japanese Coins), Nihon
Keizai Ssho, XXVIII, 410. Takekoshi still held the view that gold was exported
by the Portuguese. Nihon Keizai Shi, 111, 85 {translated in Econoaic History, 1,
chief import and export items in the Portuguese trade with Japan. The
imports were salt-peter, silk, porcelain wares, 'mercury and musk. The
exports were silver, military weapons, sulphur and fans. 12 Gold was
not mentioned. In 1585, however, Frois listed the imports as " . . . .
silk, damask silk, musk, gold and other miscellaneous articles ... 13
Ralph Fitch, writing about his travels in the East between 1583 and 1591,
made the following statement: "When the Portugals go from Macao in
China to Iapan, they carry much white silke, gold, muske, and porcelanes:
and they bring from thence nothing but siluer ... 14
In 1589 an incident occurred in the port of Nagaskai which exempli-

fies the growing demand in Japan for foreign gold. Because of the be-
havior of local officials on the arrival of a Portuguese vessel in the
harbor, the captain of the vessel dispatched the following message to
Hideyoshi:
We arrived at Nagasaki on the first of July. Although we have
a permit, which was granted to us last year and which gave us free-
dom to carry on trade, we have to report that your officials [here]
are not respecting this pennit.
On the ezcuse that they llUSt obtain gold, they have until today
been forcing us to huy miscellaneous articles of trade and are mak-
ing unreasonable investigations
Although they are not very handsane gifts, we present to you
these gold cups, gold stands, gold chains . 15
A memorandum attached to the above message included this clause on the

subject of gold: 'We swore that, if you should so order, we would sell
gold whenever we had it, without concealing any, but /the local official87
ha ve still not given us a permit /to carry on trade/' even though we tod
{them7 about {ur oat!il. With one excuse or another they have made un-
reasonable searches." 16
Two months later the Portuguese captain received a reply from

Hideyoshi:
315). 1he erroneous conclusions were fully corrected in an excellent work by

Okamoto, Nichi KOts. Kobata concludes that the earlier historians were probably
misled by suclt fantastic stories about the gold resources of Japan as those told
by Marco Polo. 'Nihon no Kingin Gaikoku Beki ni Kansuru Kenky--Sakoku Izen ni
C1ceru,' 1281. Cf. Delmer M. Brown, '1he lmportation of Gold into Japan by the
Portuguese during the Sixteenth Century,' Pacific H.istorical Revie11, X\'I, 2 (May,
1947)' 125-33.
1 have received a letter reportins that a foreign ship has

arrived at Nagasaki and that when it entered the harbor [the crew]
was troubled by lawless acts of local officials. All those of-
ficials are to be punished. 1 will issue orders inmediately that
trade is to be carried on [freely] in all articles, including gold,
and that any person [acting] in an unauthorized capacitJ1 regard-
less of how small the matter, is to be reported
Father Frois, in discussing this incident, reported that the Japanese

merchants vied with each other in buying up the gold, and that within
three days the Portuguese had sold more than 2, 000 loa ves ( or more
than 24,000 oz) .*
In 1590 a curious treatise on China was printed in Latin at Macao.

Its contents show that it was written by a Japanese. The part concerning
gold trade reads as follows:
This region (Macao?) affordeth especially sundry kinds of

mettals, of which the chefe, both in excellencie and in abundance,
is gold, whereof so many Pezoes are brought fran China to India,
and to our countrey of lapon, that 1 heard say, that in one and
the same ship, this present yeere, 2000 such pieces consisting of
massie gold, as the Portugals cOlllllOllly call golden loaues, were
brought vnto vs for marchandise: and one of these loaues is
worth almost 100 duckats. Hence it is that in the ki.ns~om of
China so many things are adorned with gold, as for example, beds,
tables, pictures, images, litters wherein nice and daintie dames
are cariied vpon their seruants backes. Neither are these gold-
en loaues onely bought by the Portugals, but also great plentie
of gold-twine and leaues of gold: for the Chinians can very cun-
ningly beate and extenuate gold into plates and leause.18
The figure of 2,000 loaves tallies with that given by Frois.t
Luis Frois, 'Apparatos para a Historia Ecclesiastica do eispado de Japao' (un-

published manuscript in Biblioteca Paul Sarda in Toulouse}, quoted in Okamoto,
Nichio KOts, 687. A Portuguese loaf weighed between 100 and 105 a..e.
t 1he prices, however, were not the same. Frois' price was in crusadoes, whereas
the Latin treatise gave the value in ducats. Barret, who wrote during the
sixteenth century on the money and weights of the F.ast, valued the crusado at
six "good tangas" and the ducat at nine and one-half "good tangas." Barret,
'The Money and Measures of Babylon, Balsara, and the Indies, with the tstomes
, " Hakluyt, 11, 410-411. lhe memoirs of a Spanish trader of the
period contain the following remarks about the price of gold shipped to
Japan: "1he Portuguese took on the average between 3 and 4000 taels of gold
to Japan every year. Gold tael that could be purchased in Cantan for 5 taels
4 masse would bring in Japan 6 taels 8 masse. High grade gold was 6 tael 6~7
mais in Can ton and 8 tael 3 mais in Japan " 'Memoirs de las Mercaderas
Probably the peak in the Japanese dernand for foreign gold carne
about 1592, at the beginning of Hideyoshi's invasion of Korea. Many of
the local barons were so desirous of obtaining gold that they attempted
to prevail upon the Jesuit rnissionaries to buy bullion for thern in Macao.
The Jesuits, hoping to attract the lords to Christianity, did effect such
transactions and, in sorne cases, even went to Macao to handle the
arrangements personally. Father Valignani, in recording his experi-
ences in Japan between 1590 and 1592, disclosed that 3,000 ducats worth
of gold ( approxirnately 450 oz.) had been purchased in Macao for a non-
Christian Japanese baron and complained that an increasing number of
barons were making requests for large amounts of gold. The Portu-
guese merchants resented such private deals by the missionaries, and,
on one occasion in Macao, they sold Father Vali'ftani only 6,000 ducats
worth of gold, although he wanted twice as much. 9
After 1594, according to an account by Gonclvez, the Portuguese

were not able to gain su ch high profits from the sale of gold '' due to the
opening of gold mines in Japan. " 2
Nevertheless, it continued to be
imported, even by the Dutch, Spanish, and English who carried on trade
in Japan after the beginning of the seventeenth century. An item in a
contemporary Japanese chronicle, under the date of 1607, shows that
there was no irnmediate decline in the demand for gold.
1his year no Black Ship[s] have yet cane [to Japan]. Last
year the interpreter told a Chinese captain that since many
vessels were caning [to Japan], a large amount of silk was [be-
ing ~rted] and that if ship arrivals were [numerous] again
next year, the price of silk would fall. Possibly this is why
[the Black ships] have not cane. However, [another reason may
be] that leyasu ordered 10,000 [loaves] of gold (more titan
120,000 ounces).21
In a letter to Philip 111, three years later, Don Juan de Silva reported
that the Dutch had obtained the right to trade in two ports in Japan, and
that if they were successful in obtaining the same privileges in China
they would be able to gain profits by shi:f:fing "silk, gold, quicksilver
and other riches" from China to Japan. But in the following years
the price of gold declined so sharply that importation became unprofit-
able. A Dutch merchant at Hirado cornplained in 1614 that the price of
gold was too low. 2 3 Finally it ceased to be imported, and in 1664 ~old
again became an itern of export in Japan's restricted foreign trade. 4
que Lleva la Nao de Portuguese de la China al Japan' (unpublished manuscript in

Archivo de Indias), quoted in Okamoto, Nichio Kts , 689. Van Linschoten wrote
that one masse was worth two or three ducats. Van Linschoten, 7he Voyageo/
John Huyghen Van Linschoten to the East Indies, 1, 149.
Not only was gold brought into Japan from China by the Portuguese,
but considerable amounts were also imported from the Philippines by
Japanese merchants. As early as 1472, before we have any direct
evidence of Portuguese gold shipments from China, a report written in
the Philippines contains the following: Japan is a wealthy country and
exports lar ge amounts of silver. Every year Ja panes e vessels come
here laden with goods for these islands. The trade consists principally
of selling silver for gold. The market price ranges from 2 to 2-1/2
units of silver to 1 unit of gold. " 25 An early history of the Philip-
pines by Morga, first printed in Mexico in 1609, discusses as follows
the nature of the trade being carried on by the Japanese:
Theae [Japanese] ships return to Japan at the season of the
southwesterly gales in the months of June and July; they carry
their purchases from Manila, which consist of raw silk from China,
gold, stags' horns, and Brazil wood for their dye; and they also
take honey, manufactured wax, palm wine, and wines from Castile,
civet cats, tibor jars for kee~ng their tea, glass panes, cloth,
and other rarities from Spain.
In order to understand better the relationship between the impor-

tation of gold and the use of this precious metal for coinage, we should
look into the nature of the Japanese demand which made importation so
profitable, even with a definite increase in the productivity of Japanese
mines. At the outset it should be recognized that the demand in Japan
for gold was not the only determinant in the Sino-Japanese trade in
precious metals, for there was also a strong demand in China for
silver. And yet upon closer study of economic and political, and even
artistic, developments in Japan, it is clear that far more attention was
now being given to the acquisition of gold. It is significant _that more
gold was mined, and imported, during the remarkable trend toward
political centralization after 1570. There is no doubt but that the out-
standing political figures of that day relied heavily upon the economic
wealth obtained from their copper, silver and gold mines, and it is also
clear that the stronger war lords soon took considerable interest and
pride in accumulating great stores of the most precious metal, that is,
gold. They readily recognized the added convenience of having their
wealth represented largely in this metal; it was easier to transport and
therefore was more useful in the extensive campaigns in which they
participated. A store of wealth in gold gave a man more security in
an age when fiefs were frequently changed or confiscated. Hideyoshi
seems to have insisted that gifts and assessments to him be paid in
gold and that his retainers adopt the same policy.27 In 1590 Hide-
yoshi had brought all of Japan under his control and immediately there-
after he initiated plans for a campaign into Korea and China. Under
these conditions it is understandable that various local lords all over
the country were making efforts to obtain a larger store of gold coins,
even if it meant showing an interest in Christianity in order to get a

Jesuit missionary to buy up gold in Macao.
Associated with these new demands was the increased demand for
gold coins in the expanding exchange economy of the period. It was not
merely the military lords who used gold and gold coins for facilitating
their military and political efforts, since many temples, wholesalers,
trade associations, and dos were also carrying on a bigger business
which made the use of gold coins far more convenient. Economic ex-
pansion, as well as political expansion, was serving to intensify the de-
mands for a better form of money.
The use of large amounts for decorative purposes was still another
factor contributing toward an unusual demand in Japan for gold. The
art of the Momoyama period ( 1574-1614) is characterized by magnifi-
cence of form and brightness of colors. In the imposing structures built
by Nobunaga and Hideyoshi gold was used freely. One of Hideyoshi 's
visitors at the Osaka Castle wrote that in sorne of the rooms the ceilings
and walls, includin:ftJ the frames of the sliding doors, were completely
covered with gold. In the architectural painting of the period popu-
lar subjects were trees, flowers, or birds painted in rich colors on gold
leaf, and even in lacquer ware gold prevailed.
Minting of Gold Coins
Before the minting of gold coins, a certain amount of gold dust was
used as a medium of exchange. As in the case of silver, the dust was
generally measured in terms of ryo and kept in small bags marked with
the amount of gold which they coiitained. Gold dust was used as far back
as the ninth century, but during the sixteenth century there was an in-
crease in the number of transactions involving sums of gold dust.29
Gold bars were also used. The bars generally had no markings and
pieces were cut from them in order to obtain the desired amount .30
Numerous small pieces of gold that were cut from the same bar are
extant. 31 Such a method was an improvement over the use of dust,
because less of the metal was lost in handling.
Takeda in the province of Kai was probably the first to mint gold
coins.32 When Tokugawa Ieyasu gained control of the province in 1582
Takeda reportedly had minted already more thari 250,000 gold pieces. 33
The provinces of K.aga and Suruga also had gold coins atan early date,
although no exact information is available on the subject. 34 The diary
of the Tamon In Temple priest contains many references to gold coins
after 1572. 35 It can be concluded, therefore, that locally minted coins
were in circulation prior to the minting of the official Tensho TshO
78 Money Economy is Medieval Japan
coins in 1587 .*
Coinage of gold by the central government served to add to the total
supply of available coins and to encourage the adoption of this new type
of coin. But coinage by the military government in Kyoto did not signify
the cessation of local coinage. In fact, after 1587 an even greater
number of gold coins was struck locally. All provinces in which gold
mines were located began to mint coins. The types of extant gold coins
made locally before 1600 probably number more than one hundred, but
most of them cannot be accurately dated. t In 1601 there was a new
issue of coins which included gold pieces of small denominations.3 6
Such refinements as these have caused some Japanese writers to con-
clude that Japan's first unified system of currency dates from the
year 1601.
A nineteenth century student of money concluded that the gold coins called the
Tensho a,ankin 1'.._ JE.}:._t'J,j:- were in circulation during Nobunaga' s time
(d. 1582). lle seems to have based his conclusion on the appearance of the word
11ai with 1mits of gold. Kond Morishige iJL Ut. q -f. , Kingin Zuroku J::,ji:.
~~' (Illustrated Study of Gold and Silver~ins); quoted in Takekoshi, Nihon
!f
Keizai Shi, 111, 334.
t See illustrations in Dai Nilwn Ka.hei Shi, Vol. I; Tsukamoto, 1he Old and New
Coins of Ja.pan; Mmro, Coins of Japa.n; and Okuda, Nihon Ka.hei Ko.
CHAPTER VII
Use of Gold and Silver Coins
The increased circulation of copper coins was a basic element in

the expansion of money economy during the Kamakura and Ashikaga eras
( 1185-1576), but in the phenomenal spurt of economic activity during the
last two decades of the sixteenth century, the circulation of gold and
silver was far more significant. Exchanges then were larger, more ex-
tensive and more complex. Consequently, the rarer metals became popu-
lar as money. However, in attempting to establish the correlation between
the circulation of rarer metals and the general economic expansion of the
sixteenth century we are again handicapped by a lack of statistical data.
For the most part, we must rely upon indirect evidence as to the nature
and extent of the use of such money in various types of transactions.
Political Gifts and Assessments

---- -- -- - - - - - - -
When Nobunaga advanced toward Kyoto in 1568, to take his first big
step toward the centralization of political power in Japan, he effected his
more vital alliances by gifts of copper coins. But one year later, in his
monetary law of 1569, he ordered the acceptance of silver and gold coins
as legal tender in large transactions.* Not long after that, in a letter to
Yoshiaki, who had been recently installed as Shogun, Nobunaga accused
him of devoting too much attention to the accumulation of gold and silver . 1
Such concern suggests that the realization of military and political am-
bitions already was becoming associated with, if not dependent upon, the
acquisition of lar ge amounts of these precious metals. A store of this
type of wealth provided a more efficacious means of cementing alliances
with military lords, Buddhist priests and other individuals with political
power. A survey of the references in the contemporary biography of
Nobunaga, during the four-year period from 1576 to 1580, gives sorne
indication of the nature and extent of his gifts of gold and silver: 2
Supra, p. 44. I:uring the lOth moon of 1568 Nobunaga gave the Horyji Temple
50 mi of silver. This is one of the earliest known references to 1111i of
silver, and it is believed, on the basis of the appearance of the word mi,
that the gift was in coins. Nobunaga to Horyiiji Temple, 6th day, lOth moon,
Eirbku 11 (1568); Dai Nihon Shiry, Series 10, I, 196-7.
79
Year AllOWlt Nature

