The Fate of Gold, Divided by Its Use

A single Keichō koban has been found in the ruins of Ginza, Tokyo. On its surface are horizontal lines called gozame, a paulownia crest, and the seals for "One Ryō" and "Mitsutsugu." This gold coin, first issued in 1601, was born amidst one of the greatest redistributions of wealth in Japanese history.

Land as a Measure of Wealth

After Sekigahara, there were about 170 daimyō and bushi who sided with the Western Army; only eleven of them were able to return to their status as daimyō. Records show that over 6.22 million koku of land were confiscated, and 68 new daimyō were created. Uesugi Kagekatsu's holdings were reduced from 1.2 million koku to 300,000 koku, and Mōri Terumoto's from 1,205,000 koku to 298,000 koku. Toyotomi Hideyori's domain also shrank from 2.22 million koku to just over 650,000 koku.

On the other hand, the holdings of figures like Kuroda Nagamasa and Fukushima Masanori more than doubled. Nobunaga rewarded his vassals with tea utensils, and Hideyoshi with gold. Ieyasu's rewards returned to land. And the value of that land was measured by the kokudaka system established by the Taikō land surveys.

Gold and Silver Converted into Military Power

In 1614, the Winter Siege of Osaka began. The Toyotomi faction used the gold and silver left by Hideyoshi to gather rōnin from all over the country. The mass of unemployed samurai created by the post-Sekigahara confiscations became a ready source of soldiers. The aftermath of the previous war thus supplied the soldiers for the next.

During the Winter Siege, the Toyotomi forces numbered about 100,000, and the Tokugawa forces about 200,000. In the Summer Siege, the Toyotomi forces decreased to 78,000, while the Tokugawa forces numbered 155,000. It is said that Sanada Nobushige was gifted 200 gold pieces and 30 kan of silver, but this figure comes from later military chronicles and cannot be confirmed in contemporary documents. It is also said that nearby peasants were called to join the battle in exchange for gold.

Gold and Silver That Remained as a System

On the eighth day of the fifth month of 1615, Osaka Castle fell. Gold and silver were dug up from the ruins of the burnt storehouses. One record states 18,000 gold pieces and 24,000 silver pieces, while another claims 28,060 gold pieces. The Toyotomi hoard was recovered by the victors from the ashes.

The following year, an account book created upon Ieyasu's death recorded that his estate contained a combined total of 1,931,150 ryō in gold and silver. The Toyotomi exchanged gold for soldiers and lost; the Tokugawa exchanged gold for a system and endured. The same gold and silver met opposite ends depending on how they were used.

Towards a Currency Valid Nationwide

In 1601, Ieyasu issued new gold and silver coins: the Keichō koban, the Ichibukin, and the Chōgin and Mameitagin. This was the beginning of gold and silver coins that would be accepted anywhere in the country.

The koban and Ichibukin were currencies counted by piece, while the Chōgin and Mameitagin were currencies weighed on a scale. In the same country, gold that was counted and silver that was weighed existed side by side. Nobunaga set values, Hideyoshi displayed wealth, and Ieyasu created a system. It was a task passed down in succession. The weight of the koban was set at 4 monme, 7 fun, and 6 rin, with a gold content in the 84 percent range.