Unveiling Ancient Wealth: Japanese Coins Discovered in Rare Hoard

Japanese and Chinese coins can have square holes in the center.

Stacks of Japanese coin bundles were recently found in Japan. Lying on straw woven mats, these coins have square holes in the middle indicating where a string bound them together.

Archaeologists in Maebashi, a city approximately 60 miles (100 kilometers) northwest of Tokyo, have discovered an enormous cache of about 100,000 coins. This significant find occurred during excavations ahead of the construction of a factory, as reported by The Asahi Shimbun.

So far, only 334 coins have been examined. The oldest among them originates from China, dating back to 175 B.C., while the most recent is from A.D. 1265. The hoard comprises 1,060 bundles, each containing roughly 100 coins. The oldest coin bears the Chinese inscription "Banliang," which translates to "half ounce" and was commonly used in China about 2,200 years ago, according to the Metropolitan Museum of Art in New York City.

Ethan Segal, an associate professor of history at Michigan State University who was not involved with the discovery, states that numerous coin hoards have been found throughout Japan. These hoards, mainly from Japan's medieval period (13th to 16th centuries), have been unearthed in various locations across the archipelago. Of note, this period (13th to 16 centuries) is a time when many hoards of coins, particularly in Great Britain, have been found all over the world.

Japan began producing its own metal currency in the late seventh century, inspired by Chinese coins with square holes. This design allowed people to string together large amounts of coins, typically 100 per string. Online images of the hoard reveal many coins featuring these square holes.

Segal noted that Japan ceased minting its coins in the mid-10th century due to economic changes and a scarcity of copper ore. Consequently, Chinese coins were sometimes used instead. Segal speculates that many of the uncovered coins may belong to the Northern Song dynasty (960 to 1127). After the Northern Song was overrun by the Jurchen in the early 12th century, their coins lost value, making them more likely to be used for purchasing goods abroad.