
Image: Modern Japanese coinage / The government of the Empire of Japan. / Wikimedia Commons / Public domain(source)
Eiraku Tsuho — Tracing the History of Ancient Coins
The era when the Muromachi shogunate favored 'Chinese coins'. The coins of the Yongle Emperor of Ming dominated the Japanese economy for 150 years—and the reason why Nobunaga chose Eiraku Tsuho as his emblem.
Subject coin: 永楽通宝
Overview
Eiraku Tsuho is an essential coin to discuss when narrating the history of Japanese currency from 1408 to 1600. An era when the Muromachi shogunate favored 'Chinese coins'. The coins of the Yongle Emperor of Ming dominated the Japanese economy for 150 years—and the reason why Nobunaga chose Eiraku Tsuho as his emblem. This article traces the Eiraku Tsuho as an ancient coin, from the background of the era it was born, the technology of casting, the realities of circulation, and its influence on later generations, all aligned with historical facts. By understanding the historical context this coin carried, which cannot be seen with just market figures, the perception of its value will change drastically. The history of Japanese currency began with Wadō Kaichin, minted during the Nara period, passed through the diverse gold and silver coins of the Edo period, and was handed down to the modern currency of the Meiji era. For those who wish to grasp the basics, please also refer to Overview and Attractions of Ancient Coins and Detailed Commentary on Wadō Kaichin.
Specifications
- Denomination
- —
- Minting period
- 1408-1600
- Metal composition
- —
- Weight
- —
- Dimensions
- —
- Mintage
- 不詳(諸説あり)
- Mint supervisor
- 不詳
- Market price
- 状態により変動(落札履歴を参照)
The Era Eiraku Tsuho Was Born — Background of Minting

Image: Modern Japanese coinage / Coindesmonnaies / Wikimedia Commons / CC BY-SA 4.0(source)
The background of the emergence of Eiraku Tsuho is deeply intertwined with the political and economic circumstances of the time. Ancient coins were minted in response to the financial and distributional challenges rulers faced, emerging from the needs of society at that time. Let's start with why this coin was necessary under the circumstances of the era. The fact that it was minted by the Yongle Emperor of Ming (reigned 1402-1424) is indispensable to understanding the historical positioning of this coin. It functioned as one of the major currencies until the domestically produced Kan'ei Tsuho became widespread in the early Edo period, which is crucial for understanding its historical role. Checking Auction Prices in Old Coin Auctions will further deepen your understanding. Considering the prices and systems of the era when it was minted, you can see that even coins with the same name can have significantly different meanings depending on the issuance period. As the years pass, surviving examples become worn and oxidized, making those preserving the state of the minting time increasingly rare over time. The market evaluation is determined by a mix of rarity, condition, and collectible popularity, and cannot be explained by just one of these factors.
How Eiraku Tsuho Was Made — Material and Technology

Image: Modern Japanese coinage / Coindesmonnaies / Wikimedia Commons / CC BY-SA 4.0(source)
For discussing the value of Eiraku Tsuho, its material and manufacturing are indispensable. Ancient coins retain the handwork of artisans from their time in the alloy mix and finishing techniques, which directly relate to their modern evaluation. By meticulously tracing the choice of materials and the creation process, one can see the accumulation of technology encapsulated in each coin. The flow into Japan started in the early 15th century, actively adopted by the Muromachi shogunate, which is essential for understanding its historical positioning. Checking Market Charts for Price Trends will further deepen your understanding. As the years pass, surviving examples become worn and oxidized, making those preserving the state of the minting time increasingly rare over time. The market evaluation is determined by a mix of rarity, condition, and collectible popularity, and cannot be explained by just one of these factors. Understanding the basic points of calligraphy, colors of alloys, dimensions, and weight is a first step in distinguishing authenticity and lineage. By learning the historical background, you can feel the cultural depth unique to these coins, not measurable by just market numbers. As you continue collecting, the background of each coin's era and minting circumstances link together, and your knowledge grows three-dimensionally.
Eiraku Tsuho and People's Lives — Circulation and Economy