(1) 1575 2 mi of gold Gift by Nobunaga to messenger
n
( 2) 1576 :!)()
" Given by Nobunaga to the Imperial C.OUrt
( 3) 1576 50 " Gifts by Nobunaga at Gembuku ceremony
( 4) 1578 100 ry ailver Gift to messenger from Hachiman
( 5) 1578 100 11ai gold .. fran Nobunaga to Hideyoshi
(6) 1578 5 " ailver . to meaaengers
..
(7)
(8)
1578
1578
20
6 .. gold
sil ver
by Nobunaga to boat builders
" to other boat builders
(9) ..
(10)
1578 30 " gold
..
" by Nobunaga to feudal baron
1578 6
.." ' " to mesaengera of above baron
( 11) 1578 20
.. " " by Nobunaga to Takayama Ugon
( 12)
(13)
1578
1578
4
200 .. "
"
" by Nobunaga to each of two messengers
" by Nobunaga
(14)
(15)
1579
1579
100
50 .." silver
"
" to Shiokawa
by Nobunaga to priest
(16)
( 17)
1579
1579
30
10 .." "
.. by Nobunaga to priest
by Nobunaga to priest
(18)
(19)
1579
1579
10
200 .." " .." by NObunaga to priest
" to Nobunaga from Buddhist priests
(20)
(21)
1579
1580
200
100 .." " gold
" "
" fran masseur to Nobunaga
and ailver " to messengers
( 22) 1580 30 11ai of silver to temple for repair work
( 23) 1580 15 " " gold " by Nobunaga to priest
(24) 1580 15 " " " " by Nobunaga to priest
(25)
(26)
1580
1580
15 " "
20 " .... "
"
"
"
by
by
Nobunaga to priest
Nobunqa to priest
(27) 1580 30 " " by Nobunaga to priest
(28) 5 .. by Nobunaga as prize for wrestlers
1580
.. .." "
(29)
( 30)
1580
1580 30
5
" "
sil ver
gold .. by
by
Nobunaga to best wrestler
Nobuna(Sa to rnessenger
.. "
".. ....
(31) 1580 20 " " by Nobunaga to messenger
( 32) 1580 15 " " by Nobunaga to messenger
(33) 1580 15 " " by Nobunaga to messenger
( 34) 1580 15 " " " " by Nobunaga to messenger
( 35) 1580 25 " " .. " by Nobunaga to messenger
Hideyoshi, Nobunaga's successor, relied even more upon these rarer

metals. In the very year of his master's death in 1582, he initiated schemes
designed to establish his supremacy over the severa! generals who were
vying with each other for control of the territories and wealth that had been
accumulated by Nobunaga. The plans, in severa! cases, involved the use of
force but there were also generous gifts of money. A contemporary source
discloses that in 1582 Hideyoshi distributed sorne 1, 000 gold coins and 780
kan of silver among various military barons and retainers.* As the years
Takekoshi. lfronoaic His iory, 11, 37 4. Shortl y after this Mori lerwnoto went to l\yto
Use of Gold and Silver Coins 81
passed and as his plans became more grandiose, we see that he spent
even larger sums of gold and silver to gain loyal military and poltica!
backing. In 1585 he gave away 5,000 gold and 30,000 silver coins. A
contemporary biographer explains his generosity as follows:
Hideyoshi himself owned territories. worth 2,000, 000 koku of

rice annually, and so much gold, silver, bronze coins, and rice
carne into his treasury every year that they accumulated consider-
abl y (sic). Should the treasure so increased be left to pile up
the result would be bad luck, men say, and Hideyoshi asked the
advice of an elderly man named Yuku Hogan, who suggested a dis-
tribution of it. Accordingly, in the early part of autumn, in
the 13th year of lensho (1585), Hideyoshi distributed 5,000
pieces of gold and 30,000 pieces of silver among the lords and
his government officers . . . 3
That the crafty Hideyoshi should have been motivated solely by super-
stition to distribute such large sums of money is not convincing, for in
that same year he fought major miltary campaigns on the island of Shi-
koku and in the provinces of Etch and Ise. The distribution of gold and
silver coins probably served to increase his poltica! and military
strength in those critica! months.
After 1585 such gifts became more numerous, even too common for
inclusion, in every case, in the most complete chronicle of Hideyoshi 's
lfe. Yet those items dealing with gifts of gold and silver which are in-
cluded show that the amounts were now much larger:4
Year AlllDun t Nature

( 1) 1585 5,000 111ai of gold Gift to various barons and retainers
(2) 1589 10,000 ry of silver
,, from Mor to Hideyoshi
(3) 1589 365,000 " " gold
and sil ver Gifts from various lords
(4) 1594 300 mai of silver Cift by Hideyoshi to each member of
.. " the Chinese mission
(5)
(6)
1594
1595
1,000
5,000 .. .. "
"
by Hideyoshi
" by Hideyoshi to Chsokabe
(7) 1598 .. gold Willed by Hideyo~hi to Toshiie
300
.." ..
(8)
(9)
1598
1598
300
900 " " ..
" by Hideyoshi to leyasu
by Hideyoshi to others
The first known issue of coins by Hideyoshi was ordered in 1587, and in
and during his stay there gave 3000 111ai of silver to Hideyoshi and an additional
~O 11ai of silver to IIideyoshi's wife. Mori 1'erUll&Oto Jraku Nikki, quoted in
Kobata, Ryts Shi, 364.
that year Hideyoshi departed from his castle at 6saka to lead his armies
against the strong barons of Kysh. There is little doubt but that the
new issue of coins was considered an integral part of his preparations
for that campaign. A contemporary chronicle contains the comment
that when Hideyoshi left Osaka for his expedition to Kysh he used
"five men to carr bis copper coins and twelve horses to transport his
gold and silver."
Hideyoshi 's political position was made comparatively secure by

his victories in Kysh, and it was thus no longer essential for him to
bolster his support with gifts of gold and silver coins. Tbereafter, the
contemporary accounts contain more references to bis having received
gifts of coins from minor feudal lords wbo were desirous of obtaining
his favors. In 1589, for example, Hideyoshi was presented with a total
of 360,000 ryo of gold and silver by various officials and feudal barons.6
The receipt of such a large amount of precious metal probably arose, in
part at least, from the desires of less powerful political figures to en-
bance their standing with Hideyoshi. However, at that particular time
Hideyoshi was making preparations for a campaign against Hojo, the
only baron in Japan who was a real threat to his political supremacy.
It is possible tberefore that the money was assessed, or requested, to
provide funds for extensive military operations against Hojo. Ten
thousand gold coins, at least, were set aside for the campaign. 7 The
money was used primarily for buying provisions. The attack necessi-
tated the movement of exceptionally large armies to rather distant
parts of Japan. It is indeed questionable whether the operation could
have been managed so expeditiously without the aid of large sums of
money.
Hideyoshi's invasion of Korea in 1591 required even more extensive

plans and preparations. Thousands of men were transported across the
Straits of Tsushima, and sorne of the armies penetrated Korea to points
near the present border of Manchuria. It appears that the minting of a
large number of new copper, gold and silver coins in 1592 was a vital
part of the preparations. The diary of the Tamon In Temple, in an
item for the 28th day of the 3rd moon.of 1592, contains the comment
that Hideyoshi had "mountains of gold and silver" for his Korean
campaign. 8 A more specific indication of the number of coins that
might have been used is found in the same diary to the effect that when
Konishi, one of Hideyoshi's officials, returned to 6saka in 1593 from
the campaign headquarters at Nagoya in Kysh, he brought back with
him 10,000 mai of gold and 30,000 mai of silver.*
Taon In Nikki, IV, 411. In an entry for 1591, regarding one of Hideyoshi's of-
ficials, the diary carried the cannent that the official had access to more than
56,000 11ai of gold and "rooms full of silver." Ibid., IV, 280.
Payment of Taxes
In general the areas where gold or silver were first offered in pay-
ment of regular taxes and assessments were those in which these metals
were mined. In regar~ to silver, for example, we find that in the province
of Iwami it soom carne to replace copper as a medium for the payment
of taxes. Tax receipts of the Ninirei A~ R 4'-
village of Iwami show
that in 1536 it had paid its taxes in copper coins, but in 1573 payment
was made in silver. Tax receipts for a fief in the province of Awa re-
vea! the same transition: in 1540 copper was tendered but in 1573
silver was used.*
The province of Kai was in the same position with reverence to

gold as Iwami was to silver. By about 1570 at least part of the taxes
there were paid in gold. 9 A f ew years later the same trend is noted in
areas less famous for the production of gold. The province of Noto
produced a comparatively small amount of this metal, but in a letter
from Maeda Toshiie to one of his retainers, in the year 1585, the follow-
ing statement was made: "Seventy koku of rice shall be the amount of
tax to be paid by the 100-koku fief of the Korin In Temple of NOto. How-
ever, 10 ryo of gold may be paid in lieu of 70 koku of rice." 1 A tax
receipt of 1586, also stamped by Maeda Toshiie, shows that one-half of
the taxes for the Saihji village of the province of Kaga were paid in
gold. 11
A few years later tax receipts for fiefs in other provinces show
similar developments. For example, a tax receipt signed by Hideyoshi
in 1588 indicates that a fief in the province of Yamashiro paid its taxes
in gold coins. 12 Man of the lords who did not collect gold had the rice
exchanged for gold. 1 Toward the end of the century more fiefs through-
out Japan were paying taxes in either gold or silver, although many still
tendered copper coins and sorne paid in kind.
In addition to land taxes", an increasinfl number of miscellaneous

assessments was paid in coins. Hideyoshi's record of receipts for 1598
includes the following items:14
7Y,,e o/ Tcu
[Newly struck coins?J from Gotf 1,000 ai of gold
[Newly struck coins from J()ge Za?]ff 10,000 .. " "
Kobata, Jviltsii Shi, 367-73. Kobata found thot a lodaiji Temple fief in Sado-gun
in the province of So also paid its taxes in silver after 1559. Kobata, 'Iwami
Ginzan no Kenky,' 59-60.
t ~1-- 1-1 -lt
tt $ ,t_ Ji 11-
Tolls from Miyokawa of Ise 1 11ai of gold

Kaaouai [charcoal?] of Kii 1 " "
[FromJ Otsu post station 700 .. n silver
saka [shipping permits?] 300 " " "
Assessments from all Za of Sakai 250 " " ,,
saka new [shipping pennits?] 700 " " ..
,. "
[Ship taxes?] Oni
Land taxes of Sakai
1,000
1,000 " " ..
Transactions at the Tamon In Temple
-- -
After Nobunaga's monetary law of 1569, which prohibited the use of
rice as money and established gold and silver as legal tender, coins were
widely used in all types of transactions throughout the country. With a
view to determining the re lati ve importance of copper, silver and gold as
money, the exchange activities of the Tamon In Temple in Nara have been
selected for study. The number of references in the Tamon In Temple
diary to transactions in copper, gold and silver, for the transitional peri-
od extending from 1569 to 1588 have been tabulated as follows:15
Year Copper Gold Silver 1otal

1568 88 o o 88
1569 116 2 o 118
1570 43 1 o 44
1571 40 2 1 43
1572 25 3 4 32
1574 35 o 10 45
1575 36 3 6 45
1576 48 1 3 52
1577 29 o 3 32
1578 61 3 4 6e
1579 85 3 2 90
1580 60 4 1 65
1581 60 8 4 72
1582 41 6 3 so
1583 50 11 3 64
1584 93 9 7 109
1585 84 7 4 95
1586 22 4 o 26
1587 55 4 o 59
1588 __!Q ___ _] -12
Total 1,111 77 58 1,246
These figures provide strong evidence of a definite increase in the use

of gold and silver as money. However, the diary by no means comprises
a complete record of all receipts and expenditures of the temple. The

incompleteness is shown by an item for 1580 which reveals that during
the year 12,500 mon was handled in bills of exchange, and yet not a
single bill wa~ ref err~d to in the diary during the year . In general, it
was only the events of particular interest that were likely to be record-
ed. Even with these limitations, however, the above table indicates that
after 1572 the use of gold and silver as money had become more wise-
spread.
With a view to ascertaining the relative importance of gold and

silver coins {as well as gold and silver bullion) and the nature of the
transactions effected with gold and silver, the following abbreviated
list of references in the Tamon In Temple diary, for the period ex-
tending from 1569 to 1588, is shown:*
Year Gold Sil ver Nature
(1) 1569 1 ry Exchange for rice
( 2) 1569 1 " Received
( 3) 1570 2 " Gift
( 4) 1571 1 bun Exchange for provisions
Odd swns of gold and silver have been omitted. References in Taaon In Nikki:
(1) 11, 140, (2) 11, ll, (3) 11, 171, (4) 11, 226, (5) 11, 226,
(6) 11, 2:1>, (7) 11, 290, (8) 11, 291, (9) 11, 291, (10) 11, 291,
(11) 11, 291, (12) 11, 294, ( 13) 11, 296, ( 14) 11, 315, (15) 11, 317'
(16) 11, 322, ( 17) 11. 322, (18) 11, 330' (19) 11' 330' ( 20) 11. 335,
(21) 11, 337, (22) 11, 346, (23) 11, 347, (24) 11, 347. (25) 11, 359,
(26) 11, 368, (27) 11, 373, (28) 11, 373, (29) 11, 373, (30) 11, 376,
(31) 11, 379, (32) 11, 382, (33) 11, 390, (34) 11, 441, (35) II, 441,
(36) 11, 441, (37) 11, 441, (38) II, 462, (39) 11 , 469, (40) 11, 469,
(41) 111, 3, (42) 111, 4, (43) 111, 21, (44) 111, 23, (45) 111, 29,
{46) 111, 38, (47) 111, 39, (48) 111, 40, (49) 111, 47, (50) 111, 47,
{51) 111, 58, (52) 111, 72, (53) 111, 80, (54) 111, 101, (55) 111, 101,
(56) 111, 104, (57) 111, 126. (58) 111, 139, (59) 111, 148, (60) 111, 170,
(61) 111, 170, (62) 111, 179, (63) 111, 185, (64) 111, 186, (65) 111, 188,
{66) llI, 189, (67) 111, 189, (68) 111, 189, (69) 111, 190, (70) 111, 193,
(71) 111, 196, (72) 111, 197, (73) 111, 200, (74) 111, 201, (75) 111, 209,
(76) 111, 209, (77) 111, 215, (78) 111, 218, (79) 111, 252, (80) 111, 275,
(81) 111, 286, (82) 111, 290, (83) 111, 292, (84) 111, 2961 (85) 111, 301,
(86) 111, 301, (87) 111, 310, (88) 111, 310, (89) 111, 311, (90) 111, 315,
(91) 111, 319, (92) III, 320, (93) III, 320, (94) 111, 352, (95) 111, 355,
(96) llI, 355, (97) 111, 359, (98) Ill, 371, (99) III, 371, ( 100) Ill, 371,
(101) llI, 371, (102) 111, 374, ( 103) III, 374, (104) llI, 374, (105) Ill; 374,
(106) 111, 375, (107} 111, 376, (108) Ill, 379, (109) 111, 382, (110) 111,-414,
(111) 111, 416, (112) 111, 423, (113) 111, 427, (114) 111, 429, (115) 111, 430,
(116) 111, 432, (117) 111, 436, (118) 111, 449, (119) 111, 457, (120) IV, 2,
(121) IV, 5, (122) IV, 10, (123) IV, 28, (124) IV, 100, (125) IV, 102,
(126) IV, 102, (127) IV, 119, (128) IV, 120, (129) IV, 120, (130) IV, 129,
(131) IV, 143, (132) IV, 146, (133) IV, 153, and (134) IV, 155.
86 Money Economy of Medieval Japan
Year C.Old Sil ver Nature

