Abstract
Yamada-Hagaki is known as the oldest paper currency in Japan. Though it was a kind of private paper published by a local government, it circulated as an important money in the Ise district under the recognition of the Tokugawa government until the Meiji Restoration, which makes Yamada-Hagaki significant in the monetary history. The Tokugawa government tried to control the economy by forcing the circulation of three kinds of coinage as legal tender, and suppressed local currency which would endanger its policy. Especially, in the area under the direct rule of the Tokugawa government, the use of money except legal tender was prohibited. Why could Yamada-Hagaki survive in the Ise district, which was under the rule of the Tokugawa government? After discussing (1) the significance of Yamada-Hagaki in the monetary history, and (2) its transition from private to semi-public paper, we will treat the following points. (1) The time of its change to gold convertible note, (2) organization of the Hagaki guild, (3) the amount in circulation, (4) Matsuzaka-Hagaki, another paper currency, and (5) the increase of Yamada-Hagaki. We would especially like to touch upon the acceptability of Matsuzaka-Hagaki, which hindered the circulation of Yamada-Hagaki frequently.
