Changes

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.

Several centuries later, beginning in the 12th century, [[Song dynasty]] Chinese coins began to be imported in considerable volumes, as a natural result of increased trade with China. The Northern Song, in fact, minted more copper coins than any other Chinese dynasty, and though the export of coinage from China was banned, Chinese coins nevertheless flowed throughout the East Asia region.<ref>Kobata. p98.</ref>

Several centuries later, beginning in the 12th century, [[Song dynasty]] Chinese coins began to be imported in considerable volumes, as a natural result of increased trade with China. The Northern Song, in fact, minted more copper coins than any other Chinese dynasty, and though the export of coinage from China was banned, Chinese coins nevertheless flowed throughout the East Asia region.<ref>Kobata. p98.</ref> The court noble [[Saionji Kintsune]] alone is known to have imported as much as 100,000 ''kan'' of Song coins, enough to fund the construction of a dozen or more buildings. Song coins circulated so widely that as early as 1240 the [[Kamakura shogunate]] had reversed its various bans on the usage of cash, permitting its use everywhere but in the northernmost provinces.<ref>Kang, David C. “Hierarchy in Asian International Relations: 1300-1900.” Asian Security 1, no. 1 (2005), 65.</ref>

==Muromachi Period and Ming Trade==

==Muromachi Period and Ming Trade==