---
title: "Introduction to Ancient Coinage"
url: "https://ittendo.com/en/coinpedia/kodai-001-overview"
site: "ITTENDO"
type: "coinpedia"
category: "kodai"
series: "古代貨幣"
lang: "en"
---
# Introduction to Ancient Coinage

> Conclusion: Ancient Japanese coinage holds high historical and academic value, but its extreme rarity and high forgery risk make it a target primarily for advanced collectors and investors.

- 時代: 古代
- 素材: 銅
- 額面: 文
- 発行量: 希少
- 価格帯: 高額

## Historical Background of Ancient Coinage: Dawn of Japan's Monetary Economy

Japan's monetary history can be traced back to the late 7th century, at the end of the Asuka period. The Fuhonsen, cast in the late 7th century under the Tenmu court, is regarded as the oldest cast coin — though uninscribed silver coins (mumon ginsen) were in use even earlier. The Asukaike excavation clarified the substance of the Fuhonsen and moved the study of Japan's earliest money into a new phase of research (Currency Museum; Matsumura 2005).

Subsequently, in the Nara period of 708, the Wadōkaichin was issued, marking the beginning of substantial currency circulation. The Ritsuryō state continued to issue 12 varieties of copper coins over approximately 250 years, known as the 'Kōchō jūnisen', from the Wadōkaichin to the Kengen Taihō in 958 during the mid Heian period.

However, as time passed, the quality of the coins declined, and alongside the financial deterioration of the central government, the monetary economy gradually declined. Ancient coins are extremely important primary materials not only as collectibles but also for a deeper understanding of Japan's economic, political, and cultural history.

## Fuhonsen: Japan's Oldest Coin and Its Discovery

The Fuhonsen is regarded as Japan's oldest cast coin (earlier still, uninscribed silver coins passed by bullion value — "first" needs its scope stated). It is believed to have been made during the reign of Emperor Tenmu in the late 7th century (reign: 673-686), with its existence primarily known through historical documents for a long time.

At the Asukaike site in Asuka, Nara, large numbers of Fuhonsen were excavated together with minting tools, confirming their existence. This discovery decisively demonstrated that Japanese coins had been minted independently before the Wadōkaichin, marking a groundbreaking event in Japan's numismatic history.

The Fuhonsen is characterized by the inscriptions '七曜星' and '富本'. Initially, it was speculated to have been used for magical purposes, but subsequent research also raised the possibility of its use as practical currency. Its rarity and historical significance are immeasurable, making it a typical example of [factors that determine the value of ancient coins](/coinpedia/basics-001-value-drivers).

## Wadōkaichin: The Beginning of Comprehensive Currency Circulation

The Wadōkaichin, issued in 708, was the first coin the ritsuryō state issued with nationwide circulation as its goal (museum catalog). It was minted under the decree of Empress Gemmei, modeled after China's Kaigen Tsūhō. There were two types: copper coins and silver coins, with the copper coins being widely circulated nationwide, laying the foundation of Japan's monetary economy.

The issuance of the Wadōkaichin was part of a policy by the Ritsuryō state to establish a taxation system and stimulate the economy. To promote the circulation of this currency, the government issued the 'Chikusen Jokirei', a system that granted rank to those who accumulated a certain amount of coins, giving the aristocracy and wealthy classes an incentive to save coins, thereby promoting the permeation of the monetary economy.

The Wadōkaichin is a symbolic entity that heralds the advent of a full-fledged history of Japanese currency. For more detailed information, please refer to [Introduction to Ancient Coins (Wadōkaichin, etc.)](/coinpedia/kodai-001-overview).

## The Complete Picture of Kōchō Jūnisen: A Mirror Reflecting the Rise and Fall of the Ritsuryō State

The Kōchō jūnisen refers to 12 varieties of copper coins issued by the Ritsuryō government over approximately 250 years, from Wadōkaichin (708) to Kengen Taihō (958). These supported Japan's ancient monetary economy, but their evolution is closely linked to the rise and fall of the Ritsuryō state.

