---
title: "Wado Kaichin"
url: "https://ittendo.com/en/coinpedia/kodai-004-wado-kaichin"
site: "ITTENDO"
type: "coinpedia"
category: "kodai"
series: "古代貨幣"
lang: "en"
---
# Wado Kaichin

> Conclusion: Wado Kaichin is the origin of Japanese currency history, a highly valuable collectible and investment with overwhelming recognition and stable demand.

- 時代: 古代
- 素材: 銅
- 額面: 文
- 発行量: 大量
- 価格帯: 中堅

## Historical Background: Japan's First Full-Scale Circulating Currency

Wadōkaichin (和同開珎) is Japan's first full-scale circulating currency, with minting beginning in the first year of the Wadō era (708). The impetus for issuing this currency was the presentation of high-quality natural copper "Wadō" from Chichibu District, Musashi Province. To commemorate this celebratory event, the era name was changed from "Keiun" to "Wadō," and a minting project was commenced to bolster national prestige.

Initially, silver coins were issued, but due to circulation problems, there was a swift transition to copper coins. Wadōkaichin was modeled after China's "Kaiyuan Tongbao" as Japan, striving for a Ritsuryō state organization, aimed to strengthen its economic base. However, introducing a money economy was not easy, and bartering remained prevalent in rural areas.

The appearance of Wadōkaichin was a groundbreaking event in Japan's monetary history, paving the way for the subsequent Twelve Imperial Coins and laying the foundation of the currency system. For those interested in learning more about Japan's ancient currency, please see the [Introduction to Ancient Coins (including Wadōkaichin)](/coinpedia/kodai-001-overview).

## Differences Between Silver Coins and Copper Coins: Decisive Differences in Rarity and Value

Wadōkaichin comes in two types: silver coins and copper coins. Although they share the same name, their value and rarity differ significantly. Silver coins are about 24–25mm in diameter, weigh about 8–9g, and were minted for a very short period, only a few months in the first year of the Wadō era (708).

In contrast, copper coins are about 24mm in diameter, weigh about 3.5–4g, and were mass-produced and circulated for about 40 years thereafter. This difference in issuance volume and period directly correlates to their current market value. The extant specimens predominantly confirm the existence of copper coins.

Despite sharing the name "Wadōkaichin," the price gap can exceed tenfold, a typical example of [Factors That Determine the Value of Ancient Coins](/coinpedia/basics-001-value-drivers).

Individual prices and auction results are listed only once verifiably matched records — with sale, lot, source URL and review date — exist.

## Distinction Between Old Wadō and New Wadō: Classification by Calligraphy and Minting Period

Wadōkaichin copper coins have an important distinction between "Old Wadō" and "New Wadō." This classification is based on minting periods and calligraphic features, impacting collector value significantly. Old Wadō refers to those minted from the first year of the Wadō era (708) until around 715.

Old Wadō is characterized by bold and thick calligraphy, with a tendency for slightly larger diameter and weight. Particularly notable is the large and clearly carved "珎" character, with a coin diameter of about 24–25mm. On the other hand, New Wadō, mass-produced from 715 onwards, is slightly thinner overall, with narrower calligraphy. Researchers may further classify them as "Clerical Script Wadō" or "Regular Script Wadō" based on calligraphic traits.

In the market, Old Wadō is rarer than New Wadō, with a general price difference of about 1.5 to 2 times. Understanding this fine classification is crucial for comprehending the [Varieties and Classification System of Ancient Coins](/guide/varieties). Distinguishing between the two is one of the pleasures of collecting Wadōkaichin.

## Shapes and Characteristics: Round Coins with Square Holes and the Art of Minting

Wadōkaichin is a "round coin with square holes," a standard format in East Asia at the time. Its diameter is about 24mm, with a square hole in the center. The obverse features the four characters "和同開珎" arranged clockwise, with their bold calligraphy symbolizing the dignity of the Ritsuryō state. Notably, the reading of the character "珎" is debated between "hō" (meaning treasure) and "chin," an intriguing point of discussion in ancient coin research.

