Kaiki Shōhō (開基勝寳)

(Ginza Coins Collection, Tokyo. Reproduction authorized. © All rights reserved.)

In 760 AD, during the 4th year of the Tenpyō-hōji era, Minister Fujiwara no Emi no Oshikatsu promoted the minting of the Kaiki Shōhō, considered the first official gold coin of Japan. The existence of only thirty-two known specimens highlights the exceptional rarity of this issue.

The coin, made of gold, features a circular shape with a square central hole, in line with styles inspired by Chinese coinage. The inscription 開基勝寳, engraved on the obverse, is traditionally attributed to the famous calligrapher Kibi no Makibi, a prominent figure of the Nara period.

Variations in size and weight (between 11 and 17.5 grams) have led many scholars to rule out its use in everyday economic transactions. Instead, the prevailing theory identifies the Kaiki Shōhō as a ceremonial or commemorative object, possibly linked to religious or political events.

The first discoveries date back to 1794, when some workers found a specimen near the Saidai-ji temple in Nara. Later, in 1937, thirty-one more were unearthed during archaeological excavations in the same area. Today, all known Kaiki Shōhō coins belong to Japanese public collections. Among them, the Tokyo National Museum preserves several specimens classified as an Important Cultural Property, bearing witness to the deep historical, political, and spiritual meaning the coin holds within the context of ancient Japan.