ABSTRACT
The ancient records do not give a clear description of the currency of their time. But in a prehistoric period, shells, precious stones, rice, corn, clothing, and other commodities seem to have been used as the medium of exchange. Magatama and Kudatama made of precious stones, which are often dug out of old mounds and caves, were hung around the neck. They served as an ornament, and perhaps also the purpose of money as well. Gold, silver, and copper were imported from continental Asia tens of centuries before the Christian era. It is most likely they were used as instruments of commerce. According to a record in the reign of the Emperor Hansei (406 to 411 A.D.), gold, silver, and copper coins circulated at the following ratios: One sho * of rice = one mon of copper; ten mon of copper = one mon of silver; ten mon of silver = one mon of gold.