( 5) 1571 2 ry' Sent
(6) 1571 5 ry' "
(7) i572 100 aai Gi ft to Nobunaga
(8) 1572 1 1114 i "
(9) 1572 l " Loaned
(10) 1572 11 "
(11). 1572 1 " Sent
(12) 1572 13 llOIUle
..
Loaned
(13)
( 14)
1572
1574
10
6 .." Received
(15) 1574 1 114 Sent
(16) 1574 8 lllO-e Offering
(17) 1574 l " ~nt
(18) 1574 2 "
( 19) 1574 2 aai Gift
(20) 1574 48 llOJl!lle Sent
(21) 1574 37 " Exchange for carmodity
(22) 1574 1 1114 i Sent
(23) 1574 1 " Exchange for rice
( 24) 1574 2 " Sent
(26) 1575 3 momme "
(27) 1575 4 bun " paper
(28) 1575 13 ry' Offering
( 29) 1575 1 mai "
( 30) 1575 5 " Loan
( 31) 1575 2 " Exchange for rice
( 32) 1575 1 " Loan
( 33) 1575 4 " Exchange
( 34) 1576 66 momme Value of rice sent
( 35) 1576 1 mai Sent
(36) 1576 1 " "
( 37) 1576 3 " Loan
(3B) 1577 11 momme Received
,, Exchange
(39) 1577 15
(40) 1577 12 " Bill of Exchange
(41) 1578 4 mai Sent to Kyoto
(42) 1578 4 " Loan
( 43) 1578 1 " "
(44) 1578 5 " Exchange
( 45) 1578 1 " "
( 46) 1578 49 momme " for rice
( 47) 1578 4 " Paid for repairs
(48) 1578 2 " Sent
( 49) 1579 2 mai "
( 50) 1579 2 " "
( 51) 1579 3 " Exchange for rice
(52) 1579 3 " " " "
( 53) 1579 6 " " "
( 54) 1580 7 mai Purchase of tea bowl, reported
( 55) 1580 15 " " " " "
Ye ar C.Old Sil ver Nature

( 56) 1580 35 llOIUlle Paid for scroll
( 57) 1580 1 ryo Loan
(58) 1580 1 aai Received
(59) 1581 2 lllCli Expenses for trip
(00) 1581 1 " Received
(61) 1581 l " Exchange for rice
(62) 1581 l " " " copper coins
(63) 1581 1 " Cift
(64) 1581 3 " Repayment of loan
(66) 1581 ~ .. 1 .. ..
Received
(67) 1581
(68) 1581 3 .. Sent to Azuchi
(69) 1581 l aa.ae Interest on loan
(70) 1581 1 mi Loan
(71)
(72)
1582
1582
1 "
2 ry ..
Gift
(73) 1582 2 .. Exchange

(74) 1582 ~ llCI i Loan
(75) 1582 3 " Exehange
(76) 1582 12 aome Gift
(77) 1582 22 .. Loan
(78) 1582 1 .. Exchange for rice
(79) 1582 ~Mi Loan
(80) 1583 ~ ,, "
(81) 1583 1 ryo Exchange for rice
(82) 1583 10 llCI i Apparently income from fief
(83) 1583 Loan repaid, with 2 bun interest
(84) 1583 30 llCli Sent to Hideyoshi
(85) 1583 313 aomae Received
(86) 1583 16 aoue
(87) 1583 l llCI i Loan
(88) 1583 69 .,.._ " repaid
(89) 1583 3 aai Sent to saka
(90) 1583 4 .. Payment of interest on loan
(91) 1583 Ex:change for rice
(92) 1583 3 " "u ",. ",.
( 93) 1583 2 "
(94) 1584 5 .. ,, " u
(95) 1584 2 aai Stolen by thieves

(96) 1584 3 .. ,, " "
(97) 1584 3 ryo Exchange for rice
(98) 1584 1 " Sent to Bi zen
5 ..
(99) 1584
,," .," Kyoto
,,
(100) 1584 2 ftOllllle
( 101) 1584 5 " Loan
( 102) 1584 "
( 103) 1584 Sent for exchange to Sakai
( 104) 1584 5 .. " " " " "
( 105) 1584 3 ryo Loan
( 106) 1584 SO mi Gift (to Hideyoshi?) at Osaka
Y.ar Gold Silwr Natur

(107) 1584 8 mi Exchange of goods
(108) 1584 2 .. Lun repaid
(109) 1584 1 .. ?
(110) 1585 3 .. Purchaae price of tea bowl
(111) 1585 3 ryo " " " " "
(112) 1585 l m F.xchmige for rice
( 113)
( 114)
1585
1585 85 ryo
3 " Loan
.... ..
repaid
3 ..
( 115)
( 116)
1585
1585 1 .. ..
( 117) 1585 9 .. Sent
(118) 1585 1 " Received
( 119) 1585 Exchange for rice
( 120) 1585 1 .. " " "
(121) 1586 1 " Sent to Bizen
( 122) 1586 20 llGi Reward
( 123) 1586 1 " Received
(124) 1587 3 llOMe. 6 bun Exchange for rice
( 125) 1587 5 ry Exchanged for copper coins
( 126) 1587 4 ... Exchange for rice
( 127) 1588 100 .. Gift from Hideyoahi
( 128) 1588 2 " (in a bag) " " wi fe of Hideyoshi
(129) 1588 20 " " " mother of Hideyoshi
(ll>) 1588 1 mi Sent as gift
( 131) 1588 100 11ai (with Goto seal) Gift from leyaau
( 132) 1Sij8 65 mi Deposit
( 133) 1588 10 IKMlae Exchange
( 134) 1588 700 mi Gift in gold by man becoming
rich selling lumber in Osaka
It is generally agreed, although it has not been definitely establish-

ed, that the word mai was used only in referring to gold and silver coins.
On the basis of that assumption, it is seen that gold coins first were used
after the year 1572. The word ryo was used both as a unit of weight
measurement and as a unit of coins. According to entries for the period
after 1580, gold coins were used more often than silver coins. It is possi-
This tem, under the date of the 13th day of the 9th moon ( 1588), reads as follows:
Since [they] aaked that 65 mi of silver be deposited [with usJ, we accepted it,
although it was an inc0nvenience. This is the certifcate of deposit:
'Two leather bags of silver have been deposited [with us]

by Hideyoshi, in lieu of a donation of rice to this temple.
The seals of severa! persona are attached [to the bags].
The contenta [of the bags] have not been examined.
1588 [Stamped by] Oioj i tsuho. ' "
T~ In Nikki, IV, 146.
ble that the more numerous references to gold may ha ve been due to the
fact that such transactions were larger and therefore of greater interest
to the priest who was keeping the diary.
Silver coins, likewise, first appear in the diary under entries for
1572. It is probable that the number of transactions in silver was actu-
ally larger, because there were no gold coins of small denomination and
transactions in gold were therefore limited to those involving transfers
of large sums of money. The tendency of the diary to exclude items of
no unusual interest explains the appearance of more items dealing with
exchanges in gold.
From the wide variety of transactions in the above list, it is seen

that gold and silver were used in all types of exchange. Most of the
offerings to the temple were in copper coins and the smaller purchases
and sales of commodities were made either with copper coins or with
rice. But the payment of taxes by a fief, the loans of money to feudal
lords, the dispatch of priests to the capital, the giving of presents to
Nobunaga or Hideyoshi, and the receipt of gifts from high-ranking of-
ficials, were effected more frequently af~er 1580 with gold or silver
coins.
This tendency is particularly apparent in an analysis of the lend-

ing operations of the Tamon In Temple. In itemizing all references to
loans, we find nota single mention of loans in gold or silver until 1572;
then for about six years the greater per cent is in terms of silver.
Again there is another shift after 1578, th.is time toward loans in gold.16
The expansion in the business of loaning gold, after 1585, is also re-
fiected in a peasant uprising in the city of Nara in 1591. Mob action by
peasants did not break out often after 1580, when a strong central govern-
ment had begun to emerge, and thus the appearance of an uprising in 1591,
after Hideyoshi had completed his work of political centralization,
suggests that the people must have been aroused by a truly serious
grievance. The grievance was that the money lenders, who had loaned
out gold at exorbitant rates of interest, were going too far in their ex-
ertion of pressure on debtors to force the repayment of loans. It ap-
pears that a number of merchants, known as kinshnin ~ or ;'l }-
"gold-merchants," had made themselves wealthy through such loans.
Hundreds of people took part in the uprising and the city officials of
Nara had to petition Hideyoshi for permission to cancel loans. Hideyo-
shi, after looking into the matter, decided not merely to order a cancel-
lation of certain loans, but had severa! of the "gold merchants" of Nara
Kyoto, Osaka and Sakai arrested.* The fact that an uprising occurred
Soyeda Juichi in his 'A flistory o Banking in Japan,' 411, in A lfistory of Banking
in this period of strong rule by Hideyoshi, that large numbers of people

in Nara had participated, that Hideyoshi had seen fit to arrest severa!
money lenders, dealing in gold, in four leading commercial centers - -
all this suggests that a tremendous expansion had taken place in Japan's
money economy since the first half of the sixteenth century, when the
Japanese were relying primarily upon Chinese coins for their metallic
money.
Commerce and Industry
An accurate estimate of the use of precious metal as money cannot

be made without taking into.consideration the general expansion of trade
and commerce, for not only was a larger percentage of the transactions
made with coins but there was also a tremendous increase in the total
number of exchanges, particularly during the last half of the sixteenth
century. Much of the new economic activity was associated, directly or
indirectly; with the expanding trade with China in which the Portuguese
took such an active part and in which the exportation of silver and the
importation of silk and gold were dominant features. As a by-product
of this trade Japan learned new techniques which T'evolutionized her
mining, munition and building industries and which were active agents
in the social ferment of the age. The trade centering around the ex-
change of precious metais has already been discussed, and the growth
of the mining industry has been touched upon, but in order to gain a
more vivid picture of the economic activity of these years attention
should also be called to other new industrial developments.
The manufacture of firearms was a new industry which, in a very

short time, changed the complexion of much of Japan's economic life.
When firearms were first introduced by the Portuguese in 1543, the
Japanese had considerable difficulty in copying these new weapons, as
one contemporary account shows:
As for the manufacture of the mysterioua medicine, Tokitaka

had his retainer Sasakawa Koshiro instructed in it. He also
ordered some blacksmiths to manufacture the tube, and after much
labour they so far succeeded in their work that they could produce
almost similar articles, but they did not know how to close one
end. Next year the foreign merch~ts again came to Kumano-ichi-ura
in Tanegashima. Among them there -s one blacksmith. Tokitaka was
in All the Leadng Natians, IV, 409-544 (New York: 1896), made the following
cCJ11111ent in regard to the Nara Incident: "In 1591 A. D. ten merchants in Naua
[sic] were executed because they not only exacted usurious retes, but traded
on a borrowed fund." The phrase "traded on a borrowed fund" suggests a bank-
king operation, but in the accounts exmined, I found no evidence of such trading.
filled with joy, and at once sent one of his retainers, Kimbeinojo
Kiyosada, to learn from him how to close the end. In this way the
manufacture of fireanns was learntl and in a year or so sixty or
seventy muskets were manufactured. 7
Within a few years the European methods were mastered anda Portu-
guese trader by the name of Pinto, who went to Japan in those early
years, estimated that within two or three years after guns were first
introduced Japanese metalsmiths had succeeded in making severa!
hundred guns . He claimed further that by 1556 there were more than
300,000 in the country. 18 Pinto's figures, like his stories, are probably
inaccurate, but there is much supplementary evidence to support the
conclusion that within a couple of decades severa! towns had become
famous for the production of guns and that many military lords had
equipped a part of their armies with these new weapons. At the battle
of Nagashino in 1575 Nobunaga had an army of about 70,000 men and
3,000 of them were armed with matchlocks. As more military leaders
saw the advantage of weapons with such deadly power at long range, they
exerted greater efforts to arming more of their soldiers with matchlocks.
By the end of the century, when the Japanese undertook the invasion of
Korea, probably a third of the soldiers carried guns.19 The manufacture
of all these firearms, together with the necessary ammunition, obvious-
ly called for an industrial output that affected the whole o Japanese so -
ciety.
The munitions industry was also expanded by the introduction and

manufacture of cannon. The use o cannon did not spread as rapidly as
in the case of matchlocks, bu( ater one o these heavy pieces proved to
be so efective in siege operations against the Kanki Castle in 1582, the
demand for them rose. Later, when the Japanese found themselves out-
classed in the field of heavy artillery by the Koreans, even greater
emphasis was laid upon the production of cannon, not only for use against
castles but also for arming ships. In 1593 one general sent back to bis
fief this frantic note: "Not long ago 1 dispatched two messengers to con-
sult with you regarding cannon, /and again I7 insist that you send me more.
It does not matter what size thef are. lnqUlre around the province and
send as many as can be found." O lt is no wonder that such lar ge com-
mercial centers as Sakai were becoming noted for their production of
matchlocks and cannon. 21
One of the many results of the introduction and use of more advanced
weapons was the construction of large stone castles in numerous military
centers throughout the islands. As early as 1549 Ashikaga Yoshiteru, who
was building a castle near Kyoto, ordered that stones be placed betweerr
the moat and the wall "as protection against guns ... 22 Ater Nobunaga
had achieved some success in extending his authority over several key
provinces around Kyoto, he built himself a castle at a strategic point on