The main coin types following Wadōkaichin include Mannaienihō (760), Jingu Kaihō (765), Rypeiyōhō (796), Fushushinpō (818), Jōwa Shōhō (835), Nagannen Taihō (848), Nyoekishinpō (859), Jōgannenihō (870), Kanpei Taihō (890), Engi Tsūhō (907), and Kengen Taihō (958).

Each new coin issuance set exchange rates with old coins, effectively devaluing the old currency. This was an inflation policy by the government to compensate for financial difficulties, with the quality of the coins significantly declining in the late period. As the copper content decreased and the proportions of lead and tin increased, the quality of coins deteriorated, eventually leading to monetary economy disorder.

## Shapes and Technical Features: Influence from China and Unique Evolution

The basic shape of ancient coins is the circular coin with a square hole, mimicking China's currency system. This is a circular coin with a square hole in the center, allowing for easy transportation and storage by threading them together. This form is carried forward in later [hole coins (Kan'ei Tsūhō, Tenpō Tsūhō) Introduction](/coinpedia/ana-sen-001-overview).

The main material was copper, but silver coins were also minted for Wadōkaichin. Additionally, there were early coins like Fuhonsen and Mumabusen, which did not carry inscriptions or patterns, showcasing the diversity within Japan's numismatic history.

Minting techniques changed over time, with early Fuhonsen and Wadōkaichin being relatively sophisticated. However, in the later period of Kōchō jūnisen, due to the depletion of copper resources and financial difficulties, low-grade alloys containing a significant amount of lead and tin became common. This decline in minting precision led to poorly crafted coins that were hard to read. The evolution of these technical features serves as crucial clues for authenticity appraisal. For more details, please refer to [Guide to Detecting Counterfeits and Modified Items](/guide/fake-detection).

## Roles and Social Impact of Ancient Coins

In ancient Japan, coins played an important role in supporting the economic system of the Ritsuryō state. They were used for tax collection, official salaries, and purchasing goods, serving as a means to strengthen governance by the central government. Particularly, the Kōchō jūnisen following the Wadōkaichin circulated actively in the capital and surrounding areas, promoting the development of a market economy.

However, there was a significant regional disparity in the spread of the monetary economy. In rural areas away from the capital, barter remained dominant, and coins were not well disseminated. Furthermore, inflation caused by new coin issuances eroded people's trust in currency, leading to a stagnation of the monetary economy.

From the mid-Heian period onwards, as the value of coins plummeted and the government ceased coin minting, Japan reverted to an economy based on barter and rice standards. This 'blank period of the monetary economy' correlates with the rise of samurai and the development of the manorial system, marking a major turning point in Japanese society.

## Market Trends and Availability: Rarity and Price Range

Ancient coins are extremely rare collector's items due to their historical value and scarcity. Particularly, Fuhonsen and Mumabusen are museum-grade materials and are rarely available on the open market. Their acquisition is virtually impossible, and should they appear in the market, they would fetch values exceeding tens of millions of yen.

Copper Wadōkaichin coins, depending on their condition, can be obtained from around 100,000 to 500,000 yen for average-condition pieces. Extremely fine examples with clear inscriptions can sell for over 1 million yen. Silver coins are even rarer, with a market rate ranging from several million to over 10 million yen.

Among the Kōchō jūnisen, early coins like Mannaienihō and Jingu Kaihō are traded for several hundred thousand yen or more, while later coins like Engi Tsūhō and Kengen Taihō can sometimes be purchased for tens of thousands of yen. These categories are so rare that even being listed in auctions becomes a topic of interest, and market trends are always closely watched.

## Points of Authentication: Importance of Specialist Knowledge

Counterfeiting is rampant with ancient coins, so high-level expertise and experience are essential for authentication. When considering a purchase, carefully verify the following points.

