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| BACKWARD | INDEX | HISTORY | FORWARD |
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Establishment of Japanese Currency System---9.Appearance of Paper Money |
| Yamada Hagaki@(around 1600) |
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| ¦Click here for actual size of Yamada Hagaki. |
| The oldest Japanese paper currency circulated in the Ise Yamada Area (now Ise city, Mie prefecture) where commerce developed from Medieval times. |
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Yamada Hagaki was a form of privately-issued paper currency used in place of silver coins for small change, and issued in the form of a receipt. The word "hagaki" was derived from a "small slip of odd sums". Yamada Hagaki was issued and controlled by an autonomous body comprising merchants (also Shinto priests) of the Ise shrine Gegu (one of two shrine buildings). With its currency issuing system well-established and stable, Yamada Hagaki obtained confidence from the public and circulated widely in the Yamada region. Paper currency was issued also in Yamada's neighboring areas, and using paper currency as a mediums of exchange called Fuda-zukai became a common practice among the merchants in the Kinki region. |
