Reconsideration: The Massive Outflow of Gold Coins in the Late Edo Period

Claims Supported by This Source

1. After the opening of the ports, the exchange rate between foreign silver and Japanese currency was set, based on the principle of same type and same weight, at 100 one-dollar foreign silver coins = 311 Ichibugin, or 1 one-dollar foreign silver coin = 3 Ichibugin.
2. The treaty only stipulates exchange based on the principle of same type and same weight; the resulting exchange rate of 100 foreign silver coins = 311 Ichibugin is not explicitly stated (in the Treaty of Amity and Commerce between Japan and the United States, this is the currency clause of Article 5).
3. The opening of the ports in June of the 6th year of Ansei (1859) triggered a massive outflow of gold coins overseas. The article discusses the cause as the sharp rise in the value of silver coins relative to gold coins, due to the debasement and transformation of silver coins into token money.

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