Firstly, the accuracy of scripts. Each coin type has unique script patterns, and aspects such as line thickness, stroke direction, and overall balance should be compared with reference specimens. Secondly, the condition of casting burrs, which are traces from the minting process. Authentic pieces exhibit natural casting burr traces and consistent wear over time, whereas counterfeits might show unnatural modifications.

Thirdly, the nature of corrosion. Naturally formed patina penetrates uniformly into the metal and is difficult to peel off, whereas artificial rust tends to adhere only to the surface and is easily detachable. Furthermore, confirming metal composition through XRF fluorescence X-ray analysis or comparing weight and diameter to standard values for each coin type can be effective. Especially given that later Kōchō jūnisen coins often have unclear scripts, authentication can be particularly challenging. For detailed information, refer to [Comprehensive Guide to Spotting Counterfeits and Modifications](/coinpedia/basics-004-fakes).

## Relationship Between Preservation State and Price: Grading Affects Value

The price of ancient coins fluctuates significantly based on their preservation state, or grade. Aspects such as the clarity of the inscriptions, degree of wear, and rust condition are evaluated. For example, in the case of copper Wadōkaichin coins, 'extremely fine' items maintaining nearly complete inscriptions and intricate minting conditions can trade for over 500,000 yen.

In contrast, 'fine' items, though inscriptions are readable, may show surface wear and are typically valued between 200,000 to 400,000 yen, while 'average' items with some unclear inscriptions are valued between 100,000 to 200,000 yen, and items with difficult-to-read inscriptions, or 'poor', would be around 50,000 yen. Silver coins generally exhibit a 5 to 10 times price difference compared to copper coins of the same grade.

Moreover, whether coins are 'excavated' or have been 'handed down' significantly impacts their valuation. Coins preserved well as heirlooms are often valued higher than those retrieved from the ground. Proper grading knowledge is crucial for transactions at an appropriate price. For further details, refer to [Grading Standards for Ancient Coins](/coinpedia/basics-003-grading).

## Beginner's Acquisition Guide: Taking a Firm First Step

For beginners venturing into the world of ancient coins, several realistic options are available. One is to start with late-period coins from the Kōchō jūnisen. Coins like Engi Tsūhō and Kengen Taihō can be acquired starting from a few tens of thousands of yen and are suitable for learning about the feel of ancient coin scripts, weight, and minting techniques.

Another option is obtaining an average-condition copper Wadōkaichin coin (referred to as Shinhodō). With a budget of 100,000 to 150,000 yen, it is possible to find pieces with authenticity guarantees from reputable coin specialists or major auctions. In either case, ensuring the 'clarity of origin' and 'inclusion of an authenticity certificate' are paramount.

Before any initial high-value purchase, it is strongly recommended to consult with the Japan Numismatic Dealers Association member stores or coin research societies. Gaining appropriate knowledge and reliable information sources allows for starting a collection with confidence. For detailed purchasing methods, please see [Guide to Coin Sources and Purchase Methods](/coinpedia/basics-008-shotai).

## Research and Learning Resources: Pathways to Deepen Knowledge

To explore the world of ancient coins deeply, systematic learning and information gathering are essential. Foundational literature includes 'Research on Ancient Japanese Coins' by Toshihiko Miyake and the 'Japan Numismatic Catalog' published by the Japan Numismatic Dealers Association. Detailed pictorial records of each coin type are also helpful for comparative learning with actual items.

Online, the database of the Nara National Research Institute for Cultural Properties offers detailed records of artifacts from the Asuka-ike site, available for free access. Observing actual items is possible at permanent exhibits of the Tokyo National Museum and Nara National Museum. These museums provide a valuable experience for beginners by allowing close observation of actual Fuhonsen, Wadōkaichin, and major Kōchō jūnisen.

Furthermore, participating in expert communities such as the Japan Numismatic Society allows exposure to the latest research trends and market information. Numismatic forums and study groups held 1-2 times a year offer excellent opportunities to deepen knowledge and interact with fellow enthusiasts.