The reverse is usually plain, but it can be further classified by the shape of the rim, inner configuration, or slight casting traces. The main casting method used was sand casting, where a mold is made from sand, and molten copper is poured into it. The condition of the mold greatly affects the coin's finish.

Meticulously cast specimens feature characters sharp down to the finest details, and those taken from the best molds, called "Shabon," are highly valued. Understanding these features is essential to deeply appreciate the allure of Wadōkaichin.

## Key Points for Authenticity Verification: Expert Knowledge to Detect Counterfeits

Wadōkaichin is well-known among ancient coins, with many counterfeits circulating in the market, making authenticity verification very important and requiring specialized knowledge. Key checkpoints are numerous. Firstly, ① familiarity with the character shape, balance of the four "和同開珎" characters, and the era-specific traits of the "珎" character.

Next, ② the cross-sectional shape of the rim. Genuine coins have a specific profile. ③ Weight is also a crucial indicator, with copper coins typically around 3.5–4g; significant deviations necessitate caution. ④ The state of rust (patina) should show natural penetration and age-related changes. Finally, ⑤ casting seam traces, where genuine coins often exhibit natural traces along the mold joint.

Other criteria include the depth of character engraving, overall sheen, and casting bubble traces. Comprehensive judgment requires comparisons with multiple reference specimens. To avoid counterfeit risks, consult the [Complete Guide to Recognizing Fakes and Altered Items](/coinpedia/basics-004-fakes) and consider purchasing from reliable experts or dealers.

## Market Trends and Price Range: Stable Demand and Liquidity

Wadōkaichin, among Japan's ancient coins, are relatively prevalent in the market and enjoy stable demand. Notably, coins with clear characters in good condition tend to fetch higher prices.

Known as "Japan's Oldest Currency" (though Fuhonsen is now considered older), its brand power continuously supports stable demand, featured often in textbooks.

Major auction houses regularly handle these coins, placing them in a category with decent liquidity among ancient coins. For checking current market price trends, use the [Market Index to Track Price Trends](/market/index). Wadōkaichin is a suitable name for beginners in ancient coin collecting.

Individual prices and auction results are listed only once verifiably matched records — with sale, lot, source URL and review date — exist.

## The Ordinance of Rank by Coin Savings and Its Economic and Historical Significance: Challenge to a Money Economy

Upon the issuance of Wadōkaichin, the government promulgated the "Coin Savings Rank Ordinance" in the fourth year of the Wadō era (711). This was a groundbreaking policy to grant official rank (bureaucratic rank) to those who saved a certain number of coins, encouraging the circulation of money and aiming to establish a currency economy in place of barter. It can be considered Japan's first substantive currency policy.

However, the success of this policy was limited. Currency circulation remained mainly in the capital region, while rice and cloth barter economies persisted in the provinces. Underdeveloped transportation networks and commercial infrastructure, along with insufficient coin supply, are cited as causes. The success and limitations of the "Coin Savings Rank Ordinance" are directly linked to policy challenges in the issuance of the Twelve Imperial Coins.

Wadōkaichin is not merely ancient coins but also vital historical material for understanding the economic challenges faced by ancient Ritsuryō Japan and the policies addressing them. Its existence is indispensable for studying the economic history of this era.

## Posthumous Evaluation and Significance for Modern Collectors: Timeless Appeal

Wadōkaichin has been highly regarded as an antique and good-luck charm due to its historical significance and notoriety since the Edo period. Records of collection by feudal lords and affluent merchants exist, showing it has been a long-loved item. Since the Meiji era, it has consistently appeared in education as "Japan's Oldest Currency," gaining national recognition.

Although now determined that Fuhonsen is older, the name "Wadōkaichin" is still etched in the memories of many Japanese. This high recognition affects the modern collector market directly, making it attractive as an introduction to coin collections due to the familiarity even among those not well-versed in ancient coins.

Consequently, Wadōkaichin copper coins, compared to other ancient coins, are easier to find buyers, indicating high liquidity due to their brand recognition. This is a classic example where "brand value" supports the collectability and liquidity of collector's items, providing insight into collection strategy. When considering purchasing from reliable routes, refer to the [Guide on Acquisition and Purchase Methods of Ancient Coins](/coinpedia/basics-008-shotai).