Lake Biwa that set the pattern for castles built by other military lords
in later years. His castle, called the Azuchi Castle, was enclosed by a
stone wall seventy f eet high and several thousand fe et long. Within
the walls were four distinct citadels, one within another, and inside the
innermost citadel was a central tower which was 120 feet long, 102 feet
wide and 96 feet high. Chinese artisans were imported to cover the
structures with tile for fire-proofing.
As fabulous as Azuchi was to the Japanese of that day, Hideyoshi 's

castle built at Osaka in 1586 was more grand and involved a far more
complex and extensive industrial effort. The stone walls of the Osaka
Castle, which still stand today, were from 18 to 21 feet thick and were
made of granite stones that were in some cases 1O feet wide and 40
feet long. They were so carefully fitted together that the walls, with-
out mortar, have not crumbled. The huge eight-storied tower, the gates,
and the roofs of the buildings, were all covered with sheets of iron.
These structures certainly were a far cry from the small wooden forts
that prevailed forty years earlier. 23 Such specialization and concen-
tration of industrial activity added enormously to the sum total of trade
transactions.
The manufacture of guns and the building of castles, however, were

only two of the more obvious manifestations of a general upsurge of in-
dustrial production. Advances were made in several other lines, par-
ticularly in the textile industries. The raw silk, which was the major
item of import in the trade with China, went to the silk weavers in such
famous centers as the Nishijin i& 1.f.
section of Kyoto. The increasing
demand for silk goods was not only a stimulant to further growth in the
textile industry but also led more farmers to undertake the production
of raw silk. In cotton textiles, too, progress was made as a result of
the introduction of cotton seed by the Portuguese. With the rise in the
production of cotton more cloth was produced and larger segments of
the Japanese population, not merely the upper classes, enjoyed better
protection against the cold. These industries too added to the volume
of Japanese trade and thus to the general growth of money economy.
Expansion in the various fields of commerce and industry created

a stronger demand for better forms, and larger supplies, of money. We
have already seen that the Japanese, in the face of these new demands,
not only resumed the minting of their own coins but that they also turned
to making coins from gold and silver, as well as copper. But even this
tremendous new supply of coins apparently had little effect on prices.*
Far a table of prices for the period from 1230 to 1600 see Dokushi Biyo 1tt~ t
The availability of new supplies of precious metals and coins, other

things being equal, would lead to a rise in prices, as it did in Spain in
the sixteenth century, but in Japan the increased volume of money was
apparently paralleled by a comparable increase in the volume of trade
transactions - - one factor offsetting the effect which the other logically
would have had on the price structure. In other words, there was such
a spurt of exchange activity during the last half of the sixteenth century
that the value of the money remained about the same, although the
volume in circulation was much greater.
(wide for the fleading of History), 6th ed. (lokyo: Naipi Sboaeki Kabushiki Kaisha,
1935), 743-753.
CHAPTER VIII
Conclusions
On the basis of the foregoing study it is concluded that a more com-

plex exchange economy existed in Medieval Japan than we in the W est
have been inclined to suppose. The fief, the rice income from the fief,
and the rice allotments to feudal retainers have been so frequently des-
cribed and studied that we have been led to assume that a land economy
was the only significant feature of the economic life of the period. As
important as land was, and continued to be, land economy has not been
as closely related to the rise of modern institutions as has exchange
economy, the development of which was greatly facilitated by the use
of metallic money. It is obvious that such modern phenomena as lar ge
cities, banks, corporations, unions, public schools, and the bureau-
cratic state could not have emerged where a land economy prevailed.
Therefore, those of us who are interested in the origin and development
of modern social phenomena, feel an urge to learn more about the pro-
ductive specialization and the complex exchange activities which are
generally associated with the growth of money econorny.
Even in early periods of Japanese history, when land economy was

the dominant form of economic life, money was used. It is not definitely
known what primitive forms of money there were, but even prior to the
expansive Nara period the Japanese I?.ad turned to the use of rice, cloth
and possibly irnported Chine se coins as money. Then under the influence
of the great T'ang dynasty of China the Japanese showed a new interest
in precious metals. Within a period of sorne two decades deposits of
copper, silver and gold were discovered, and coins made. The govern-
ment experienced sorne difficulty in getting the people to accept this new
money, even though the coins were made according to Chinese pattern.
But since the Nara era was a period of tremendous economic expansion,
the merchants and townspeople soon saw the advantage of using Japa-
nese coins. In fact, a money shortage soon developed, and the govern-
ment was faced with tb.e problem of producing a sufficient number of
coins. An attempt was made to increase the production of copper, but
with limited results. The government tried to prevent the consumption
of copper for other purposes, but the Buddhist temples still used vast
amounts for costly statues and bells. Then officials resorted to cur-
rency devaluation, attempting to force the circulation of coins at a level
well above their intrinsic value. But all su ch efforts failed, and as the
power of the central government declined during the tenth and eleventh
centuries, the circulation of metallic coins reached a very low level.
94
Conclusions 95
There was undoubtedly a close relationship between poltica! decentra-

lzation and the disappearance of coins during the Heian period ( 794-
1160).
The years 1150 and 1300 mark the approximate beginning and end
of another dynamic period in Japanese economic history. A new lively
trade with China, based in large measure upon the exportation of gold
obtained from recently discovered deposits in Mutsu, grew up; and a new
spurt of industrial activity, centering around the manufacture of weapons
and gear for the military class, developed. E_conomic expansion created
a far stronger demand for a better form of money than rice and cloth.
Thus it is understandable that the Japanese merchants, who went to China
with wood and gold, found that high profits were to be gained from buying
up Chinese copper coins. Such a large amount of these coins flowed into
Japan during the twelfth and thirteenth centuries that copper money soon
out-distanced rice as the most common unit of value in the sale of land,
and its use was noted in many types of exchange activity, including the
transfer of money by bills of exchange and the loaning of money on the
acceptance of personal property as security. But with the Mongol In-
vasions of 1274 and 1281, foreign trade was interrupted and the eco-
nomic foundation of the military government began to crumble. In an era
of expanding money economy, the entire warrior class was dependent, for
the most part, upon fixed incomes from land. Consequently, the economic
drain caused by the Mongol Invasions marked the beginning of a period of
poltica! disintegration which characterized the next two and one-half
centuries, the period frequently called the 'Dark Ages."
Historians primarily interested in poltica! history are inclined to

brush aside the Ashikaga era ( 1336-1576) as a chaotic period of only
slight significance, but recent studies by Japanese economic historians
show that rather important economic advances were made, although not
so remarkable as those of the thirteenth and sixteenth centuries.
Foreign trade, both official and private, was carried on quite regularly
with China, Korea and the Loochoo Islands. And as with the earlier
trade, vast amounts of Chinese coins continued to be imported and to
serve as a potent catalytic agent in the further development of money
economy. Not only were coins u sed more for making ordinary purchases
and sales, but they were closely related to the more extensive use of bills
of exchange and to the growth of the credit institutions called do so and shi -
dosen. The doso were so numerous and powerful that the peasant uprisings
of the period, in many cases, were directed against them. The charging
of high rates of interest, the pressing of payment of loans, and certain
other practices were constant sources of complaint. So many people had
become indebted to the credit institutions that it was fairly easy to as-
semble a group of persons willing to break into a doso, steal the pledges,
destroy the loan certificates and, on occasion, burn down the places of
business.
The influx of copper coins from China continued on into the sixteen-
th century, but after about 1540 unusual activity in commerce and industry
increased the demand for metallic money to such an extent that this im-
portation no longer provided an adequate supply of coins. At about the
same time, there was a phenomonal rise in the production of precious
metals in Japan--based upon the discovery of new deposits, upon the
introduction of more advanced mining and metallurgical techniques, and
upon new demands for the metals both at home and abroad. The higher
output of copper, silver and gold served as a tremendous stimulant to
further economic expansion. It provided the Japanese with their most
important item of export in their expanding foreign trade, and it made
available an adequate supply of precious metals for coinage. Clearly
developments in Japan's mining industry lay at the roots of the remarka-
ble economic growth of the latter half of the sixteenth century.
The export of copper had been ari important element in Japan's

foreign trade, even before the sixteenth century, but the introduction
of better production techniques enabled the Japanese miners also to
produce vast quantities of silver for sale in the markets of China. When
the Portuguese arrived they saw that profits could be gained from the
exchange of Chinese silk for this silver, and their trading operations
added considerably to the volume of Sino-Japanese trade. During the last
two decades of the century still another precious metal, gold, became
prominent in foreign commerce. In this case, the metal was imported,
not exported, although far more gold was now being mined within Japan.
The key to this apparent enigma is to be found in the effervescent eco-
nomic and political conditions of the time. The demand for gold, princi-
pally as a store of value, increased at a far greater rate than the supply,
and it was therefore profitable for merchants to buy up gold in China and
to exchange it for silver in Japan.
The active foreign trade was closely associated with the general
economic expansion of the period, but developments in interna! com -
mere e and industry probably had an even more direct bearing u pon the
penetration of money economy into Japan. By 1590 Japan was political-
ly united, and far greater economic interdependence was apparent. Po-
litical stability, the movement of large armies to distant areas, the
building of numerous castles, the growth of a munitions industry, the
e-xpansion of the textile industry- -all these factors, and many more,
served to create a far more lively exchange of goods and services. One
very important facet of this phenomenon was the need for a more ade-
quate supply of the most acceptable form of money. It is thus signifi-
cant that during the last quarter of the sixteenth century the Japanese
central government, as well as local lords, turned to the minting of
Conclusions 97
their own coins. At first copper coins were preferred, but later large
numbers of silver and gold coins were also made.
Considerable evidence attests to a great reliance, toward the end

of the sixteenth century, upon the use of these coins as money. More
types of transactions were handled exclusively in coins, and there was
a definite expansion of credit operations based on them. But more im-
portant yet was the fact that the volume of trade was much gr eater.
Consequently, we find that in spite of the circulation of a vast new sup-
ply of coins, prices did not rise. In other words, the value of the coins
remained roughly the same, because the greater volume of exchanges
created a demand for coins that offset the effect of an increase in the
number of coins in circulation. Such economic activity made the last
quarter of the sixteenth century a very prosperous age- -as was noted
by a contemporary biographer of Hideyoshi:
After llideyoshi emerged as the outstanding leader, not only
did gold and sil ver How from the mountains and fields of provinces
all over Japan, but gold, gold brocade and gold crepe were imported
from Korea, Loochoo and countries of F.urope. People vied for the
various specialities of China and F.urope and exerted themselves
in acquiring large numbers of novelties to present to the lnq>erial
Court. Actually mountains of wealth were accU111Jlated, the like of
which was not known in former days, when gold was a rarity. Any
peasant or cOWltry buirf>kin now may use large amounts of gold and
silver
Truly a much higher order of money economy had emerged.
da Gyichi, 7ai GunH, quoted in Kuwata Tadachika, li Tai DeMi Maaogatari

no Kenlty, 132.
REFERENCE FOOTNOTES
REFERENCE FOOTNOTES
CliAPTER I
l. Nihon Shoki, Kokushi 1aikei, 1, 5l> (Aston, 11, 3(i()).

2. 1his theory is advanced by Akiyama Kenz0 in his Nisshi Kosho Shi Kenky (A'Study
of the Relations between Japan and Oiina) (1okyo: lwanami Shoten, 1939), 183.
3. Asakawa Kanichi' s 7he Early Instituti0'14l Life of Japan (TOkyo: Shueisha, 1903)
remains the standard work in Fnglish oo the subject of the Taika Reforma.
4. Shoku Nihongi, Kokushi Taikei, II, 51; (Snellen, XIV, 217).
5. Ibid., II, 58-59 (Snellen, XIV, 230).
6. Ibid., I, 59-61 (Snellen, XIV, 233-4). 1he order had to be repeated in 711
(ibid., 65; Snellen, 240).
7. Ibid., 11, 69 (Snellen, XIV, 245).
8. Ibid., II, 75 (Snellen, XIV, 254).
9. Ibid., 11, 77-8 (Snellen, XIV, 256).
10. Nihon Isshi, Kokushi Taikei, VI, 64.
11. Ibid., 17.
12. Neil Gordoo ~ro has noted a gradual deterioration in all co1ns after 708, Coins
of Japan (Yokohami:, 1904), 22.
13. Nihon Isshi, Kokushi Taikei, VI, l>7.
14. Takimoto Seiichi, Nihon Sangy Shiryo Taikei (Survey of Historical Materials on
Production in Japan), (TOkyo: Oigai Shgy Shimpc3-Sha, 1926-27), IV, 442 [here-
after cited as Nihon Sangy].
15. Sandai Ji tsuroku, Kokushi 1'aikei, IV, 184.
16. Ibid., IV, 204-05.
17. Nihon Kiryaku, Kokushi Taike i, V, 998.
18. Sandai Jitsuroku, Kokushi 1aikei, IV, 184.
19. Honcho Seiki, Kokushi 1aikei, VIII, 164.
20. 7.Dji Nensh ChD; analyzed in Kobata Atsushi, Nihon KllMi Ryts Sii (History of
the Circulation of Coins in Japan) (Tkyo: r-oko Shoin, 1930), 6 [hereafter cited
as Ryiitsii Sii].
21. Nihon Isshi, Kokushi Taikei, VI, l>7.
22. lakimoto, Nihon Sangy, IV, 442.
23. Nihon Keizai Shi Ji ten (Dictionary
, of Japanese Economic History) (Tokyo: Nihon
HyCiron fila, 194>), 11, 1824.
24. 1akimoto, Nihon Sangyo, IV, 449.
25. Ibid.
26. Azu.a Kagai, Zoku Kokushi Taikei (1kyo: Keizai Zasshi Sha, 1902-04), V, 69.
Z1. Kobata, Hyiits Shi, 7.
101
28. Akiyama Kenzo, 'Nitto Beki no Hatten to Dazaifu no Hansen' (Ships of Dazaifu
and the Developnent of Trade between Japan and Olina), Shigaku Zasshi, XLV, 9
(September, 1934), 1035-76.
29. Kobata, Ryts Shi, 7.
30. Ruij Sandai Kaku, Kokushi Taikei, XII, 1014; translated in Polder, op. cit.,
450.
32 .. ling Wai 1ai Ta A19....1"( ~, translated in Friedrich Hirth and \\.Vi. Pockhill,
Chau Ju-Kua; His Work on the Chinese and Arab 1rade in the Twelfth and 1hirteen-
th Centuries (St. Petersburg, 1911), 33.
33. P'ing-chou-k 'o-t 'an tf.;1+j ']" i~. translated by Kuwabara Jitsuzo in 'On P'u
Shou-keng, a Man of the ~estern Regions, who was the Superintendent of the
Trading Ships' Office in Ch'an-chou towards the End of the Sung Dynasty, to-
gether with a General Sketch of Trade of the Arabs in China during the T'ang
and Sung Eras,' Me1110irs of the Research Departaent of the Toyo Bunko (The
Oriental Library), Series B, No. 2 (1928), 68.
34. Hosso ~iyo ShO~. f f f-1, Qinsho &ij, IV, 873.
35. Nihon Okura Sho, ed., Dai Nihon Kahei Shi (History of Coins of Greater Japan)
(1okyo: Choyo-kai, 1925-26), 1, 96; Polder, op. cit., 456.
36. Takegoshi Yosaburo, 1he Story of the Wako, Japanese Pioneers in the Southern
Regions (cikyo: Kenkysha, 1940), 63 [hereafter cited as Story of the Wako].
37. Tarnaizumi Tairyo, '~h1romachi Jidai ni okeru Kahei no Ryts Jotai' (Status of
Circulation of Coins during the Muromachi Era), Shien, I, 1 (1928); table
printed in Kobata, Ryts Shi, rev. ed., 44.
38. Ibid., 29-33.
39. l\obata, Ryts Shi, 33.
40. O-uno Takahiro, 'Muromachi Jidai ni okeru Doso no Kenky' 'A Study of dos in
the Muromachi Era), Shigaku Zasshi, XLIV, 8 (August, 1933). ~74-1025. For a
study of the early pawn-broking business of liiddhist temples, in both China
and Japan, see Lien-sheng Yang, 'Buddhist Monasteries and Four Money-Raising
lnstitutions in Chinese History,' Harvard Journal of Asiatic Studies, XIII,
1-2 (June, 1950), 174-178.
41. Cf. Delmer M. Brown, ''Ihe Japanese 1okusei of 1297,' Harvard Journal of Asi-
atic Studies, XII, Nos. 1 and 2 (1949), 188-206.
42. Toyoda, loe. cit., 71.
43. 1'ji Hyg Monjo t_ t ?J ~J:. t , in Nihon Keizai Shi Jiten, I, 289.
44. Shinhen 1suika, Zoku Gunsho Ruij, XXIII B, 10.
45. Miura Hiroyuki, Hosei Shi no Kenky, 783.
46. Ibid., 817-30.
47. Brown, '1he Japanese 1okusei of 1297,' 206.
OIAPTER 11
l. Cf. Kobata Atsushi, Oiusei Nisshi 1sk l:Jeki .9ii no Kenky (A Study of Trade
lelations between Japan and Oiiua in the Middle Ages) (lkyo: Tko Shoin,
1941), and Kohata Atsusl,i, C.hiise i Nant 1'sko Beki no Kenkyu (A Study of
Reference Footnotes 103
Trade Relations with the Southern lslands during the Middle Ages) (TOky: Nihon
Hyron Sha, 1939).
2. Cf. Miura Hiroyuki, 'Tenryji Sen ni Kansuru Shin Kenky' (A New Study of the
Tenry Temple Ships), Shigaku. Zasshi, XXV, 1 (January, 1941), 1-40 and Kashi-
wabara Show, 'Nichigen BOeki no Kenky' (A Study of Trade between Japan and
Mongol [Otina] ), ShigaJui Zushi, XXV, 3 (March, 1914), 297-322.
3. Kobata, Ryiitsii Shi, 41-2. Also see Okamoto Hirosaku, 'Namboku Sens to Kahei
Mondai' (Monetary Problems ami the War between the Northern and Southern
[DynastiesJ), Keizaishi Kenky, XXV, 2 (February, 1941), 134-47.
4. Takekoshi, Ec01ta.iic History, 1, 336.
S. ShOda Jir, 'Chsei no Shanin to Kaizokushu' (Merchants and Piratea of the
Middle Ages), Rekishi (biri, XLV, 1 (January, 1925), 121-40.
6. Ming Shih, ch. 322, p. 16, translated in Yoshi S. Kllllo, Japanese Expansion on
the Asiatic Continent, A Study in the History of Jo.pan 111ith Special Reference
to Her Ir.uemationa l Re lations 111i th Oaina, Korea and Russia (Berkeley, 1937)
I, 83 [hereafter cited as Japanese Ezpansion].
7. Ibid., 1, 84.
8. Ibid. I 1, 71-8.
9. IVisshi KshO Shi, 437.
10. Kllllo, Japa.nese Ezpansion, 1, 91.
11. Kimiya Yasuhiko, Nisshi Ktsii Shi (History of Relations between Japan and China)
(TOky: Honyu-do, 1930), 11, 407.
12. Cf. Akiyama Kenzo, 'Muromachi Shoki ni okeru Ylak no Choryo to ei Gaik Jijo'
(llako Raids at the Begi1U1ing of the t.\iromachi Era and Conditions of Piracy
Abroad in the ei Era [1394-1428]), Shigaku Zasshi, XLII, 9(September,1931),
967-10:1>.
13. Yijo Sejong Sil lhk ~ ~JH!t ~ -f .f! (Yi Dynasty Annals. for Reign of
King Sejong [ 1419-1451]), ch. 46, quo,t.ed in Akiyama, IVisshi Kosho Shi, 438.
14. This agreement, called the Sentoku Jyaku l, ~f; {.f.- j~ , is discussed in
Kimiya, IVisshi Kotsii Shi, 11, 343-6.
IS. Zoku KochO Shiryaku ,frl '.f t ,
.fJJ ~ quoted in Dai Nihon Kahei Shi, I, 104.
16. Kobata, Ryts Shi,44.
17. lbid., 46.
18. InhO Nyto Ki Je jj )l..._Aii (lnho Diary of Trip to China), quoted in Takekoshi
Yosabur, Nihon Keizai Shi (Economic History of Japan) (Rev. ed., Tkyo: Heibonsha,
1936), 11, 229-230.
19. The subject of the political rivalry over the China trade has been investigated
by Kashiwabara Shozo in 'Nichimei Kangi) BOeki ni okeru Hosokawa uchi Nishi no
Koso' (1he Rivalry between Ouchi and Hosokawa in the Kango Trade between Japan
and China), Shi~aku Zasshi, XXV, 9 (September, 1914), 1128-1172; 10 (October,
1914), 1237-65; 11 (~ovember, 1914), 1414-i?; XXVI, 2 (February, 1915), 172-~l
and 3 (March, 1915), 301-37.
~. Akiyama, Nisshi Ksho Shi, 522-5; Kobata, Ryts Shi, 42-3.
21. Ibid., 525.