Image: Modern Japanese coinage / Coindesmonnaies / Wikimedia Commons / CC BY-SA 4.0(source)
After being issued, Eiraku Tsuho changed hands among people and was used in daily life. How ancient coins circulated in the market and what impacts they had on prices and transactions is the core understanding of monetary history. Through the movements of the economy at the time and the reactions of the common people, we decipher the role this coin played. The fact that Oda Nobunaga adopted Eiraku Tsuho as a family crest and banner (as an economic domination symbol) is essential for understanding its historical role. Checking Coin Grading Standards will further deepen your understanding. The market evaluation is determined by a mix of rarity, condition, and collectible popularity, and cannot be explained by just one of these factors. Understanding the basic points of calligraphy, colors of alloys, dimensions, and weight is a first step in distinguishing authenticity and lineage. By learning the historical background, you can feel the cultural depth unique to these coins, not measurable by just market numbers. As you continue collecting, the background of each coin's era and minting circumstances link together, and your knowledge grows three-dimensionally. A single ancient coin serves as a resource reflecting the economic policy and the lives of people of its time, altering the perception of value the more you come to know about its background.
What Eiraku Tsuho Left Behind — Impact on Later Generations

Image: Modern Japanese coinage / Coindesmonnaies / Wikimedia Commons / CC BY-SA 4.0(source)
Eiraku Tsuho left a mark on successor currencies and the history of collecting even after its era ended. By looking back at how ancient coins were positioned among reminting, abolition, and succession, and how they are evaluated in the present day, we can enhance the accuracy of value judgment regarding what meaning a coin from the past holds in today's market. The fact that its quality was high (good copper quality) and was trusted more than inferior domestic coins is essential to understanding its historical position. Checking Monitor Prices of Coins of Interest with Vault will further deepen your understanding. Understanding the basic points of calligraphy, colors of alloys, dimensions, and weight is a first step in distinguishing authenticity and lineage. By learning the historical background, you can feel the cultural depth unique to these coins, not measurable by just market numbers. As you continue collecting, the background of each coin's era and minting circumstances link together, and your knowledge grows three-dimensionally. A single ancient coin serves as a resource reflecting the economic policy and the lives of people of its time, altering the perception of value the more you come to know about its background. Considering the prices and systems of the era when it was minted, you can see that even coins with the same name can have significantly different meanings depending on the issuance period.
Value & Rarity
The market value of Eiraku Tsuho is determined by three factors: rarity, preservation state (grade), and collectible popularity. Even within the same category of ancient coins, the price can vary several times to dozens of times depending on the minting period, script differences, and how close to unused condition it is. Brands with limited existing numbers have fewer opportunities to appear on the market, and well-preserved examples increase in rarity over the years. When reading the market, verifying the actual hammer prices in multiple instances rather than shown prices is prudent. The latest price movements can be checked using Vault to monitor prices of coins of interest. The market evaluation is determined by a mix of rarity, condition, and collectible popularity, and cannot be explained by just one of these factors. Understanding the basic points of calligraphy, colors of alloys, dimensions, and weight is a first step in distinguishing authenticity and lineage.
Conclusion
Eiraku Tsuho was born from the necessities of the era 1408-1600, played a role in people’s everyday lives, and left a legacy for posterity. Knowing the history behind a single coin cultivates a discerning eye that cannot be obtained from market figures alone. For those interested in ancient coins, it is recommended to carefully compare multiple transaction data while gradually building your judgment axis, without rushing.
Related Stories
Bunkyū Eihō — Tracing the History of Ansen
The last Ansen of the late Edo period. The 4-mon coin minted in Bunkyū 3 began circulating just shy of two years before the Meiji Restoration.
Coin StoryChikusen Jowi no Rei — An Ancient Japanese Attempt to Spread Currency
Wadō 4 (711): An Unprecedented System to Promote Currency Use
Coin StoryNaga-nen Taihō — Tracing the History of Ancient Coinage
The 7th coin of the Kōchō jūni-sen, issued in Shōwa 15 (848) during the reign of Emperor Ninmyō. From this time, the gap between the actual and nominal value of coins became serious.
Dealers
Dealers Handling This Category
A reference when considering a sale or appraisal. All are dealers and auction houses with a proven track record.
Japan Coin Auction (JCA)
Tokyo
Holds regular auctions with reliable hammer price data, making it a useful resource for tracking market values. Caters to a wide range of collectors from beginners to advanced buyers.
Ginza Coins
Ginza, Chuo-ku, Tokyo
One of Japan's most established numismatic dealers. The scale and variety of their regular auctions is among the largest in the country. Their catalogs are considered a benchmark for market pricing.