Changes

Silver was a major export of Japan in the 16th-17th centuries, with Japanese silver mines being in fact one of the chief sources of silver in the world market at that time, alongside the mines at Potosi in Bolivia.<ref>[[Kobata Atsushi]], "Production and Uses of Gold and Silver in Sixteenth- and Seventeeth-Century Japan," ''The Economic History Review'', New Series, 18:2 (1965), 245-266.</ref> As silver was the chief means of payment for Chinese goods, it flowed out of the country in incredible amounts, via [[Chinese in Nagasaki|Chinese]] and [[VOC|Dutch]] merchants at [[Nagasaki]], and via the [[Tsushima han|Tsushima]]-[[Joseon|Korea]] and [[Satsuma han|Satsuma]]-[[Ryukyu Kingdom|Ryûkyû]] trades. This considerable outflow became a major concern of the [[Tokugawa shogunate]] in the 17th century, and various steps were taken in efforts to reduce the outflow of silver while trying to avoid any downward impact upon the volume of imports of Chinese [[silk]].

Silver was a major export of Japan in the 16th-17th centuries, with Japanese silver mines being in fact one of the chief sources of silver in the world market at that time, alongside the mines at Potosi in Bolivia.<ref>[[Kobata Atsushi]], "Production and Uses of Gold and Silver in Sixteenth- and Seventeeth-Century Japan," ''The Economic History Review'', New Series, 18:2 (1965), 245-266.</ref> As silver was the chief means of payment for Chinese goods, it flowed out of the country in incredible amounts, via [[Chinese in Nagasaki|Chinese]] and [[VOC|Dutch]] merchants at [[Nagasaki]], and via the [[Tsushima han|Tsushima]]-[[Joseon|Korea]] and [[Satsuma han|Satsuma]]-[[Ryukyu Kingdom|Ryûkyû]] trades. This considerable outflow became a major concern of the [[Tokugawa shogunate]] in the 17th century, and various steps were taken in efforts to reduce the outflow of silver while trying to avoid any downward impact upon the volume of imports of Chinese [[silk]].

==Sixteenth Century==

==Sixteenth Century==

==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> A series of coins minted in [[1736]], known as Genbun coins, were 46% silver. 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>

Throughout the Edo period, however, silver was measured chiefly by weight, not by coin, in everyday market interactions in [[Kamigata]] ([[Kansai]]), where it was the standard mode of currency (gold was more standard in [[Edo]]). The most common denomination of silver was a 43 ''[[Japanese Measurements|momme]]'' nugget called a ''chôgin''.<ref>[[Timon Screech]], ''Obtaining Images'', University of Hawaii Press (2012), 79.</ref>

Silver exports via Nagasaki came to an end around [[1763]], though no specific ban was put into place. Domestic production of ginseng, sugar, and silk had grown to such an extent by this point that the Japanese could now afford to actually export those goods, and begin ''importing'' gold and silver. The export of copper was significantly reduced at this time as well.<ref>Hellyer, 78.</ref>

Further bans or restrictions on the export of silver via Nagasaki were issued in [[1763]]. In [[1779]], the shogunate banned the circulation of ''[[nanryoni|nanryôni]]'', pure silver coinage, switching over more exclusively to coins of gold-silver alloy, as well as copper coins.

In [[1779]], the shogunate banned the circulation of ''[[nanryoni|nanryôni]]'', pure silver coinage, switching over more exclusively to coins of gold-silver alloy, as well as copper coins.

By the mid-to-late 18th century, many of Japan's [[gold]], silver, and [[copper]] mines were approaching exhaustion.

By the mid-to-late 18th century, many of Japan's gold, silver, and copper mines were approaching exhaustion.