22. Zenrin Kokuho Ki .... fif t llj i(> (Record of Foreign Relations), quoted in
104 Money Economy in Medieval Ja pan
lA:ai Nihcn Kahei Shi, 1, 105. Profeasor Kwio wrote that Yoahimaaa "diagracefully
beaed monetary allowances fran the imperial court of Oiina," op. cit., 1, 112.
23. 11uchinoe Ne Nyi llin Ki S}j 1G (Accowit of_Trip to Oiina in 1468),
Jii .:J- "-
Kaahiwabara, 'Nichimei Kang0 BOeki ni okeru Hosokawa Ouchi Niahi no Ko.sO, ' 1165.
24. Ibid., 1165.
25. Akiy-, Niuhi KIW Shi, 527.
26. Zenrin KolwhO Ki, ch. 2, 64, Shiselri Siran, XXI; translated in Kwio, Japanese
hpOIU iaa, I. 288.
'Z1. Zolm Zenrin KolwhO Ki, p. 5, Shisdi Shiiran, XXI; translated in Kuno, 1, 289.
28. Akiy-, /Viuhi K9cnla0 Shi, 529.
29. Zmrin Kolwh Ki, ch. 3, 77, Shiseki Shran, XXI; translated in Kuno, I, 290.
30. Kobata, flyt. Shi, 44.
31. Akiy-. 530.
32. Ibid., 531.
33. Kimiya, Niuhi KOt Shi, 11, 325 and Akiy1111a, IViuhi KshO Shi, 554.
34. Kaahiwabara, 'Nichimei Kang0 BOeki ni okeru Hoaokawa uchi Niashi no K0so,' 1172
and Akiy-, /ViBShi KOshO Shi, 534-6.
35. Kimiya, 11, 326 and Akiyama, 554.
36. Akiy-. 562-6. Kobata, 'Oiaei Sando Shi K,' 171.
37. Kobata, Ryt Shi, 51-2.
38. lbid., 52-3.
39. Kwio, ./apanese &pansion, 1, 107.
40. Takekoahi, Nihan Keizai Shi, 111, 169.
41. Sot Shinen no Slwki 1! l-1"l $A# ' f 10 (Memoirs of Sato Shinen), re-
corded in Takekoahi, Nihan Keizai Shi, 111, 172-4.
42. Hs Hseh-ch, Oaia-ching 7Wig-nan P'ing lfo 7''ung-lu (An Account of the Pacifi-
cation of Japanese in the Southeast at the time of Oiia-ching) (Nanking, 1232),
cha. 1-63. Alao see Akiyama, 'Muromachi Shoki no okeru Wako no CltOryo to Oei
Gaiko Jij,' 967-1030. In describing a raid of 1552 Takekoshi aays that it
invaded diatricts as far as 1000 miles up the Yangtse. Story of the Wako, 7-8.
43. Ferdinand Mendez Pinto, 1he Voyages and Adventures of Ferdinand lffndez Pinto,
the Portuguese ( translated from the Portuguese, Londc:n, 1892), 265.
44. Delmer M. Brown, 'The lrrq>act of Firearms on Japanese Warfare, 1543-1598,'
Joar Eastem Quirterly, VII, 3 (May, 1948), 238.
45. Takekoshi, Story of the Wak, 11.
16. Nisshi KOshO Shi, 598.
47. M. T. Paske-Smith, 'The Japanese Trade and Residence in the Philippines, Before
and during the Spanish Occupation,' Transactians of the Asia tic Society of Jopan,
:xLII, 2 (November, 1914), 691.
48. Hideyoahi order, 8th day, 7th moon, Tensho 16 (1588);. trans. in Kwio, Japanese
EJCpansion, I, 296-7. In Article 1 the place name translated as "Izu" should
have been I tsukushima. "
49. Nihon Keizai Shi. 111, 181-2.

50. Iha Fuyu 11 -;.!. ..f
j( , 1 Ko Ryky' ~ Jt J..f: (Old Loochoo), quoted in
Takekoahi, Niha& Keizi. Shi, 111, 182.
51. Takekoahi, Econoai.c Hitory, 1, 346.
CJW>1ER 111
l. Kobata Atsushi, 'Oi\isei SandO Shi Ko' (Study in the History of Copper Production
in the ltiddle Ages), Shi.rin. XVI, 2 (April, 1931), 170.
2. Takimoto, Nihat Sangy. IV, 449.
3. Kimiya, Ni.uhi KOt Shi., 11, 292.
4. Cf. Kobata Atsuahi, 'Cliaei ni okeru Nissen n> BOeki no Kenky (A Study of Copper
Trade between Japan and Korea cluring the Middle Ages), Shakai Keizai Shigaku, 11,
6 (September, 1932), 579-606.
5. Nishio Keijiro, 'Early Mining in Japan, a Study of the Origin and Development of
.Ancient Practices in Use before the Adoption of Western Civilization,' En&ineer-
ing and llining Joumal-Preu, CXVIII, 26 (December Z1, 1924), 1014. Nihcn Ke izai
Shi Ji ten, 1, 502.
6. Niahio, 'Early Mining in Japan,' 1015.
7. lbid., 1015 and Tokutomi lichir0, Kinsei Nihcn Kokuain Shi (Modem History of the
Japanese People) (Popular edition, Tokyo: Meiji Shoin, 1934), X, 127-9.
8. Takimoto, Nihaa Sangy, IV, 463.
9. Nakai Eijiro, 'l\ogy0 no F.nkaku' (Development of Industry), Rekishi <hiri, V, 4
(April, 1903), 366.
10. Takimoto, IV, 463.
11. Nakai, 366.
12. A. J. C. Geerts, "Useful Minerals and Metallurgy of the the Japanese, ' lrans-
actiau o/ the Aaiatic Society o/ JafX'l, 111, No. l (October - Dec~r. 1874),
45-56.
13. Kobata, ~ts Shi, 54-5.
14... lb id., 203.
15. Ibid., 205.
16. Ouchi law, 15th day, 4th moon, lbnnei 17 (1485); Dai Nihon Shiry, Series 8, XVII,
249-50.
17. Ashikaga law, 30th day, 8th DX>011, EishO 9 (1512); Dai Nihon Shiryo, Series 9, IV,
209-10.
18. Asai Naga-.sa ~\ ~-fti..law, lst day, 9th moon, Eiroku 9 (1566), quoted in
Kobata, Ryu Shi. 94.
19. Nobunaga law, lst day, 3rd moon, Eiroku 12 (1569); Dai Nihon Shiry, Series 10,
11, 2-3.
20. Kobata, l(y'U Sii, 125.
21. Katori Bunsho San ..fj ,k .l. :J 1- (Collection of Katori lbcmients), Vol. 4,
quoted in Kobata, Ryts Shi. 181.
22. Senka Kagaai J.. i .fl , quoted in Polder, 'Abridged History of the Copper
Coina of Japu,' 464.
Coina of Japan,' 464.

23. ScG Zui J..
24. [bid 1, 118.
t' '* ,quoted in Dei Nhaa KrlMi Shi, I, 109.
25. [bid., 1, 119.

26. Jbi.d., I, 194.
OIAP'IER IV
l. Eishun et al, 10.00 In Nikki (Diary of the Tmmin In Temple) (Tolcy0: Sankyo
Siioin, 1938-9), I, 143.
2. Ibid., I, 206.
3. Jbid 11. 187.
4. 'Hosokawa RyOke Ki' ll J I ~ ~ "il (Oironicles of Two Hosokawa Houses),
Dai Nihon Shiry, Series 10, [, 184.
5. Ja.ora In Nikki, 11, 93-4.
6. Ibid., 11, 94.
7. Takekoshi, Econoaic History, I, 324.
8. fhi. Ni.han Shiry, Series 9 and 10.
9. la Gyichi, 'Nobunara Ko Ki' (Cltronicles of Lord Nobunaga), Shiseki Shran,
XIX, 196.
10. Yanashina Kototsugu, 'Kototsugu Kyo Ki (Otronicles of Lord Kototsugu), Lhi Ni.han
Shiry, Series 10, 1, 203-4.
11. Murai Kanjuro, 'Toshiie Yawa' (Tales of Toshiie), Shiseki Shran, VI, 299.
12. Tamaizl.Dll Tairyo, 'Muromachi Jidai ni okeru Kahei no Ryts Jotai' (Status of
Circulation of Coins during the Muromachi Era), Shi.en, I, 1 (1928); table printed
in Kobata, Ryts Shi, 40.
13. Nobunaga law, lst day, 3rd mooo, Eiroku 12 (1569); Dai Ni.han Shirfo, Series 10,
11, 3-4.
14. Shi.nhen Shiki110ku 1suika IJr U,. ~ ~ }Ja (Additions to the New Legal c.ode),
i!.
quoted in Toyoda Takeshi, 'Oisei no Kawase,' 72.
15. Cf. Nakanura Naokatsu, 'Otsei no Toimaru ni tsuite' (>ncerning the 7oi.11aru dur-
ing the Middle Ages), Rekishi to CJiiri, XXVII, 1 (January, 1931), 133-39; Toyoda
Takeshi, 'Oisei no loimaru' (7oiaaru of the Middle Ages), Shakai Keizai 9aigalm,
V, 12 (March, 1936), 1401-24; VI, 1 (April, 1936), 23-57.
16. 1ji Hyog Monjo t.+ 1j ~ ~ i , quoted in Nihm Keizai :Jii Ji.ten, I,
289.
17. Toyoda, 'Oisei no Kawase,' 78. The tokusei order of 1520 made an exception
for bills of exchange that carried no interest; but at least two bilis were
cancelled, upon the payment of one-tenth of their amount, in 1548. Ibid., 91.
18. Ke11111U Irai 1suika (Additions [to the codeJ since Keimu [eraJ), 30th day, 9th
moon, Eiky 2 (1430); Q.insho Ruij, XIV, 64.
19. 1okusei order, lOth day, 9th intercalary moon, Kakitsu 1 (1441); G.insho Ruij,
XIV, 63-64.
20. Nihon Keizai Shi Jiten, 11, 1182-83.
21. Nihon Keizai Shi Jiten, 11, 1182-3.

