This is a clay pagoda excavated from Hashio, Koryo Town, Nara Prefecture. It appears to have been made in a two-part mold, with rice husks placed in the bottom before being offered. While clay pagodas themselves are not uncommon, I believe the one offered here is special because the mold release was good, and the Sanskrit characters are still visible. I think it's rare to find a clay pagoda in such beautiful condition. Although I see crushed clay pagodas from time to time, it's difficult to find one in such good condition with few chips or damage. The display stand in the images is not included.