Genroku Gold and Silver

After the unification of the Shogunate currency in the Keicho era (1596-1615), gold and silver coins were recoined for the first time in 1695 (Genroku 8). The Keicho Koban and Ichibuban coins, which had a purity of 87%, were degraded to 57%, while the Keicho Chogin and Kodamagin coins, which had a purity of 80%, were degraded to 64%. In 1697, Nishukin coins of the same purity were also issued. Reasons for the Shogunate's decision to recoin the Keicho gold and silver coins, which had been in circulation for over 90 years, included the Shogunate's financial situation, which aimed to make a profit from the recoinage, and collusion between gold and silver merchants who received revenue from the recoinage fees and Ogiwara Shigehide, the then head of the accounting division, but the main reason was the increase in the amount of currency in circulation commensurate with the development of the monetary economy. However, because gold coins depreciated at a greater rate than silver coins, this led to repeated mis-minting of silver coins throughout the Shotoku period (1711-16), causing great economic turmoil.

[Masaru Iwahashi]

Source: Shogakukan Encyclopedia Nipponica About Encyclopedia Nipponica Information | Legend

慶長(けいちょう)（1596～1615）の幕府通貨統一のあと、1695年（元禄8）に初めて改鋳された金銀貨。87％の純分率をもつ慶長小判(こばん)、一分判(いちぶばん)は57％に、80％の慶長丁銀(ちょうぎん)、小玉銀(こだまぎん)は64％に、それぞれ質が落とされた。また97年、新たに同品位の二朱金(にしゅきん)も発行。幕府が90年間以上流通した慶長金銀貨をあえて改鋳した理由としては、改鋳出目(でめ)益をねらう幕府財政事情、改鋳手数料収益にあずかる金・銀座商人と時の勘定組頭荻原重秀(おぎわらしげひで)の結託などがあるが、基本的には貨幣経済の発展に見合う流通貨幣量の増大にあった。ただ、銀貨に比し金貨の減価率が大であったため、その後正徳(しょうとく)期（1711～16）にかけてたび重なる銀貨の悪鋳を招くこととなり、経済は大きく混乱した。

［岩橋　勝］

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