Discussion Paper Series Institute for Monetary and Economic Studies Bank of Japan

In the Edo Period, a unique form of money known as “Tsutsumi-kin”(the gold wraps) and “Tsutsumi-gin”(the silver wraps), which were paper-packed gold and silver coins, were commonly used as settlement media for large transactions. They were packed in traditional Japanese paper and sealed with the preparer’s stamp. On the obverse, the name of the preparer, the amount included, and the date of wrapping were written with a brush to certify their value. Wraps circulated as money at face value and no one tried to break seals nor to check the amount included, relying on the high credibility of sealers such as the Gold Mint, the Silver Mint and prestigious money changers. Gold and silver wraps were first prepared by the Gold Mint and the Silver Mint by the order of the Tokugawa Shogunate government but prestigious ryogaesho(money changers) also started to prepare the wraps backed by their high credibility since the late 17th century with the growing demand for a largedenomination currency to settle many large transactions.