Changes

Though under the ''[[kango boeki|kangô bôeki]]'' tally trade system of the [[Muromachi period]] silver flowed chiefly from China into Japan (despite bans at times by the [[Ming Dynasty]] against any export of silver from China), by the 16th century, the direction reversed. China now demanded silver above all else, and exported relatively little of it, though it remained a prominent [[tribute]] good "gifted" in all directions within the tributary relationships in the region. The trade in silver for Chinese silks and other Chinese goods represented a significant portion of the maritime trade in the region throughout this period, and played a central role in the piracy/smuggling activities of the ''[[wako|wakô]]''.

Though under the ''[[kango boeki|kangô bôeki]]'' tally trade system of the [[Muromachi period]] silver flowed chiefly from China into Japan (despite bans at times by the [[Ming Dynasty]] against any export of silver from China), by the 16th century, the direction reversed. China now demanded silver above all else, and exported relatively little of it, though it remained a prominent [[tribute]] good "gifted" in all directions within the tributary relationships in the region. The trade in silver for Chinese silks and other Chinese goods represented a significant portion of the maritime trade in the region throughout this period, and played a central role in the piracy/smuggling activities of the ''[[wako|wakô]]''.

The [[Iwami Ginzan]] in [[Iwami province]] ([[Shimane prefecture]]) was the largest silver mine ever to operate in Japan, and was named a [[World Heritage Site]] in 2007.<ref>[http://whc.unesco.org/en/list/1246 Iwami Ginzan Silver Mine and its Cultural Landscape], UNESCO.</ref> The site was a particularly contested one during the [[Sengoku period]], with the [[Amako clan]] gaining control of the mines in [[1537]], losing them briefly to the [[Ouchi clan|Ôuchi]] in [[1539]] but regaining them just two years later, and then losing them again, this time to the [[Mori clan|Môri clan]], in [[1562]]. Mines in other parts of the country were significant as well, as regional ''daimyô'' began to mine more extensively, and gold and silver began to circulate more widely. In [[Noto province|Noto]], [[Suruga province|Suruga]], [[Kai province|Kai]] and [[Sado Island|Sado]] in particular, a combination of the opening of new mines, and the implementation of new technologies imported from China via Korea led to a considerable expansion in production from the 1530s onwards, making Japan a major world producer of silver up into the 17th century. Agents in service to the ''daimyô'' began to certify pieces of gold or silver as pure or authentic, a practice which continued into the 17th century, with the vermillion-wrapped ''shuhô gin'' produced by [[Kaga han]] a particularly famous and widely circulating example, though other domains also developed distinctive stamps for their silver bars.

The [[Iwami Ginzan]] in [[Iwami province]] ([[Shimane prefecture]]) was the largest silver mine ever to operate in Japan, and was named a [[World Heritage Site]] in 2007.<ref>[http://whc.unesco.org/en/list/1246 Iwami Ginzan Silver Mine and its Cultural Landscape], UNESCO.</ref> The site was a particularly contested one during the [[Sengoku period]], with the [[Amako clan]] gaining control of the mines in [[1537]], losing them briefly to the [[Ouchi clan|Ôuchi]] in [[1539]] but regaining them just two years later, and then losing them again, this time to the [[Mori clan|Môri clan]], in [[1562]]. Using technology imported from China in the 1530s which increased extraction capabilities significantly, Iwami Ginzan was able to produce as much as 150 tons of silver each year in the 16th-17th centuries.<ref>Cesare Polenghi, ''Samurai of Ayutthaya: Yamada Nagamasa, Japanese warrior and merchant in early seventeenth-century Siam''. Bangkok: White Lotus Press (2009), 31.</ref>

 

Mines in other parts of the country were significant as well, as regional ''daimyô'' began to mine more extensively, and gold and silver began to circulate more widely. In [[Noto province|Noto]], [[Suruga province|Suruga]], [[Kai province|Kai]] and [[Sado Island|Sado]] in particular, a combination of the opening of new mines, and the implementation of new technologies imported from China via Korea led to a considerable expansion in production from the 1530s onwards, making Japan a major world producer of silver up into the 17th century. Agents in service to the ''daimyô'' began to certify pieces of gold or silver as pure or authentic, a practice which continued into the 17th century, with the vermillion-wrapped ''shuhô gin'' produced by [[Kaga han]] a particularly famous and widely circulating example, though other domains also developed distinctive stamps for their silver bars.

Meanwhile, independent dealers called ''kin'ya'' and ''gin'ya'' emerged, exchanging gold or silver for rice or other goods, in part in order to allow peasants and commoners to pay their taxes in the obligatory form.