22. lmagawalaw, 14th day, 4th moon, Taiei 6 (1526); Shiseki Shran, XIII, 730-31.
23. Shingen Keh Gfouse Law of LTakedaJ Shingen), Guasho Rui, XIV, 111-116.
24. Asano Danjo order, 21st day, 7th moon, Bunroku 4 (1595), in Takekoshi, Nihon
Kezai Shi, III, 317-19.
25. Kobata Atsushi, 'Clisei ni okeru Shidosen ni ts~ite' (Concerning Shidosen in the
Middle Ages), H.ekishi to Oiir, XXIX, l _(January, 1932), 29.
26. 1okusei order, lOth day, 9th intercalary moon, Kakitsu l (1441); Qmsho Ruijii,
XIV, 63-64.
27. Tokusei order, 18th day, 12th moon, Kyotoku 3 (1454), in Miura, Zoku Hsei Shi
no Kenky, 1222-23 and Ke..u Irai 1suika, Gmsho Ruij, XIV, 63. The text in
the Ke11111J Irai 1suika and the one in the Zoku Hsei Shi no Kenky are not identi-
cal, and Miura has reached the conclusion that the one in the Keaau Irai 1suika
is a later revision resulting from pleas made by temples. The rev1s1on was more
lenient in regard to land which had been purchased by temples. Miura, Zoku Hsei
Shi no Kenky, 1215-16 and 1222-23.
28. Oiika.woto Nikki Betsuroku ff.
;1t 0 }5~ .f1, (Supplement to Cliikamoto Diary),
iG
quoted in Kobata, 'Clisei ni okeru Shidosen ni tsuite,' 20 and 32.
29. 1aaon In Nikki, 1, 91.
30. Cliosokabe Shidsen order, 9th moon, Bumnei 3 (1471); Dai Nihon Shiryo, Series 8,
IV, 837-8.
)
31. Notes on Supreme Court (Mandokoro ii~Jr decisions of acting justice Matsuda
Tango no Kami on the occasion of. the. tokus~ order of lst day, 12th moon, T.aiei
6 ( 1526) in SanhO In Bunsho ~ 'I
jl ~ fi (lbcuments of Sanho In Temple) ,
quoted in Miura, Zoku llosei Sh no Kenky, 1242-3.
32. ShidOsen order, Tembun 14 (1545), in Kobata, 'Clisei ni okeru ShidOsen ni tsui-
te,' 24.
33. 1aaon In Nikki, 11, 12.
34. Ibid., 11, 75.
35. Ibid., 111, 100.
36. Ibid., 111, 371. There were sorne cases where no interest wa;:; charged, as was
the case in a three hundred aon loan of 1588. Ibid., IV, 146.
37. Ibid., I, 414.
38. lbid., 1, 426.
39. Mortgage from Munemitsu 1: Jt to ZuibO In Teq>le dated 12th day, 8th moon,
Eiroku 11 (1568) Dai Nihon Shiry, Series 10, 1, 689.
40. Bakufu order to Sokokuji Temple, 21st day, llth moon, Genki 1 (1570); Dai
Nihon Shiryo, Series 10, V, 113.
41. 7allOR In Nikki, 111, 69, 80, and 85.
CHAP'IER V
l. Kobata Atsushi, 'lwami Ginzan no Kenky' (A Study of Silver Mines in [ the

proYince of] lwmni), Shirin, XVIII, 1 (January, 1933), 61.
2. Geerts, 'Useful Minerals and Metallurgy of the Japanese,' 94.
3. Manchester, 'Mining in Old Japan,' F.ngineuins and llining Journal-Preu, cxv,

892.
4. Nishio, 'Early Mining in Japan,' agineeri.ng and lli.ning Jouma.l-Prna, CXVIII,
1015.
5. Kobata, 'lwi Ginzan no Kenky, 31-45.
6. Mori tax receipt, 5th day, 7th moon, Tensho 9 (1581), ibid., 41-8.
7. Kobata, Ryta Shi, 365.
8. Mori 7eruaoto foraku Nikki. - ::f1 tf fG J:.A- 1GS CDiary of Mori Teru-
moto' s Trip to the C.apital), quoted in Kobata, 'lwami Ginzan no Kenky,' 51-2.
9. Kobata, 'lwami Ginzan no l\enk)ii,' 65.
10. llamo Ginzan Ki 1'..ff ...'41G (Oironicle of the Ikwio Silver Mines),
quoted in Kobata, 'lwami Ginzan no Kenky, 64-66.
11. Ibid., 64-66.
13. Takimoto, Ni.han Sangyo, IV, 453.
14. 'Keicho San Nen Kuraire Mokuroku,' in Kobata, Ryts Shi., rev. ed., 377.
15. Kobata Atsushi, 'Uesgi Shi no Zaisei to Ksan' (Mining and the llesources of the
Uesugi Family), Keizai Shi Kenky, XXVIII (February, 1932), 235. 1he discovery
of this mine carne in 1560, according to the Sado Kojitsu Ryakki 1!.it. * ~ ~
lG (Prief Cltronicle of Old Facts about Sado), ibid., 235. "-
16. Ibid., 236.
17. Kose Han, 'Taik Ki' (Oironicles of Hideyoshi), in Takimoto Seiichi ed., Ni-
hon Keizai SOsho (Economic Materials of Japan) (TOkyo: Nihon l{eizai Ssho Kanko
Kai, 1914-17), XXVIII, 415.
18. Kobata, 'Uesugi Shi no Zaisei to Kosan,' 235.
19. Takekoshi, Ecanonomic History, II, 370.
20. Pero Diez letter, August 1, 1548, quoted in Okamoto Yoshitomo, Juroku Sei.ki Ni
chio Kots Shi no Kenky (Study of the History of JapaneseEuropean Relations in
the Sixteenth Century) (Tkyo: 1936), 694 [hereafter cited as Ni.chio KotsJ.
21. Padre Gaspar Vilela letter, September 15, 1565; translated into Japanese in Mura-
kami, op. cit., 1, 306. In 1569 Legaspi reported to Philip the Second of Spain
that Japan was rich in silver mines. Legaspi report to Philip the Second, 1569,
quoted in Paske-&nith, 'lhe Japanese 1rade and Residence in the Philippines,'
Transactions of the Asiatic Society of Japan, XLII (1914), 687.
22. Alessandro Valignani, 'Addiciones al &miario' (unpublished manuscript in Biblioteca
da Ajuda in Lisbon), 237, quoted in Okamoto, Nichi Kts, 695. Geerts made the
statement that more silver was produced between 1400 and 1600 in Japan than at
the time he wrote, Loe. cit., 111, 86.
23. Okamoto, Nichio Kts, 659.
24. frois ltter, from portion translated in Okamoto, Ni.chi KOts, 667.
25. Luis fl'Ois, S. J., Die Geschichte JQpans (1549-1578), edited and translated by
G. Schurhanmer and E. A. Voretzsch (Leipzig, 1926), 167.
26. Accowit o Ralph Fi tch' s voyage to the East Indies between 1583 and 1591, in
Richard Hakluyt, Collectian of the Early Voyages, Travels, and Discoveries, of
the English Nation (London, 1810), 11, 396.

27. John Huyghen van Linschoten, ~ Voyage o f John Huyghen Van L inscho ten to the
East Indies. Fro the Old English Translation of 1598 (LondCJ1J., 1885), I, 146-7.
28. Yijo Clwngjong Silld'k, quoted in Kobata, 'Iwami Ginzan no Kenky,' 62.
29. A report to the Viceroy of Mexico in 1548 reflects this interest. Garca de
Escalante Alvarado to Viceroy of Mexico City, August l, 1548, translated in
lllhlgren, 'A Contribution to the History of the Discovery of Japan,' 244-6.
30. Takekoshi, Nihon Keizai Shi, 111, 346.
31. Takekoshi, Econoaic History, 1, 381-4.
32. Tsukamoto, 1he Old and Ne111 Coins of Japan, 4-7.
33. Ibid., 4.
34. Taon In Nikki, II, 290, 291, 317, 330, etc.
35. Dai Nihon Kahei Shi, I, llB.
36. Ibid., I, 119.
CHAP'IER VI
l. Kobata, Ryts Shi, rev. ed., 269.

2. Takimoto, Nihon Sangfo, IV, 446.
3. Dat Narilll.ne no Joraku Nikki 11 i!~ ~ J:.. ~e
' 1G (Diary of Dat
Narimune'a Trip to Kyoto); quoted in Kobata, Ryts Shi, 313.
4. Keich San Nen Kuraire Mokuroku, quoted in Kobata, Ryts Shi, rev. ed., 377.
5. Aoki Kony .lf '*'- ,
~ ~ Kony no HOshi Koroku lf:.i 1~ 9 .... 1t_ 1}' ff~
(Brief Account of the Service of Koo.yo), quoted in Takekoshi, Nihon Keizai Shi,
111, 144 and translated inaccurately in Econoaic History, 1, 334.
6. Kobata, Ryts Shi, 219. See Kobata Atsushi, 'Ko Shin Chiho no Kingin Kogyo ni
tsuite' (Concerning the Mining of Gold and Silver in the Kai-Shinano Ares), Kei-
zai Shi Kenky, XVI, 6 (1937), 653-76.
7. Keich San Nen Kuraire Mokuroku, in Kobata, Ryts ::hi, rev. ed., 376.
8. Kobata, 'Uesugi Shi no Zaisei to Kosan,' 234. According to the Konjaku Mono-
gatari ~ f !f~ lt" 26, gold was produced on Sado at the beginning of the
Middle Ages. ~oted in Kobata, Ryts Shi, rev. ed., 274.
9. Keich San Nen Kuraire Mokuroku, in Kobata, Ryts Shi, rev. ed., 376.
10. Maeda Toahiie to Miwa obei et al, 14th day, 2nd moon, Keicho 4 (1599); Kaga
Han Shiry, 1, 611-12.
11. Keich San Nen Kuraire Mokuroku, in Takekoshi, Nihon Keizai Shi, IV, 52-3
(translation in Econoaic History, I, 416-17, includes errors).
12. Padre Nicolao letter of 1548 in Instituto Revista Scientifica e Literaria,
Llll, 12 (C:Oimbra, 1906-07); translated into Japanese in Okamoto, Nichi
KOts, 661.
13. Annual report of Luis Frois, October 1, 1585, in Cartas que os Padres e Iraaos
da Cor&panhia de Jesus escreuerao dos Reynos de Iapao &China aos da aes111a Com-
panhia da India (Evora, 1598); quoted in Okamoto, 688.
14. Acco\Dlt of M. Ralph Fitch covering his voyage to the East between 1583-91, in
Hakluyt, Collection of ihe Early Voyages, 11, 396.

15. Captain [of Portuguese vesael] to Hideyoshi, 15th day, 7th moan (or July 15?),
Tensho 17 (1589). Japaneae text in H K Ibun, 232-33 and in Takekoahi, Nihon
Keiza.i Shi, VII, 2Z7-28. Italica aupplied.
16. H K Ibun, 233-34; tranalated in Takekoshi, Econc.ic History, 1, 378.
17. Hideyoshi to <Aptain and Crew of Portugueae Veaael, 9th day, 8th moon, Tensho
17 (Septed>er 19, 1589), in fi /{o Ibun, 234-5.
18. 'An Excellent treatiae of the kingdane of China Printed in Latine at
Macao, 1590,' Hakluyt, Collection of the Early Vaya.ges, 11, 571.
19. Padre Valignani, 'Addicianes al &.nario,' quoted in Okamoto, Nichio KOts,
683-4.
20. Sebaatiao Gan~alvez, 'Historia dos Religios da Canpanhia de Jesus e do que
fizeram com divina graca na conversao dos infieia a Nossa Sancta Fee Cathlica
nos reynos e provincias da India oreiental' (unpublished manuscript in Biblio-
teca Nacional de Lisboa), quoted in Okamoto, Nichio Kts, 688-9.
21. odai Ki, 24th day, 4th moon, Keicho 12 (1607), quoted in Takekoshi, Nihon Kei-
za. i Shi, VII, 254 and translated in akekoshi, Econoaic History, 11, 40 l.
22. Don Juan de Silva to Felipe 111, September 5, 1610, in F.mna Helen Blair and
James Alexander Robertson, eds., The Philippine Islands, 1493-1898; Ezplor-
a.tions of Ea.rly Na.vigators, Descriptions of their Islands and their Peoples
(Cleveland, 1903-27), X\11, 146.
23. Adrijaen f.omelissen to Jacques Specx at Hirado, October 18, 1614, Dai Nihon
Shiry, Series 12, XVII, 502.
24. Takekoshi, Econoaic History, 11, 160.
25. Okmnoto, Nichio KOts, 688.
26. Antonio de Morga, 1he Philippine Is lands, Moluccas, Siaa, Caabodia., Ja.pan, and
China. a.t the Close of the Sizteenth Cent~ry (translated from the Spanish by
Hon. Henry E. J. Stanley) (London, 1868), 341.
27. Valignani, 'Addiciones al Sumario,' quoted in Okamoto, Nichio Kts, 683-4.
28. Slwteki Keabun Roku # -~~ !, ~ ~i (Record of the ersonal Experiences of
[Otomo]_Shuteki), JUoted fn K~wata ladachik~ .:#,; al _,e; 11; , 'Toyotomi Ji-
dai no ()saka Jo' J. t 8. ~ 9 J:.... ,~ j.~ (The Osaka Castle of the 1oyo-
tomi Era [1582-1598)], Re ishi Chiri, LXXIV (1939), 209.
29. Dai /Vihon Kahei Shi, 111, 134-45.
30. Takekoshi, Econoaic History, 1, 381-2. For a special study of the gold bars
see Kawada Shiguma, 'Bankin ni tsuite' (Concerning the Ba.nkin), Shigaku Zasshi,
VII, 9 (September, 1896), 840-46.
31. O<uda Misao, Nihon Kahei Ko (A Study of Japanese f.oins) (10kyo, 1911), 4.
32. Kuroita Katsumi, Kokushi no Kenky (Studies in Japanese History) (TOkyo, 1919),
1, 267.
33. Takimoto, Nihon Sangyo, IV, 448. lt appears that prior to the death of lakeda
Shingen in 1573 four families had gained fame as metalsmiths engaged in mint-
ing gold coins. Dai /Vihon Kahei Shi, 111, 3-4.
34. Takimoto, Ni.hon Sangy, IV, 448 and 452.
35. TClllOR In Niltlri, 11, 291.

36. Dai Nihon Kahei Shi, 1, 119.
OIAPTER VII
l. Oda Gyichi, Nobunaga K Ki (Oironicles of Lord Nobunaga), Shiseki Slwran, XIX,

84.
2. Referencea in ibid., as follows: (1) 118, (2) 128, (3) 133, (4) 143, (5) 143,
(6) 146, (7) U9, (8) 153, (9) 153, (10) 153, (11) 153, (12) 153, (13) 154,
(14) 159, ( 15) 168, (16) 168, (17) 168, ( 18) 168, (19) 170, (20) 169-170,
(21) 189, (22) 190, (23) 192, (24) 192, (25) 192, (26) 192, (27) 192, (28) 195,
(29) 195, (30) 197, (31) 197, (32) 197, (33) 197, (34) 197, (35) 197. ~en Shi-
bata Katsuie received the province of Echi&en as a fief in 1581, he presented
Nobunaga with J)() r,O of gold and 1000 ry of silver. Takekoshi, Econoic His-
tory, n. 373.
3. Kose H0an, 1ailt Ki, Shiselti Shiu-an, VI, 144; translated in Takekoshi, Econo11ic
History, 11, 375.
4. Referencea in Kose Hoan, 1ailtoKi: (1) in Nihon Keizai SOsho, XXVIII, 416, (2)
(2) Ibid., 415, (3) Ibid., 415, (4) in Shiselti Shran, VI, 367, (5) Ibid., 394,
(6) Ibid., (7) Ibid., 470, (8) Ibid., 470 and (9) Ibid., 470-476. In 1599
Maeda Toahiie willed a total of 2475 mi of gold and 216 mai of silver to
membera of his family and to leading retainera. Kaga Hon Shiryo, 1, 624-28.
S. 7iuaon In Niltlri, IV, 68.
6. Kose Hoan, Tailto Ki, Nihon Keizai SOsho, XXVI 11, 415.
7. Kose llOan, Tailto Ki, Shiselti Shran, \1, 261.
8. Tuai In Niklti, IV, 341.
9. Takekoahi, Econoaic History, 1, 331.
10. Maeda loahiie to lmai SOkyu et al, 24th day 7tb lllOOll, Tensho 13 ( 1585); Kaga
llon Shirya, 1, 308.
11. Maeda Toahiie to S.ihoj i village, 30tb day, 5th lllOClll, Tensho 15 (1587); (un-
publiahed document of My0gon T~le in lsbikawa Prefecture).
12. Toyotani Hideyoahi to Mori Hikoueman, et al, 4th day, 7th lllOClh, Tenaho 16
( 1588); H Tailto Shinselti Sh, II, Document #~ .
13. TenahO Jirolm Jf. , .jJ~ (Eventa of the TenshO Era), Zoltu Qansho &ij.,
XXX, 121.
14. Kei.:hO San Nen Kuraire llolturoltu, in Takekoshi, Nihon Keizai Shi, rev. ed.,
IV, 54.
15. Teman In Nii, 11, S> to IV, 158.
16. Ibid., ti, 52 to IV, 146.
17. Nupo Butuhu ~ i:_
1fJ t. ,
an accOIDlt written in about 1600
by a Boddhist
priest of the province of Oauni, Koji Raien 1i f fl ;i,
XXXI, 878-80;
translated in Jmea Murdoch, .4.History of .Japan (Londan: Kepn Paul, 1925),
11, 42.
18. Pinto, t'OJWllH and Advmturea, 265.
112 Money Economy in Medieval. Japan
19. Delmer M. Brown, 'Impact of Firearms on Japanese "arfare. 15"3~98,.":.Far. Ecstern

