The Currency Circulation under the Three-Currency System in the Tokugawa Period of Japan

In the Tokugawa Period,Japan had established the three-currency system,taking the gold,silver and copper coin as the legal tender.The currency circulation under the tokugawa regime and the three-currency system possessed some unique characteristics.Firstly,the relationship among the three kinds of currencies appeared to be independent and equal.The circulation of the three currencies coexisted with each other.Secondly,the circulation system had a dual nature that the centralization and decentralization both existed.Thirdly,in different circulating areas,there was separatism between the two major conflicting circulation cycles as well as among the regional currencies.In addition,the three currencies all had relatively steady users in certain stratum.These characteristics of currency circulation had a great influence on the development of the pre-modern commodity economy.