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It is widely believed that the first currency to be produced in Japan was minted in the Wadô era (708-715), an era named after the discovery of copper in [[Musashi province]] (Wadô 和銅 literally means "Japanese copper"). These coins, with a face value of one ''mon'', were based on the ''kai yuan tong bao'' (開元通宝) coinage then circulating in [[Tang Dynasty]] China. These small round coins with square holes in the middle would serve as the standard model for the shape or form of coins in both China and Japan for many centuries. Recent discoveries since the 1990s, however, have unearthed earlier, unlabeled (''mumon'' 無文) silver coins, as well as coins known as ''fuhonsen'' 富本銭. The latter seem to have emerged in the 680s, during the period of [[Fujiwara-kyo|Fujiwara-kyô]]; in contrast to the ''mumon ginsen'' which were valued by their actual weight in silver, and which [[Emperor Temmu]] outlawed in [[683]], the ''fuhonsen'' were fiat money (face value).

It is widely believed that the first currency to be produced in Japan was minted in the Wadô era (708-715), an era named after the discovery of copper in [[Musashi province]] (Wadô 和銅 literally means "Japanese copper"). These coins, with a face value of one ''mon'', were based on the ''kai yuan tong bao'' (開元通宝) coinage then circulating in [[Tang Dynasty]] China. These small round coins with square holes in the middle would serve as the standard model for the shape or form of coins in both China and Japan for many centuries. Recent discoveries since the 1990s, however, have unearthed earlier, unlabeled (''mumon'' 無文) silver coins, as well as coins known as ''fuhonsen'' 富本銭. The latter seem to have emerged in the 680s, during the period of [[Fujiwara-kyo|Fujiwara-kyô]]; in contrast to the ''mumon ginsen'' which were valued by their actual weight in silver, and which [[Emperor Temmu]] outlawed in [[683]], the ''fuhonsen'' were fiat money (face value).

After the so-called Wadô kaihô ("Wadô coins"), other currencies continued to be produced until [[958]]. Known as the "Twelve Imperial Coinages" (皇朝十二銭, ''kôchô jûnisen''), each was named after the [[Imperial reign era]] in which they were produced.<ref>Richard von Glahn, "The Ningbo-Hakata Merchant Network and the Reorientation of East Asian Maritime Trade, 1150-1350," ''Harvard Journal of Asiatic Studies'' 74:2 (2014), 256.</ref> 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 [[958]]. Known as the "Twelve Imperial Coinages" (皇朝十二銭, ''kôchô jûnisen''), each was named after the [[Japanese Eras|Imperial reign era]] in which they were produced.<ref>Richard von Glahn, "The Ningbo-Hakata Merchant Network and the Reorientation of East Asian Maritime Trade, 1150-1350," ''Harvard Journal of Asiatic Studies'' 74:2 (2014), 256.</ref> 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 ''[[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.

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.