Q.iarterly, VII, 3 (May, 1948), 238-9. , , . . .
20. Iahida Mitsunari ~ 'f11 ;_~ to Shimazu Ji ~f , 2Sth day, 9th ~n, \inrol<u
2 ( 1593); Kiruei Nihon Kolwain Shi, X, ~l.
21. Brown, op. cit., 241-4.
22: Kanshoin Dno Anabo lfi ~ j.~ Pi Ji !i\.}5,:iG (Notes of Lord Manshoin), Ko-
ji tsu Ssho, XXIII, 149-50.
23 . BroWn, <p. Cit; I 241-9,'
BIBLIOGRAPHY
BIBLIOGRAPHY
A. MANUSCJUPTS
Maeda Toshiie f.J lf] j:J ~ docwnents, 1582-1598.
Photostatic copies of unpublished Maeda Toshiie (1538-1599) documents in

the writer's possession. lhe originals are in the Marquis Maeda collec-
tion and in collections of various temples and prvate fan1ies in lshi-
kawa Prefecture. A few are related to the subject of this study.
B. <XJLLEcreD OOCl.JllENTS, LETil:RS ANO WORKS
l. In Japanese
A remarkable number of collections of historical materials have

been puhlished in Japan during the last 100 years. 'il1e most recent
list of these is the Ztei Zen~ Ssho Kakaku Sran, Meiji Shonen--
ShDwa NiJ Nen ~f
'11~ ~a ;. -t .f
i:'- ~ ;f
il .l 1f .fl- !"f; t
=. '~ ~~
(Revised Price List of Collectanea, 1868-1945), com-
*lJ
.1f- -
piled jointly by Kawaslaima Gosaburo 11! Ji
.i. ;.. t'~ and Yagi Toshio
''- A-..-4t Je. (Tokyo: Nihon Kosho Tsshin !:iba ti J.,. 6 -t
i@. 1- ;f..f.
1947). lt lists, in kanabetical order, more than 2000 titles of collectanea.
lhe use of these materials has been greatly facilitated by an index which is
almost indispensable for reseirch in any feld of Japanese studies: the Ni-
hon Ssho Sakuin a
~'l. :t t'
~' (An Index of Japanese Collectanea)'
coot>iled by Hirose Bin ~ ~ft ~ (TOkyo: Musashino Shoin 'i\. Jk\ ft
f rt 1939). lt gives the titles, in kanabetical order, of works pub-
lished in collections down to the year 19:1> and shows where they appear.
1he collectanea listed below are only those in which materials of value to
this study were found.
Dai Nihon Shiryo };.._ 9 ,f.. 1.. ::ft

(llistorical Materials of Greater
Japan). Compiled and published by the 1okyo Teikok.Jt..Daigaku Bunga-
kubu Shiryo llenaanbu f._ l.. "1
11 A. ~ J:. '".f' ~ J:.. f.t
;1t ~ .Jp , 171 volumes completed by 1947. lkyo, 1901-.
1be 110at Yoluminoua of ali publialted documentary collectiona. 1he
project, atarted by llana Hokiichi r.
.f,.i. 1:f. -(1746-1821), waa
later taba oYer by the Hiatorical c.-prfatioa '&reau of tite Tkyo Im-
perial UniYeraity. lt waa deaisned to include ali important documenta
from 887, tite Jast year coYered by tite 'Six National Hiatoriea' (RiUo-
l.,hi ~ e l... ).
down to 1868. 1Wehe aectiona ere pl anned, one
for each of the ..jor hiatorical perioda. A group of acholar
..de reaponaible for collecting and editing the documenta for each
aectioa. Sectiona 10 and 11, deYoted to the Aauchi and Momoya11a eras
{1568-1603), were 110at uaeful for thia atudy. Se'n!n Tolumea in Section
10 {c0Terin1 only tbe yeara 1568-1571) and aeTen Tolumea in Sectioa 11
(coTeriag oaly the yeara 1582-1584) haYe been publiahed.
115
Gunho &ij ll- f .,

~1(_ (A Collection of Hiatorical Materiala by
Suhject Matter). Compiled by Hanawa Hokiichi (17461821). 19 vols.
Third edi tion, rokyo: Keizai Zaaahi ~. f!! ~~ lj! 1~ -*i ,
1904.
()te of the earliaat of the modern collectmaea. lt includea 1270 worka

arnnged rou;i~z. by aubject -uer. Lepl codea appearing in the aili
tary Ouh !(. j( ) aectioa were uaed ia thia atudy.
fi KO lbun t
'~ it
~ (Literary Remaina of Hideyoahi). Canpiled
by Kusaka Hiroahi 9 'f. '(. . TOky:- Hakubunkan, 1914.
A collection of docuaenta written, or at.11..,ed, by Toyotoei Hideyoabi
( 1S36-1S98).
KaF Han Shiry '/]a ~ f t. Jlf

(Historical Materiah of the Kaga
Clan) .41r_Canpiled and published by the Kshaku Maeda Ke Henshu Bu
1l 'f'1 f.J
r1I 't, ~~ f;4: -tp .
14 volwnea completed by
1947. TOky, 1929-.
A collection of hiatorical materiala pertaining to the Maeda lord of

Kaga. 1he contenta are arranged in chronological order and tbe materi
ala are moatly political in nature. VolllJMI 1, coering the 11fe of
Maeda Toahiie (1538-1599), of alue.
Kokushi Taikei llJ

t._ A.~ (Selected Japanese Historical ~orks).
Canpiled by Tat1uchi Ukichi lB Q ~p .. . 17 volumea. roky:
Keizai l.asshi Sha, 1897-1901.
A collection of the 111<>at aignificant Japaneae hiatorical accounta, be-

ginning with the 'Six National Hiatoriea.' Many of the moat important
liledieval chroniclea are included.
Nihon Keizai Ssho ;f... .&!! ~j\'

e _l..f.
(Bibliotheca Ja~ica
Aeconaniae Poli ticae). Canpiled by Talimoto Seiichi ;fi~ $A;, -
33 vols. Tky: Nihon Keizai Ssho Kankokwai 41 +J t" ,
1914-
1917.
Primarily a collection of treatiaea on economic mattera of the Tokugawa

era (1603-1868). Takimoto later (1938) COlllpiled another aeriea entitled
Nihon Keizai Daiten el ~ .t!
~ J...~ (A Cyclopedia of Japaneae Po-
litical Economy). conaiating of SS olwaea. The two aeriea are inalu-
able for a atudy of economic hiatory of the Tokugawa era, and a few of
the account reach back into the aixteenth century.
[li'.aitei] Shiseki Shran i;:, 11 't.. f l

1fj (Revised F.dition of
Collection of Historical Materials). F.dited by Kondo Heijo
ilL .Jt. tJXi
:itt 33 vols. 2nd ed., TOkyo: Kondo Shuppan l.\i,
.i.t!. M-. i1. A~ f~ 1906.
A famoua collection of hiatorical accounta, claaaified into four cate
goriea and including 464 worka. lt waa particularly uaeful in thia
atudy, because of the aixteenth century chroniclea which it containa.
1aiko Shinseki Shii fS... ft9 J. ft l

(Collected Facsmile Docmients
of Hideyoshi). Compiled and published by TkyoTeikoku Daigaku
Bibliography 11 7
Bungaku Bu Shiry0 Hensan Bu. 2 vols. 'IOkyo, 1938.

A more coa.,lete collection of Hideyohi docwnent than i availble in the
H Ko Iban. Valuable for document relative to gift of gold and ailver.
Yasokaishi IVihon Tsshin .1~ ;l.~ -i a ~ ifz.. Ji"& (Correspondence
of Jesuits in Japan). Translated and edited by Murakami Naojiro
it J:. tl >k.. i~ and Watanabe Tokisuke ~/1 i!l. s.;
BIJ 2 vols.
Tokyo: ShhOkaku t
~ rl] 1927-8.
lhe letter and reporta tranlated int.o Japaneae in thee volwnea have
been taken from three Portuguee publication: (1) Carta que o Podre
e Jrao da CoapGAhia de Jtu ecreuerao do Ren10 dt Japao & China oo
da eaa Coapanliia da India & Europa, dedo anno de 1549 ate o de 1580
(1598); (2) Lettere del Giapone degli anni 11,, 15 ~ 16, critte dalli
Reverendi Podri della Coapagnia di Gieu & di Portughee trodotti nel
aliare Italiano (1578); (3) Lettere del Giappone critte dolli Rt11trendi
Podri della Coapagnia di Gieu dell Anno 1511 (1580). Although o great-
et importance in the field of religion, theae materials contain valuable
information on Japan's foreign trade.
Zoku Kokushi 1'aike i ;t lfl

t._ '}:... J\
(Continuation of Selected Japa-
nese Historical ~taterials). Cixnpiled by Taguchi Ukichi. 15 vols.
'IOkyo: Keizai Zasshi Sha, 1902-1904.
Containa important works not included in the earlier Koiuhi Taiiei. Of

apecial value for tbia atudy waa the Azuaa lagaai in vola. 4 and S.
2. In Eng l ish
Blair, Fmna Helen and &bertson, James Alexander, eds. The Philippine
Islands, 1493-1803; Ezplorations by Early IVavigators, Descriptions
of their Islands and their Peoples. 55 vols. Cleveland, Ohio,
1903-1927.
Hakluyt, Richard. Collection of the Early Voyages, Trave ls, and Dis-
COIJeries, of the English Nation. , 5 vols. London, 1810.
C. CXln'FllPORARY WOll\S
l. In Japanese
AUlllO Kagui --t. -t (Historical &flections of Eastern Japan).

Author unknown. Published in 7.oku Kokushi 1aikei, vols. 4 and S.
1be mot reliable and complete chronology of military affair for the
period 1180 to 1266. Includea official docilmenta and representa the
military point of iew.
Fuso Ryakki R.f; 41 (Brief O..ronicles of Japan) . Written by

en ~ 11) in 12th century. Published in Kokushi 1aikei, vol. 6,
451-847 .-
Buddhiat chr.onology of Jap-.n from the beginning of hiatory down to 1094.

lncludea eventa not covered in the 'Six National Hitoriea.'
HonchO &iki _:4;.,. fR

it "Si (Notes an lq>erial Reigna in Jmpan). Written
by Fujiwara Michinori ,M..
}.. .i! .
in the 12th century. Published
in Kokushi Taikei, vol. 8, 1-989.
A aluabJe chroaicle for the period 935 to 1153, h.aed upoa court recorda, dia-
riea, etc.
Kawazuai Ta ik Ki 111 ~A r#j 1L (Kawazwni. s Cltronicle of [ the life of]

Hideyoshi). Written by Nishikawara Kakuzaeman ~ ii Jf. ~ .ff
ti. r~ Published in Shiseki Shran, vol. 19, 1-158.
()le of the eeral chronic)ea of the life of Hideyoahi. For a careful atudy
of the authorahip, tru1tworthineaa, etc . of theae chroniclea aee Kuwata Tada-
chika " ES 1~ I{ 1 Ira TaiU Denh llo1tOgatari no KnAy&! f
J5.- ~ 1.f.
'lb
';ltJ 'SI ' ;ft 1/, (A Study of the Biographical Accounta of Hideyoahi)
(TOkyo, Cabun' Shoten 'f J;.. ~ :f. Jt ,
1940).
Keuu Irai 11uika JI. A

ii,,l ~ i! JJa (Additions since the KeBlllll
[f.ode]). Puhlished in Gunsho Ruij, vol. 14, 37-70.
Military lawa and legal deci1iona laid dOlnl during the Aabikaga era (1336
1576) following the Ke..u Shili110lu of 1336. 1be lawa pertaining to rolu
ei and credit operationa were particularly Taluable for thia atudy.
Keuu Shikil!Olw ,tl. ~ "J<i Q (f.ode of the Ke1111U Era [1334-1336]).

Puhlished in Cunsho Ruij, vol. 14, 37-70.
Military code of the Aahikaga era. lbe artic)e deaJing with doo is atrong
eidence of expended credit operationa. Tranalated by John Carey HaJJ in
'Japaaeae Feuda) Lawa: 11 - 1be Aahikaga Code ( 'Ke-u Shiki1110ku') A.O.
1336),' Tranaaction of the Aiatic Society of Jopan, yo). 36, No. 2 (1908),
123.
Kototsugu Ky Ki i fl1t 'P

f (Diary of Lord [Yamashina] Kototsugu).
4 vols. Published by Kokusho Kanko Kai lJI f
fJ ,tj . . , 1914-
15.
1be diary of a court noblemaa, Y-abina Kototaugu LJ.. rf t .fl (1507-
1519). It carefully kept during the laat fifty yeara of hia life and
conatitute1 a aluable aource for affaire of the Imperial Gourt during
tbeae crucial yeara of tbe aixteenth century.
Nihon Isshi El .f... i!, t_ (Lost History of Japan). Uiq>iled by Kamo

Sukeyuki f.I j; 2_ in 1692. Published in Kok~i Taikei, vol. 6,
1-449.
An attempt to reconatruct the loat portiona of the Nihon Kolii 13 ~ ~l_

-Ji which waa c011piled by Fuj iwara Fuyutaugu Ji.~ -'=-
-"il and pre-
aented to the tbrone in 81. 1be Nihon Koi orig{J:lly cowe;e~ the yeara
792832 . but only 10 of tbe 40 olwnea hawe been preaerwed. Kamo, a Sbin
to acholar, uaed quotationa from other contemporary accounta in hia attempt
to fill in the gapa.
Nihon Kiryaku El J... 1& "'" (Brief Clironicle of Japan). Published in

Kokushi Taikei, vol. 5, 1-1175.
Bibliography 119
A chronicle of eTenta from the beginning of Japaneae hiatory down to 1036. For
the period of the 'Six National Hiatoriea' aome new material waa added, and for
later yeara, when reliable accounta are laclting, tbia chronicle ia extremely
Taluable.
Nihon Shoki 8 J.... f L (Chronicles of Japan). Written by Cno Yasumaro

:):. . ~ J, ~ in 7!J>. Puhlished in Kokushi Taikei, vol. 1, 1-574.
lbe firat of the 'Six National Histories.' CoTera the period from the beginning
down to the year 696. Some acholar are inclined to conaider thia Japan's old-
eat extant hiatory, claiaing that the Kojii was written much later than 712,
tbe date traditionally aasigned to it. lhe Nihen Shoi has been translated by
William G. Aston, 'Nihongi, Clironicles of Japan froai the Earliest Times to A.O.
697,' Tranaaction and Proceeding of the Jopan Society, London, Supplement 1
( 1896).
Nobunaga l\o Ki '11 ~ ~ ii (Chronicle of Lord Nobunaga). Written by da

