---
title: "The Value and Identification of Eiraku Tsuho: Impact on the Japanese Economy"
url: "https://ittendo.com/en/article/news-jp-1385-40a4a77b"
site: "ITTENDO"
type: "article"
category: "穴銭"
published: "2026-09-16T22:00:00Z"
source: "一点堂編集部"
source_url: "https://ittendo.com/"
lang: "en"
---
# The Value and Identification of Eiraku Tsuho: Impact on the Japanese Economy

> Eiraku Tsuho, minted during the era of the Yongle Emperor of the Ming Dynasty, significantly contributed to Japan's economic development. Circulating widely as a key currency from the Muromachi to the Sengoku periods, it facilitated the growth of commercial cities and the emergence of new industries. The value of Eiraku Tsuho is influenced by its condition, rarity, and authenticity risks, making it important to distinguish between genuine coins and private mint issues.

Eiraku Tsuho is a historical copper coin minted during China's Ming Dynasty, widely circulated in Japan as a key currency. Its presence profoundly affected Japan's monetary economy.

---

## The History and Importance of Eiraku Tsuho

Eiraku Tsuho is a copper coin minted during the reign of Yongle, the third emperor of Ming China. During the Yongle era (1403-1424), it became a significant circulating currency not only in China but across the entire East Asian economic sphere. In Japan, from the mid-Muromachi period to the Sengoku period, it was imported in large quantities and circulated widely as a key currency, greatly contributing to the development of Japan's monetary economy.

Eiraku Tsuho is a round coin with a square hole, approximately 25mm in diameter and weighing about 3.5g, with the four characters "永樂通寳" boldly inscribed in Kaisho script on its surface. It is a representative example of koshu-sen brought to Japan as a main import item in the Japan-Ming trade, known as the Kangō trade. This currency is regarded as a significant precursor in the history of Japanese [Koshu-sen (Kan'ei Tsuho, Tenpō Tsuho)](/coinpedia/ana-sen-001-overview).

The year 1403, when Yongle ascended the throne, was a time when the Ming Dynasty actively pursued foreign policy, symbolized by Zheng He's expeditions to the South Seas, leading to increased trade with Asian regions. Eiraku Tsuho was minted in large quantities to accommodate this burgeoning international trade and to demonstrate the economic prestige of the Ming Dynasty. Its high quality and stable supply greatly influenced the monetary economies of neighboring countries, establishing it as an international settlement means.

In Japan, where domestic coin minting was limited, Eiraku Tsuho became an indispensable presence. Understanding this background reveals that Eiraku Tsuho holds value beyond that of a mere old coin. Its presence deserves special mention in Japan's monetary history, and its influence can be studied in detail by exploring the [history of Eiraku Tsuho](/coinpedia/ana-sen-005-eiraku-tsuho).

## Impact of Eiraku Tsuho on Japan's Monetary Economy

Eiraku Tsuho, entering Japan via the Japan-Ming trade from the mid-Muromachi period, brought about significant economic transformation. In particular, the large quantities of coins introduced through not only the Kangō trade but also illicit private trade accelerated the development of Japan's monetary economy. The shift from transactions based on rice and cloth, which were previously mainstream, to a currency-based economy fostered the growth of commercial cities and the rise of new industries, playing a vital role in laying the foundations of today's economy.

During the Sengoku period, Eiraku Tsuho became indispensable for commercial transactions and as a means of paying taxes. Its high reliability garnered trust from merchants and farmers, deeply affecting the structure of Japanese society based on its credibility. Thus, Eiraku Tsuho played a central role in the development of Japan's monetary economy.

Furthermore, Eiraku Tsuho was used by Oda Nobunaga as a symbol of unification. Nobunaga flew a flag featuring this currency inscription known as "Eiraku Coin Banner," aiming for unification based on economic power. At the time, in the Kyoto area, one Eiraku coin was equivalent to four Bi coins and was recognized as a "high-quality coin," indicative of its substantial trustworthiness. Nobunaga's choice of Eiraku Tsuho reflects his advanced economic ideas, making Eiraku Tsuho widely known through this historical episode.

In this way, Eiraku Tsuho is highly rated not only as a currency but as an entity deeply ingrained in Japan's history and economy. Understanding this background is essential for knowing the transformation of Japanese society at the time. Those interested can obtain more detailed information from [Koshu-sen Introduction](/coinpedia/ana-sen-001-overview).

## Recent 90-Day Auction Trends in the Koshu-sen Category

According to records, the median auction closing price in the Koshu-sen category over the last 90 days was ¥1,850, with 52 transactions confirmed. The median closing price during this period increased from the previous 90 days' ¥1,499, marking a 23.4% change. This trend is based on data as of September 17, 2026.

