Unique Characteristics and Synchonicity of Currencies in Medieval and Early Modern East Asia and their Implications in the Theory of Money

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Copper cashes originated from China whose denominations were small had dominated monetary transactions through medieval Japan. As collection and transportation of small denomination currencies needed a large cost, a regional economy tended to assort plural currencies whose denominations could fully cover all size of transactions. Acceptance of a currency depended not only on intrinsic value or extrinsic enforcement by authority but on whether it could fit in the assortment of currencies which regional market demanded.