Fujushanpō — The End of Kōchōsen

In 818, Emperor Saga decided to issue the Fujushanpō. During this period, Japan absorbed much culture through immigrants and students from Tang China, while also aiming to build its own distinct culture. The Fujushanpō was a currency born from this context, aiming to establish Japan's own monetary system. By issuing this currency, Emperor Saga intended to enhance national prestige and stimulate the economy. However, even several years post-issuance, circulation was stagnant, with signs of disuse of currency emerging. Like other policies during Emperor Saga's reign, the issuance of the Fujushanpō also reflected Japan’s economic and political issues at the time. Although Emperor Saga abdicated in the first year of Tenchō (824), this currency saw little circulation afterward. Contrary to the previous success of Wado Kaichin, the Fujushanpō could not fulfill its intended role. Considering the era, the Fujushanpō was more than just currency; it reflected the challenges of its time. Understanding the necessity of the Fujushanpō during the climate from the 9th year of Kōnin to Jōwa 2 (818-835) deepens the weight imbued in each coin.

The Fujushanpō was supposedly minted at the minting office in Nara, but records on specific minting locations or craftsmen are scant. This suggests that minting technology of the time was gradually being lost. Unlike previous Kōchōsen, the copper quality for Fujushanpō had significantly declined. This was due to the interruption of copper imports from China and the exhaustion of domestic copper mining. Moreover, the precision of molds declined, resulting in variations in shape and weight of the coin. These technical issues significantly hindered circulation. Craftsmen involved in minting faced daily struggles to produce with limited resources. In contrast to the modern currency's value and identification, it narrates the limitations of ancient minting technology. Records also indicate their use as offerings to Buddhist temples during this period, hinting at religious connections. The craftsmanship traces left on the Fujushanpō are crucial for modern evaluations to discern authenticity and lineage. The material composition or finishing variations distinguish the evaluation of each Fujushanpō, enhancing discerning capability the more one observes the pieces.

When the Fujushanpō was issued, Japan's economy was still predominantly based on barter. The penetration of a currency economy was slow, and circulation was limited. From the beginning of its issuance, the value of the Fujushanpō was unstable, making it unreliable to commoners. Prices were also unstable, with little recognition of the convenience of using money. Moreover, the decline in the minting precision of the Fujushanpō further decreased its value as currency. In the market, practical goods were prioritized over the Fujushanpō, resulting in limited currency circulation. This differs from the stability of Edo-period Koban types and markets. For the populace, the use of money was rare, with barter or local currencies being more common. Record shows its use as offerings to Buddhist temples, but its impact on the broader economy was limited. The movement of the Fujushanpō in society is closely tied to their living conditions and prices at the time, providing clues to understanding currency history. How the Fujushanpō was embraced or avoided reflects the economic reality of the era.

Several decades after the issuance of the Fujushanpō, Japan was compelled to rebuild its monetary system. Successors of Emperor Saga attempted recasting to promote currency circulation but securing trust in new currency was difficult with deteriorated copper quality. Subsequently, the Fujushanpō was abolished in Jōwa 2 (835), paving the way for a shift to a new monetary system. This coincided with the period when Fujiwara no Yoshifusa began consolidating political power as regent. The failure of the Fujushanpō served as a lesson for later currency reforms, gradually leading to improvements in the character and circulation of money. This process contributed to building the foundation of later monetary systems, as seen in Edo gold currency types and identification. In modern times, Fujushanpō holds significant historical value and is a valuable collection for ancient coin collectors. Retrospectively, the influence left by the Fujushanpō quietly lingers in subsequent currency and collection histories. Considering how the Fujushanpō is evaluated in the modern market helps nurture an eye for both history and market trends. The more one knows the historical background, the more one perceives the depth of value unique to Fujushanpō beyond mere market value.