Gyichi A. f/ 4- . . . in about 1600. Published in Shiseki Shran, vol.
19, 1-258.
Probably the most reliable account of the life of Oda Nobunaga (1534-1582}.
Written by a acribe who aerved under Nobunaga and later under Hideyoahi.
Sanda i Ji tsuroku E.. ~ f" 1! (Clironicle o Three Reigns). Presented

to the throne in 901. Published in Kokushi 1aikei, vol. 4, 1-727.
lhe laat of the 'Six National Histories.' CoTers the reigna of F.mperors Seiwa,
Yoaei and Kok (858-887).
Sh ingen Keh 11 t ~ ~~ <House Laws of [Takeda] Shingen). Written down

by Takeda Siiq>an A IB 1i f.
in 1558. Puhlished in Gmsho Ruij,
vol. 14, 111-125.
A collection of lawa set down for the guidance of later generations of the
Takeda family. Some articlea deal with 111011etary mattera.
Shoku Nihongi Jt
8 )..~ (Continuation to 'Chronicles of Japan'). Com-
piled by Sugiio Mamichi ft f' iA il
and presented to the throne in
797. Published in Kokushi Taike i, vol. 2, 1-788.
lhe aecond of the 'Six National Historiea,' coTering the period from 697 to
791. lt haa been partially translated by J.B. Snellen in 'Shoku Nihongi,
Oironiclee of Japan, Continued frOlll A.O. 697-791 (Books 1-Vl),' Tranaactiou
of th A1iatic Sacie ty of Jopan, 2nd Series, XI ( 1934), 151-239; XIV ( 1937),
209-78.
Tai~o Qmki fi--"1 f

'l.i (Military Chronicle of Hideyoshi). Written by
Oda Gyichi fo- fl Jf'- - .
Published in Kuwata Tadachika' s HO Taiko
Denki Mooogatari no Kenkyjj, 131-44.
Another of the severa! accounta written by Oda Gyichi who aerTed aa a acribe
under both Hideyosbi and Nobunaga. lhia containa an interesting paragraph on
the extent of the circulation of gold coina toward the end of the aixteenth
century.
Tcai Ki A rj il> (Cllroniclesof Hideyoshi). lritten by Kose Hoan

1) ~fl f!)t Published in Shiselei Shran, vol. 6, 1-478.
1he moat f..oua of the cbroniclea coeriag the life and time of Hideyoahi
0536-1599).
74.an In Nileki ' r~ r(. 13 1l (Diary of the lamen In). Caiq>iled by

Eishwl" ~l et al. 4 vols. 10ky0: Sankyo Shoin 3.. . .f rt. 1938-9.
Undoubtedly the moat i111portant published aource for study of economic de-
Yelopmenta in the aixteenth century. 'lhe prieata who kept the diary were P-
parently aleo in cbarge of the buainea affaire of the temple. Conaequently,
tbere are bundreda of referencea to trade, pricea, etc.
1'oshiie Ycura -:f.'1 j..,/l it (Stories of [Maeda] Toshiie). Written by Mu-

rai Kanjurii ;J'f lf .l!J 1 fP' . Published in Shiselei Shi&ran, vol. 13,
540-603.
A record of the life of Maeda Toahiie (1538-1599), written et the beginning of

the aeenteenth century by one of the retainer who had aered under him.
Zenrin KokuhO Ki -! rlf

id) f
~ (Record of Japan' s Relations with Her
Neighhors}. (;cq>iled by Cll Ho JI] IJ->
in 1466. Published in Shiseki
Shran, vol. 21, 1-80.
Contains note exchanged between Japan and China during the firat part of the
Kango trade." Some of the more important of theae docwnenta hae been trans-
lated in Yoahi S. Kuno'a Jap1111e1e Espon1&on on tht A1&ot&c Cont&nent (Berkeley,
1937).
2. In Wes tem Languages
Frois, P. Luis, S.J. Die Geschichte Japans (1549-1578). Leipzig, 1926.

Kaempfer, F.ngelbert, M.D. 7he History of Japan, Together with a Des-
cription of the Kingdoa of Siu, 1690-92. 2 vols. New York, 1906.
Linschoten, John Huyghen van. 7he Voyage of John Huyghen van L inschoten
to the East Indies. Froa the Old English Translation of 1598. 2 vols.
London, 1885.
Mendes Pinto, Fernao. The Voyages and Adventures of Ferdinand Mendez
Pinto, the Portuguese (done into F.nglish by Henry C.Ogan). Londm, 1891.
Morga, Antonio de. 7he Philippine Islands, Moluccas, Siaa, Caabodia, Japan,
and China at the Glose of the Sizteenth Century (tranalated fran the
Spanish by Hon. Henry E.J. Stanley}. London, 1891.
Saris, John. The Voyage of Captain John Saris to Japan, 1613. (Edited
fran contemporary records by Sir M. Satow, K. C. M. G.). London, 1900.
D. M~OGRAPHS AND SPEClAL SnJDIES
l. In Japanese
A number of Japanese economic historians have written monographs which

Bibliography 121
haYe greatly facilitated thia atudy. In the field of such institutiona as the
za, the doso, the shidosen and the tokusei the research of that famous pioneer,
Miura Hiroyuki, has still, in moat cases, not been superaeded. In foreign
trade notable contributions have been made by aeveral acholara, particularly
K1miya Yasuhiko, Akiy- Kenz:o, t.\Jrakami Naojiro, and Okamoto Yoshitano. lbt
the man whose work was of the greatest help was Kobata Atsushi. In 19~ he
wrote his book on the circulation of coins, and i.nmediately thereafter set out
to nake inveatigations of copper, gold and ailYer mining in various districts
throughout Japan. In preparing these articles, he went to each of the dis-
tricta to conault rare books and documenta in the various local collections.
Finally, in 1943, after canpleting more than a dozen auch apeciali:r.ed studiea,
he reYised his book and incorporated into it the resulta of this additional re-
aearch.
1he monographs which were of the greatest Yalue for thia atudy are marked
with an asterisk ().
*Akiyama Kenzo j'l, ~ ii, i.

Nisshi KOshO Shi Kenky B ~ ~ ~
fft 1(,, (Study of the History of Relations between Japan and Oiina)
5t
lkyo: Iwanami Shoten ~ ~~ ~ 1939. 't ,
Akiyama. Kenzo, 'Nitt0 BOeki no Hatten to Dazaifu no Hansen' a Jl 'f
1.(,
~ 'Ji- Ji..
t'. A. -f
}(:r '> 1'Jl.> -ks:l (Slips of Da:r.aifu and the Develop-'
ment of Trade between Japan and Oiina). Shigaku 1.asshi ( Jf .il it ,
XLV, 9 (Septed>er, 1934), 1035-76 and 10 (October, 1934), 1214~'35.
Aki yama K~z, 't.bromachi Shoki ni. okeru Wako no Oioryo ~ ei Gaiko Jijo'
T. r ~J] '1f
1:. 1~ rt J -? ~ 1'l a t. lJt
7J( PI J!. lt a,
(ll'ako raids at the Beginning of the t.\Jromachi Era and Conditions of''l>i-
racy Abroad in the Oei Era). Shigaku 1.asshi, XLII, 9 (Septeri>er, 1931),
967-10~.
Arai Hakuseki IJr

.Jt tl~ . HoncM Hoka Jiryaku ~ j,1 f f f lf.&-
(Study of Japanese C.Oins). Nihon Keizai SOsho, vol. 28, 404-414.
Hoaokawa Kameichi lJJ 11 ~ Jt. .
Nihon lrosei Shi Taiko S A--..;!-,.
I_ tJ
j:_ lJJ
(()itline of the History of Japanese Law). 2 vols. lkyo:
Jich0sha et
;t}I 1:1: 1 1936.
Hoaokawa Kameichi. .Todai Kahei Keizai Shi .}:.. .f'l ~~ t__ f ' .ll
(Hiatory of Money Economy in Ancient Timea). TOkyo: Moriyama Shoten
1~ iJ..i t
Jb 1934.
Ishikawa Hakuahi ~ n tt ;I .
Nihon Sankin Shi a "-A t- t__
(History of <Jold Production in Japan). lokyo: GanshOdO ....ft n. 'f ,
1938.
Kashiwabara 9iozo ~ A1
E- 'Nichigen BOeki no Kenky f1 fu J'7
' ilt 1LJ (Study of the Japaneae-Oiinese Trade during the Yan Dynas-
ty), Shigalcu Zushi, XXV, 3 (March, 1914).
Kaahiwabara Sho:r.o. 'Nichimei Kang0 BOeki ni okeru Hosokawa Ouchi Nishi

6 Jl
.b 1;- Y: ~ >t J 11 11f A. W ;:. #c.J '
f "'-
.tlJ f
no Koso'
(lhe Rinlry between ()ichi and Hoaokawa in the Kang0 Trade be-
tween Japan and Oiina). Shigaku 1.asshi, XXV, 9 (September, 1914), 1128-
72; 10 (October, 1914), 1237-65; 11 (November, 1914), 1414-47; XXVI, 2
(February, 1915), 172-201; 3 (March, 1915), ~1-37.
Kawada Shiguna ~iJ' 9 !.

'Bmikin ni tauite' ~ i: r. IL "t (Concer-
ing the BaMin). Shipu uahi, \11, 9 (September, 1896), 841-46.
Kimiya Yaauhiko ;i. t
..fs:- .1J . /Visshi 1\otsii Shi S .f... ~ if!.. f.
(Hiatory of the Relationa between Japan and Oiina). 2 vols. loky:
Kanazashi HorydO jJ :f ~t,
-t" 1928. cfr ,
Kida Siinroku ..f-
fJI I~ :;.
'NarachO ni okeru Senka no Kachi to ltyta
to ~i tsuite' 4.--
l .f1J K ~ ~ ~- f '
1f 11 '( :!"til. t '~
t
~ "'t (CDncerning the Circulation 8nd Value of C.opper CA>ins in
the Nara Era). Shigaku Za11hi, JG...IV, 1 (January, 1933), 1-58.
Kobata Atsushi JJ i
'fl ) !- .
'Clisei Kohanki ni okeru Ni asen Kingin llO-
eki no Kenky'cf' ..- ~
~lf t,
..f.-M
t= ~ 'f J 13 jf. i:- tA. ~
(A Study of Gold 8nd Silver 1rade between Japan and Korea
W '
during the Latter Half of the Middle Ages). ShiBtJku.Zasahi, XLIII, 6
(June, 1932) and 7 (July, 1932).
Kobata Atsushi. Chsei /Van to 1sko ~ki no Kenky tf'
il'" ifJ ..,~ ~ i!
'ti '1J ' i1f ~ (A Study of lrade Relations with the Southem Islands
cruring the Middle Ages) rokyo: Nihon Hyoron Sta 0 ~ it; f t > 19~. it
Kobata Atsushi. 'Oisei ni okeru Nissen D BOeki no Kenky' ci' 'ft r. t}-
't J El Jf iJ) 'f '"~ ~ (A Study of Cop.ier Trade between Japan and
Korea duril)g the'ltiddle Ages). Sho.kai Keizai Stiitaku :.f~ ... H. ~lf
~ ~ , II, 6 (1932), 1-28.
*Kobata Atsushi. 'Otsei ni okeru ShidOaen ni tsuite' 1' 1!" ~

:f-i] ' iJ\
r. f.t "{ (Concerning Shidsen in the Middle Ages).
* tJ' l
Rek.ishi
to Qiiri Jif. z. Jt. Jf. , >.xIX, l (January, 1932), 15-33.
Kobata Atsushi. Chsei Nisshi Tsk BOeki Shi no Kenky 'f1 -t!t" 9 .l_ it i:_
'f 4J t_ 9 -61t 1(, (Study of the History of '1rade Helations between
Oiina and Japan during the Middle At;es). TOkyo: 1oko-Shoin 7J :. ::i..
:f r(J 1942.
*Kobata Atsushi. 'Oisei Sando Shi Ko' f 1!t" A. ~ t_ ;!'= (A Study of the
History of CA>pper Production in the Middle Agea). Shirin ~ .f~ , ).'\1,
2 (April, 1931), 167-84.
Kobata Atsushi . 'Oisei Shoki no Senka Ryts ni tauite' 'f'1t" ;fil J;4 '
.j\ 'f ~~ .il t';' JA'.i 1 (Concerning the Circulation of Capper C.Oins et
the Be@"inning of the Middle Agea). Keizai Shi Kenlry Jf. ~'lt t. .ff ;t.
)J, 2 (February, 1934), 217-22.
Kobata Atsushi. 'lwami Ginzan no Kenky' J l, .. d. ' ~ ~ (Study

of the Silver Mines of lw1111i). Shirin, X\Ill, l (January, 1933), :!7-66.
Kobata Ataushi. 'Kaets1D10 Sanah ni oli.eru Kingin no Sanshutsu'

;.. ff1 t; ~ 't l f: .fl ' J.
r, (Production of Gold and Sil ver in
' Jt lf>
the lhree Provinces of Kaga, Etch and Noto). Rekishi to C1iiri, XXX, 4
(October, 1932), 261-78.
Kobata Atsushi. 'KO Stin Cliiho no Kingin Kogyo ni tsuite' f ~'S lt., j'"
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BROWN 1951 - Money Economy in Medieval Japan

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I. INTRODUCTION: EARLY USE OF CHINESE AND JAPANESE

Japanese Coins in the Period of T'ang Influence 3

II. INFLUX OF COINS FROM THE CONTINENT ( 1300-1550) 16

TenryO Temple Trade 16

III. JAPANESE COPPER AND COPPER COINS 33

IV. USE OF COPPER COINS 40

Temple Donations and Gifts 40

v. JAPANESE SILVER AND SILVER COINS 56

New Supply of Silver Ore 56

VI. JAPANESE GOLD AND GOLD COINS 67

New Supply of Gold 67

VII. USE OF GOLD AND SILVER COINS 79

Political Gifts and Assessments 79

REFERENCE FOOTNOTES 101

The startling technological and industrial developments of the

One of the more misleading conclusions that we have drawn is that

As an initial attempt to explore the extent and nature of the develop-

The writer is deeply indebted to the Rockefe~ler Foundation for

Early Use of Chinese and Japanese Coins

Japan's pre-Meiji history includes three comparatively short peri-

The second period of great social change falls approximately be-

uprisings and militant Buddhism. It was then that feudalism probably

The third period of social effervescence begins in about 1543, when

Japanese Coins during the Period of T'ang Influence

It was under T'ang ( 618-906) influence, however, that Japan ex-

Just as the Japanese were becoming more interested in closer and

The palace revolution of 645 brought an end to Soga rule in Japan

Bu~ before Japanese coins were to serve their functions efficiently

vided no satisfactory solution, for a month or so later silver coins were

The most serious problem, however, was gaining acceptability for

The use of money is to pranote the exchange of goods. But at

In the following months other orders of a similar nature had to be is-

Japanese scholars have given considerable attention to the subject

With the unusual expansion of industry and trade in Nara and in

The policy of devaluating the coins and enforcing circulation at a

t A unit of copper money equivalent to one copper coin.

holdings were extensive and coins were popular as contributions. As

The government's failure to increase the number of coins made

But in the absence of statistics on copper production in these

During the tenth and eleventh centuries few acceptable Japanese

From what I have heard, latcly when a Oiinese merchant-ship

Throughout the eleventh century the Heian Court struggled to enforce

But gradually the impotent Japanese government lost its control

Chinese Coins in the Period of Sung Influence

The discovery of rich deposits of gold in the province of Mutsu was

Again there are no available statistics to show clearly how many

number was considerable. In 11 79 the government attempted to fix

With this influx of Chinese copper coins, an increasing number

lhe za was an institution established by a special charter granting it the right

An even more definite indication of the part Chinese copper coins

The pawn business in Japan, as in Europe, was originally associ-

Doso should be encouraged. L\ie to the burden of high taxes

The practice of paying off accounts at distant points by means of

Therefore, by the end of the thirteenth century the economic dis-

Influx of Coins from the Continent ( 1300 - 1550)

Recent studies in the history of medieval Japan tend to show that in

Tenry Temple Trade

The reestablishment of a semi-official trade relationship with Mon-

Wak is most conmonly translated as 'Japanese pirates'but that translation leads to

suggested by the steps which the Japanese government had to take in

At the beginning of the Ming dynasty ( 1368), when relations between