In 810, the second son of a Shinto priest from Izumo was passing through this area on his way to worship at Ise Shrine when the jade stone netsuke he was wearing as a talisman suddenly became heavy. It is said that he had a divine dream that called for him to build a shrine here, and so he did so.
Kanemochi-go was once a production area for "tamahagane," a steel that was said to be better than gold. The area possessed many valleys where the raw material, iron sand , was mined, and as the character for metal fittings indicates, iron (tetsu) was read as "kane" (gold), so it is said that the area came to be called "Kanemochi," meaning a place with many valleys where gold could be mined.