Meanwhile, independent dealers called ''kin'ya'' and ''gin'ya'' emerged, exchanging gold or silver for rice or other goods, in part in order to allow peasants and commoners to pay their taxes in the obligatory form.

==Eighteenth Century==

==Eighteenth Century==

The dearth of silver in the country led to numerous remintings and depreciations of the [[currency]], with the Yotsuhô currency issued in [[1711]] the most depreciated in the period, at only 20% pure silver.<ref>Hellyer, 67.</ref> One of the first major instances of this took place in [[1695]], when the government moved from 80% silver Keichô coins to 64% silver [[Genroku]] coins. Gold coins were reduced to 57% gold at that same time.<ref>Hellyer, 59.</ref> These debasements brought much-needed savings, or profits, for the shogunate's finances, typically worth millions of ''ryô''. They created problems at times, however, for foreign trade, as the 80% silver Keichô ingots used throughout the 17th century were highly trusted and widely able to be circulated throughout the region, second only to the 90% silver [[Mexican silver dollar]], the standard means of exchange for both East Asian and European traders at the time. Following the Genroku debasement, Korean merchants trading with agents from [[Tsushima han]] feared that the newly debased Japanese ingots might not be easily accepted by Chinese merchants, and so were hesitant to accept them; prices rose, and Tsushima's revenues for the year were severely negatively impacted.<ref>Hellyer, 60.</ref> They were permitted soon afterwards to return to using 80% ingots, specially minted just for trade with Korea; [[Satsuma han]] complained about the impact upon its trade with [[Ryukyu Kingdom|Ryûkyû]] as well, but received only lesser concessions. Regardless, only four years later, in [[1715]], [[Arai Hakuseki]] engineered a return to 80% ingots more broadly.<ref>Hellyer, 65.</ref>

The dearth of silver in the country led to numerous remintings and depreciations of the [[currency]], with the Yotsuhô currency issued in [[1711]] the most depreciated in the period, at only 20% pure silver.<ref>Hellyer, 67.</ref> One of the first major instances of this took place in [[1695]], when the government moved from 80% silver Keichô coins to 64% silver [[Genroku]] coins. Gold coins were reduced to 57% gold at that same time.<ref>Hellyer, 59.</ref> These debasements brought much-needed savings, or profits, for the shogunate's finances, typically worth millions of ''ryô''. They created problems at times, however, for foreign trade, as the 80% silver Keichô ingots used throughout the 17th century were highly trusted and widely able to be circulated throughout the region, second only to the 90% silver [[Mexican silver dollar]], the standard means of exchange for both East Asian and European traders at the time. Following the Genroku debasement, Korean merchants trading with agents from [[Tsushima han]] feared that the newly debased Japanese ingots might not be easily accepted by Chinese merchants, and so were hesitant to accept them; prices rose, and Tsushima's revenues for the year were severely negatively impacted.<ref>Hellyer, 60.</ref> They were permitted soon afterwards to return to using 80% ingots, specially minted just for trade with Korea; [[Satsuma han]] complained about the impact upon its trade with [[Ryukyu Kingdom|Ryûkyû]] as well, but received only lesser concessions. Regardless, only four years later, in [[1715]], [[Arai Hakuseki]] engineered a return to 80% ingots more broadly.<ref>Hellyer, 65.</ref>

In [[1736]], the shogunate debased the coinage again, producing 46% silver ingots known as Genbun coins or Genbun ingots. As domestic production of [[ginseng]] and [[silk]] had grown considerably by this point, the shogunate decided it no longer needed to provide silver to Tsushima to support its trade in these goods, and so put an end to the domain's supply of 80% silver ingots. From that time forward, the domain gradually ceased exporting silver, switching to [[copper]] and other means of payment. Though later reporting that they had not exported any silver since 1736, [[uchi and omote|in truth]] they likely continued to export diminishing amounts up into the 1750s or 1760s.<ref>Hellyer, 77.</ref>

In [[1736]], the shogunate debased the coinage again, producing 46% silver ingots known as Genbun coins or Genbun ingots. As domestic production of [[ginseng]] and [[silk]] had grown considerably by this point, the shogunate decided it no longer needed to provide silver to Tsushima to support its trade in these goods, and so put an end to the domain's supply of 80% silver ingots. From that time forward, the domain gradually ceased exporting silver, switching to [[copper]] and other means of payment. Though later reporting that they had not exported any silver since 1736, [[uchi and omote|in truth]] they likely continued to export diminishing amounts up into the 1750s or 1760s.<ref>Hellyer, 77.</ref>