708 ,AUGUST 29– Copper coins are minted in Japan for the first time.

 708 ,AUGUST 29– Copper coins are minted in Japan for the first time.

This mint came about when a large deposit of copper was found in Musashi province. Copper was discovered in the Chichibu District of what is now Saitama Prefecture, and the Japanese were so delighted with the discovery that they named the Wado era (708 A.D. – 715 A.D.) after it. Wado means “Japanese Copper” and the first coin that was minted was the Wado Kaiho, or Wado Kaichin, in 708 A.D.
The Wado Kaiho was modeled after the Kaigen Tsuho (K’ai Yuan T’ung Pao in Chinese), and whilst the majority were cast in copper, a few were also cast in silver. The Japanese and Chinese coins are very similar, however, the Wado Kaiho is read clockwise starting from the top, whereas the Kaigen Tsuho is read top-bottom, right-left.
The Wado Kaiho has two distinct varieties. The first batch were rather poor quality, and the second batch improved greatly after experts from the Chinese mint were called over to offer advice on the minting process.
Over 250 years from 708 A.D. to 958 A.D. the Japanese minted 12 coins. In addition to copper coins there was the Kaiki Shoho, which was gold, and the Taihei Genpo, which was silver. These are very rare coins, with the only known Kaiki Shoho in the Tokyo National Museum. Overall the coins declined in quality with each successive issue, and usage never became widespread with barter of goods remaining the major medium of exchange.
After the final of the 12 coins, the Kengen Taiho, was minted in 958 A.D. Japan shut down its mint after two and a half centuries of operation. Following this no coins were minted for 600 years. Coins were imported during this period right up until the Meiji era (1868 – 1912).