Man’en Nibu Ban Kin
(万延二分判金)

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

Introduced in 1860, the Man’en Nibu Ban Kin was one of the last fractional gold coins issued by the Tokugawa shogunate. Lighter than its predecessor, the Ansei Nibu, but made with a slightly improved alloy, it was intended to restore confidence in the monetary system and support public finances. Its wide circulation, greater than that of other coins such as the Man’en Koban, contributed to the shift in commercial transactions from the ryō unit to the nibu, reflecting Gresham’s Law, which states that "bad money drives out good." In 1865, the Man’en Nibu became central to a major financial operation led by the reformist Oguri Tadamasa. Through its recoinage, the shogunate raised funds for the construction of the Yokosuka Naval Arsenal, a key project for Japan’s military modernization, without increasing taxes. For this reason, some historical documents referred to it as the "Oguri Nibu Kin." The coin was officially withdrawn in 1874 during the monetary reforms of the Meiji era.