Changes

After the so-called Wadô kaihô ("Wadô coins"), other currencies continued to be produced until the mid-10th century, each named after the [[Imperial reign era]] in which they were produced. These included the Mannen tsûhô, Jinkô kaihô, Ryûhei eihô, Fûju shinpô, Shôwa shôhô, Chônen taihô, Jôeki shinpô, Jôgan eihô, Kanpyô taihô, and Engi tsûhô.<ref>Kobata. p98n1.</ref>  

After the so-called Wadô kaihô ("Wadô coins"), other currencies continued to be produced until the mid-10th century, each named after the [[Imperial reign era]] in which they were produced. These included the Mannen tsûhô, Jinkô kaihô, Ryûhei eihô, Fûju shinpô, Shôwa shôhô, Chônen taihô, Jôeki shinpô, Jôgan eihô, Kanpyô taihô, and Engi tsûhô.<ref>Kobata. p98n1.</ref>  

Coinage at this time was used only by the aristocracy or religious elites, while the rest of the population functioned on a barter system in which value or buying power tended to be expressed in terms of silk, cloth, or rice.<ref>When a good was used as payment, its value was often counted in terms of ''jun-kinu''　準絹, ''jun-nuno'' 準布, or ''jun-kome'' 準米, that is, in terms of how much silk, cloth, or rice it would have been worth.</ref> One ''hiki'' 疋 of silk was generally valued as equal to one ''[[koku]]'' of rice (1 ''koku'' = 10 ''to'' 斗 = 100 ''shô'' 升), though this varied. Still, on average, from the [[Heian period]] through the [[Sengoku period]], one ''koku'' of rice was considered equivalent to one ''kanmon'', or 1000 ''mon'' in coins; one ''hiki'' remained steadily equivalent to ten ''mon'' of coins through the Edo period.<ref>Kobata. pp98-99.</ref> The direct association of goods, especially rice, with value, would continue through the mid-19th century; in the Edo period (1600-1868), lands would be valued in terms of their agricultural production, taxes would be paid in rice (or equivalents), and samurai would be paid their stipends in rice.

Coinage at this time was used only by the aristocracy or religious elites, while the rest of the population functioned on a barter system in which value or buying power tended to be expressed in terms of silk, cloth, or rice.<ref>When a good was used as payment, its value was often counted in terms of ''jun-kinu''　準絹, ''jun-nuno'' 準布, or ''jun-kome'' 準米, that is, in terms of how much silk, cloth, or rice it would have been worth.</ref> One ''hiki'' 疋 of silk was generally valued as equal to one ''[[koku]]'' of rice (1 ''koku'' = 10 ''[[Japanese Measurements|to]]'' 斗 = 100 ''[[Japanese Measurements|shô]]'' 升), though this varied. Still, on average, from the [[Heian period]] through the [[Sengoku period]], one ''koku'' of rice was considered equivalent to one ''kanmon'', or 1000 ''mon'' in coins; one ''hiki'' remained steadily equivalent to ten ''mon'' of coins through the Edo period.<ref>Kobata. pp98-99.</ref> The direct association of goods, especially rice, with value, would continue through the mid-19th century; in the Edo period (1600-1868), lands would be valued in terms of their agricultural production, taxes would be paid in rice (or equivalents), and samurai would be paid their stipends in rice.

These early currencies fell out of usage, however, in the tenth century. By the time of the issuing of the Engi taihô (901-923), the currency had become debased, meaning that a given coin, despite officially having a certain denomination, actually contained less precious metal than its nominal value. In other words, there was severe inflation, as a given amount of currency no longer had the value (or buying power) it once did. And so, people lost confidence in the currency, and it fell out of circulation.

These early currencies fell out of usage, however, in the tenth century. By the time of the issuing of the Engi taihô (901-923), the currency had become debased, meaning that a given coin, despite officially having a certain denomination, actually contained less precious metal than its nominal value. In other words, there was severe inflation, as a given amount of currency no longer had the value (or buying power) it once did. And so, people lost confidence in the currency, and it fell out of circulation.