- Japan's first coins were minted around 708 A.D. and were small silver discs in which a square hole was punched. They were modeled after Chinese coins of the time and were called Wado Kaichin or Wado Kaiho. The Japanese government thought the new coins to be so important, they offered places in the Imperial court to people who amassed large amounts of coin wealth.
- Between 708 and 958 A.D. a range of copper-based coins were minted, in varying sizes, but still in the same disc with a square hole design. These coins were known as Kochosen, which translates as "imperial household copper." Copper shortages and bad management of currency minting caused the value of Kochosen coins to decrease to a point where common people refused to use them in trade. Minting of these coins stopped during the 10th century to protect the government from collapsing.
- It took until the 15th century for coins to start coming back into fashion in Japan. Koshu Kin coins did not have a denominational value, but were valued by weight, which was the only thing stamped on them. Made from gold and silver and minted by individual warlords, they were a convenient way to purchase lands and weaponry.
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