The reliability is moderate, based on over 30 transactions during each period. While small samples can only provide directional indications, the current information is deemed reasonably reliable.

An actual auction example includes a Tenpō Tsuho old coin sold for ¥14,110 on September 15, 2026. On the same day, another Tenpō Tsuho old coin was sold for ¥1,400. Additionally, different old coins of Tenpō Tsuho and Kan'ei Tsuho have been traded at varying prices. For instance, a Kan'ei Tsuho old coin traded for ¥600, while a Kan'ei Tsuho two-water-long-character large-letter back-star coin fetched a high price of ¥15,000.

These details highlight the trends in the Koshu-sen category market and the broad range of transaction prices. For an overview of price fluctuations and specific price trends, detailed information can be obtained from [market trend charts](/market/index) or by viewing [auction histories](/auctions).

## Factors Dividing the Value of Eiraku Tsuho

The value of Eiraku Tsuho is divided by condition, rarity, and authenticity risks. First, regarding condition, Eiraku Tsuho, with its high quality and stable credibility, established its status as a "high-quality coin" through the Sencen decree. As a result, Eiraku Tsuho preserved in good condition could have particularly high value.

Next, in terms of rarity, there are authentic "Ming coins" minted in China and "private mint coins" produced in Japan. Private mint coins were created to meet high demand and supply shortages and are generally cruder in script and inferior in copper quality compared to Ming coins, making it important to distinguish between them. Authentic Ming coins are particularly rare, with script variations and subtle differences by minting locations drawing collectors' interest.

Finally, regarding authenticity risks, distinguishing the authenticity of Eiraku Tsuho is essential for assessing its value. The many script variants classified by subtle features, such as the left sweep (two waters) of the "永" character or the form of "shinnyo" in "通", are key in identifying authenticity. Identifying these differences requires specialized knowledge, and consulting [methods for detecting authenticity](/guide/fake-detection) or [standards for reading old coin grading](/guide/grading) is recommended.

Records and market data reveal that Eiraku Tsuho was a currency representing the economic authority of its era. Consequently, its value is being reevaluated among collectors and researchers, leading to active trading. To assess the value of Eiraku Tsuho, a comprehensive evaluation of these conditions is necessary.

## Key Points for Authenticating Eiraku Tsuho

When acquiring and holding Eiraku Tsuho, careful authentication of its authenticity and type is crucial. There are several specific points for distinguishing between authentic Ming coins and private mint coins.

Authentic Eiraku Tsuho features a slender, neatly inscribed left sweep on the "永" character. Furthermore, the "shinnyo" dot in the "通" character is often properly spaced, giving an orderly impression overall. High-grade copper with a reddish hue is used, imparting a sense of heft. The edges and borders are also well-defined, aiding in the identification of genuine coins.

In contrast, private mint coins display several characteristics. The "ki-hen" in the "楽" character is sometimes omitted, and the characters tend to be thick with blurred outlines. Additionally, mixed brass giving a yellowish tinge, or substantial lead content, indicates potential private minting. Smaller coin diameters or thinness also suggest private mint characteristics, making comprehensive observation vital.

To enhance the precision of authentication, using tools like magnifying glasses to closely examine details is recommended. Gaining experience is also crucial, and referring to [standards for grading old coins](/coinpedia/basics-003-grading) can improve quality accuracy. Additionally, understanding [correct storage methods for old coins](/guide/storage) helps maintain Eiraku Tsuho's value. Considering these points is vital for the authentication and holding of Eiraku Tsuho.

## Historical Value and Collecting Appeal of Eiraku Tsuho

Eiraku Tsuho, a historically valued koshu-sen beloved by Nobunaga, is an exceptionally attractive subject for collection enjoyment. Through the study of script variations, this coin offers the pleasure of exploring its profound world. For example, the "long two waters" in the "永" character creates rarity and market interest, resulting in high auction prices for specific premium varieties. Records of valuable varieties being auctioned for tens of thousands of yen demonstrate their worth, making this a significant point for collectors.

Eiraku Tsuho can also lead to expanding a collection to other Ming-period koshu-sen, such as Hongwu Tsuho, Xuande Tsuho, and Hongzhi Tsuho. Each of these coins is deeply intertwined with Japanese history, and arranging them by era or type can create a grand collection outlining the monetary history of medieval Japan at an affordable cost. In this way, the world of collecting centered on Eiraku Tsuho is accessible to beginners and serves as a key to opening the door to Japan's monetary history.

In markets involving collectors and investors, attention to rare Eiraku Tsuho variations remains high, ensuring continuous enjoyment in collecting. Monitoring such market trends and assessing price movements with tools like [Vault for price monitoring of coins of interest](/vault) is one method among many. With its historical value and collecting enjoyment, Eiraku Tsuho will continue to be cherished by many people.