Changes

Copper coins remained a common mode of exchange in this period, alongside gold and silver. Copper was typically measured by weight in ''[[Japanese Measurements|momme]]'', with around 100 copper coins being worth roughly one ''momme'' of silver.

Copper coins remained a common mode of exchange in this period, alongside gold and silver. Copper was typically measured by weight in ''[[Japanese Measurements|momme]]'', with around 100 copper coins being worth roughly one ''momme'' of silver.

The shogunate began promoting the export of copper more forcefully in [[1695]] as a substitute for [[silver]], which was flowing out of the country at worryingly high rates. That same year, the shogunate imposed further restrictions on the export of silver, and banned the export of [[gold]] outright.<ref>Robert Hellyer, ''Defining Engagement'', Harvard University Press (2009), 59.</ref> This export substitution of copper for silver was greatly successful for a time. Chinese merchants found the Japanese copper to be of high quality, and available for prices competitive with the Chinese market. Meanwhile, the [[Qing Dynasty]] government was minting around 40,000 [[Japanese Measurements|piculs]] (J: ''kin'', C: ''jīn'', approx. 2,740 tons) of copper coins each year. Japanese copper was of higher quality than that produced domestically in China at the time, and would play a significant role in helping meet the Qing government's demand for over forty years, until in [[1738]], the Qing turned to relying more heavily on mines in [[Yunnan province]], which had expanded their production and/or raised the quality of their output.<ref>Hellyer, 54.</ref> Around this same time, at the end of the 17th century, the shogunate claimed exclusive authority to mint currency, putting an end to regional/[[han|domain]] production, and establishing its own shogunal gold, silver, and copper mints in [[Edo]], [[Osaka]], and [[Kyoto]]. Copper was also exported via [[Tsushima han]] to Korea, as the Korean Court required copper to mint its own coins, and via [[Satsuma han]] to the [[Ryukyu Kingdom|Ryûkyû Kingdom]], along with tin, marine products, and other goods, which Ryûkyû could then use as [[Ryukyuan tribute missions to China|tribute payments to the Chinese Court]].<ref>Hellyer, 55.</ref>

The shogunate began promoting the export of copper more forcefully in [[1695]] as a substitute for [[silver]], which was flowing out of the country at worryingly high rates. That same year, the shogunate imposed further restrictions on the export of silver, and banned the export of [[gold]] outright.<ref>Robert Hellyer, ''Defining Engagement'', Harvard University Press (2009), 59.</ref> This export substitution of copper for silver was greatly successful for a time. Chinese merchants found the Japanese copper to be of high quality, and available for prices competitive with the Chinese market. Meanwhile, the [[Qing Dynasty]] government was minting around 40,000 [[Japanese Measurements|piculs]] (J: ''kin'', C: ''jīn'', approx. 2,740 tons) of copper coins each year. Japanese copper was of higher quality than that produced domestically in China at the time, and would play a significant role in helping meet the Qing government's demand for over forty years, until in [[1738]], the Qing turned to relying more heavily on mines in [[Yunnan province]], which had expanded their production and/or raised the quality of their output, deliberately as part of efforts to wean China off of Japanese exports.<ref>Hellyer, 54.; Schottenhammer, Angela. “Empire and Periphery? The Qing Empire’s Relations with Japan and the Ryūkyūs (1644–c. 1800), a Comparison.” ''The Medieval History Journal'' 16, no. 1 (April 1, 2013): 171.</ref> Around this same time, at the end of the 17th century, the shogunate claimed exclusive authority to mint currency, putting an end to regional/[[han|domain]] production, and establishing its own shogunal gold, silver, and copper mints in [[Edo]], [[Osaka]], and [[Kyoto]]. Copper was also exported via [[Tsushima han]] to Korea, as the Korean Court required copper to mint its own coins, and via [[Satsuma han]] to the [[Ryukyu Kingdom|Ryûkyû Kingdom]], along with tin, marine products, and other goods, which Ryûkyû could then use as [[Ryukyuan tribute missions to China|tribute payments to the Chinese Court]].<ref>Hellyer, 55.</ref>

A series of "Shôtoku regulations" engineered by [[Arai Hakuseki]] and implemented in [[1715]] aimed at reducing the amount of copper flowing out of the country, reinforcing policies put in place in [[1685]] which restricted the Chinese to 6000 ''kan'' of silver worth of trade, and the Dutch to 3000, each year. Within this, Hakuseki restricted copper exports to three million ''kin'', and over the course of the century, both the number of Chinese ships calling at Nagasaki and the amount of precious metals they exported dropped dramatically, from 40 ships carrying away 8,000 ''kan'' worth of exports in [[1717]], to 15 ships carrying 4,000 ''kan'' in mid-century, down to ten ships and 2,7400 ''kan'' in [[1791]].<ref>Jansen, 33.</ref>

A series of "Shôtoku regulations" engineered by [[Arai Hakuseki]] and implemented in [[1715]] aimed at reducing the amount of copper flowing out of the country, reinforcing policies put in place in [[1685]] which restricted the Chinese to 6000 ''kan'' of silver worth of trade, and the Dutch to 3000, each year. Within this, Hakuseki restricted copper exports to three million ''kin'', and over the course of the century, both the number of Chinese ships calling at Nagasaki and the amount of precious metals they exported dropped dramatically, from 40 ships carrying away 8,000 ''kan'' worth of exports in [[1717]], to 15 ships carrying 4,000 ''kan'' in mid-century, down to ten ships and 2,7400 ''kan'' in [[1791]].<ref>Jansen, 33.</ref>