Japanese Coin Eras & Historical Periods Guide
Over 1,300 years of Japanese monetary history — from Wado Kaiho (和同開珎, 708 CE) to modern commemoratives
Japanese Currency Timeline
Ancient Period
古代 (kodai)(708–1185)The monetary system began alongside the establishment of the ritsuryo state, modeled on Chinese coinage. Imperial currency issuance was also a symbol of state power. However, repeated recoinages degraded quality, and circulation of imperial coins declined by the late Heian period.
Representative Coins
Wado Kaiho (和同開珎)
Japan's first currency in general circulation (708). Minting began in the Nara period. Both copper and silver versions exist.
Kocho Junisen (皇朝十二銭)
The collective name for 12 types of copper coins minted by the imperial court, from Wado Kaiho through Kengen Daibo.
Fuhon-sen (富本銭)
Possibly older than Wado Kaiho. Debated whether it was used for ritual or circulation.
Collecting Tips
- Later Kocho Junisen coins declined in quality — earlier coins (Wado Kaiho, Mannen Tsuho, etc.) are rarer and more valuable
- Counterfeits are numerous; certified pieces from reputable grading services are recommended
- Many excavated examples are in poor condition, but historical significance sustains collector demand
- The silver Wado Kaiho is particularly rare; authentication is essential
Medieval Period
中世 (chusei)(1185–1603)During the Kamakura and Muromachi periods, domestic coin production ceased and Chinese-imported coins were the primary medium of exchange. Large quantities of Chinese coins entered Japan through trade with the Song and Ming dynasties. At the same time, debased private coins proliferated, and the distinction between good and bad money became a social problem. In the Sengoku (Warring States) era, gold and silver mining intensified, beginning the transition toward a gold-and-silver currency age.
Representative Coins
Toraisen — Imported Chinese Coins (渡来銭)
Copper coins imported from China. Eiraku Tsuho (永楽通宝), Koshu Tsuho (洪武通宝), Sento Tsuho (宣徳通宝), and others circulated widely.
Private Cast Coins — Bita-sen (私鋳銭・鐚銭)
Debased privately cast coins. Also called 'akusen' (bad coins). Lower in value than genuine imported coins.
Erisen — Coin Selection (撰銭)
The practice of selecting high-quality coins from inferior ones. The Muromachi shogunate attempted to regulate this through erisen edicts.
Collecting Tips
- Imported coins circulated in large quantities in Japan, making them relatively accessible today
- Eiraku Tsuho (永楽通宝) is particularly popular; fine examples trade at a premium
- Private cast coins (bita-sen) hold historical research value but limited collector appeal
- Japanese-transmitted pieces and Chinese-excavated pieces differ greatly in condition and price
Edo Period
江戸時代 (Edo jidai)(1603–1868)The Tokugawa shogunate established a unified tri-metallic currency system (gold, silver, copper). Official mints (Kinza, Ginza) and a sophisticated exchange-merchant (ryogae) financial network developed. However, repeated recoinages driven by fiscal pressure degraded fineness. The opening of Japan in the late Edo period also triggered gold outflows. This era is the centerpiece of Japanese antique coin collecting, offering an exceptionally rich variety of types.
Representative Coins
Oban & Koban — Gold Coins (大判・小判)
From the Keicho Koban to the Man'en Koban. The shogunate's official gold currency. Ceremonial Oban were also produced.
Cho-gin & Mame-ita-gin — Silver (丁銀・豆板銀)
Bullion silver currency used in commerce. Value was determined by weight and fineness.
Kanei Tsuho (寛永通宝)
Cast from 1636 to the end of the Edo period. The longest-running Japanese coin type. Hundreds of varieties exist.
Tenpo Tsuho (天保通宝)
Oval holed copper coins issued in 1835 (Tenpo 6). Circulated at a face value of 100 mon.
Hansatsu — Domain Paper Money (藩札)
Paper currency issued by individual domains. Valid only within the domain. Value fluctuated with the issuing domain's finances.
Collecting Tips
- Koban fineness and size change with each recoinage; rarity varies significantly
- Keicho and Genroku koban are especially valuable — counterfeits are common, so caution is advised
- Kanei Tsuho varieties are vast; specialized catalogs are essential for serious study
- Tenpo Tsuho die varieties (script differences) are a popular collecting category
- Hansatsu (domain notes) are paper and difficult to preserve, but valued as regional historical documents
Modern Period
近代 (kindai) — Meiji to Early Showa(1868–1945)The Meiji Restoration brought a modern monetary system. The Osaka Mint was established and Western-style round coins began to be issued. The adoption of the gold standard, the Sino-Japanese and Russo-Japanese Wars, World War I — Japan's economy underwent dramatic changes. During wartime, coin metals were requisitioned, leading to changes in coin composition.
Representative Coins
New Currency Ordinance, 1871 (新貨条例)
Introduced the decimal yen-sen-rin system. 1 yen = 100 sen = 1,000 rin.
Old & New Gold Coins (旧金貨・新金貨)
Gold coins that underpinned the Meiji gold standard. Denominations of 1, 2, 5, 10, and 20 yen.
Dragon Silver Coins (龍図銀貨)
Trade 1-yen silver coins. The Meiji government's first Western-style silver currency.
Rising Sun Dragon Silver (旭日竜銀貨)
Domestic silver coins: 50-sen, 20-sen, 10-sen, and others.
Paulownia & Bronze Coins (桐紋銀貨・青銅貨)
Standard coinage of the Taisho and early Showa periods.
Collecting Tips
- Early Meiji gold coins survive in small numbers and command high prices
- Old 20-yen gold pieces are especially rare — examples have sold for tens of millions of yen
- Dragon 1-yen silver coins vary greatly in rarity by date and mint mark
- Wartime substitute coins (including ceramic issues) are popular with collectors
- NGC/PCGS certified pieces trade in international markets
Contemporary Period
現代 (gendai)(1945–present)From postwar reconstruction through the high-growth era, the bubble economy's collapse, to the present day. The 1964 Tokyo Olympics sparked the issuance of commemorative coins, and a wide variety of commemoratives is now produced throughout the year. Changes in the metal composition and design of circulation coins are also a collecting focus.
Representative Coins
Postwar Circulation Coins
1-yen aluminum, 5-yen brass, 10-yen bronze, 50-yen, 100-yen, and 500-yen coins.
Commemorative Coins
Began with the 1964 Tokyo Olympics. Local Autonomy Law commemorative series and others.
Proof Coins
High-quality collector coins issued by the Mint Bureau. Annual mint sets also available.
Imperial Coronation Gold Coins
Reiwa-era coronation 100,000-yen gold coins and others. Trade at a premium above face value.
Collecting Tips
- Commemorative coins have publicly disclosed mintage figures, making rarity easy to assess
- Proof coins are sensitive to fingerprints and scratches — handle with care
- Error coins (die rotation, off-center holes, etc.) command a significant premium
- Mintage varies widely by year — Showa 64 and Heisei 31 are particularly sought after
- Unopened mint sets are ideal for long-term storage
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References: Bank of Japan Currency Museum | Japan Mint | JNDA