Silver Coins Valued by Weight, and a Realm Moved by Gold

The Keichō Chōgin is a silver coin stamped with an image of Daikoku and the character "寳" (treasure) on its surface. However, it had no face value; its value was determined directly by its weight on a scale. As a guideline, one piece of silver weighed 43 monme, approximately 160 grams. Its fineness was eighty percent. It was used in the form of "Hōgin" (wrapped silver), where smaller silver coins called Mameita-gin were added to adjust the weight, and the bundle was wrapped in paper.

Gold and Silver for the Whole Country

In 1601, Ieyasu issued new gold and silver coins: the Keichō Koban, the Ichibukin, and the Chōgin and Mameita-gin. This marked the beginning of gold and silver coinage that was accepted throughout the country.

The Koban and Ichibukin were "currency by tale," their value determined by the number of coins. Four Ichibukin coins were equivalent to one Koban. In contrast, the Chōgin and Mameita-gin were "currency by weight," their value determined by mass. Thus, two types of currency with different valuation methods coexisted in the same country.

Six Hundred Pieces of Silver That Shook a Faith

This happened in 1612, some time after the new currency was created. The Christian daimyō Arima Harunobu, wishing to reclaim his former territories, asked Okamoto Daihachi, a vassal of Honda Masazumi, to lobby on his behalf. He gave him six hundred pieces of silver.

However, the vermilion-sealed letter from Ieyasu that Daihachi produced was a forgery. When the matter was exposed and he was captured, he in turn accused Harunobu of conspiracy. The plot was discovered on March 18; Daihachi was burned at the stake, and Harunobu took his own life in May.

Taking this incident as an opportunity, the shogunate issued an edict banning Christianity in its directly controlled territories. This century, in which missionary work and trade had been intertwined, ended with bribery and forged documents.

Wealth Exchanged for Soldiers

In 1614, the Winter Siege of Osaka began. The Toyotomi side used the gold and silver left by Hideyoshi to gather rōnin from all over the country. The vast number of unemployed samurai, dispossessed after the Battle of Sekigahara, became the supply of soldiers.

The Toyotomi forces numbered approximately one hundred thousand, while the Tokugawa forces had about two hundred thousand. It is said that Sanada Nobushige was given two hundred pieces of gold and thirty kan of silver, but this figure comes from later military chronicles and cannot be confirmed in contemporary documents. It is said that rōnin alone were not enough, and they also called on nearby peasants to join the army in exchange for gold. Soldiers could be bought, but loyalty could not.

The Treasury Seized by the Victor

On May 8, 1615, Osaka Castle fell. Gold and silver were dug up from the ruins of the burned storehouses. The amounts vary by record; one states 18,000 pieces of gold and 24,000 pieces of silver, while another lists 28,060 pieces of gold.

In any case, the Toyotomi's hoard was recovered by the victor from the ashes. The Kunōzan Treasury Gold and Silver Receipt Book, created upon Ieyasu's death the following year, recorded a total of 1,931,150 ryō in gold and silver. The Toyotomi exchanged gold for soldiers and lost; the Tokugawa exchanged gold for institutions and endured. The same gold and silver led to opposite outcomes depending on how they were used.