Gaku Ichibu Ban Kin
(額一分判金)

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

The Gaku Ichibu Ban Kin, issued in 1599 (the fourth year of the Keichō era), is one of the earliest fractional gold coins in Japan. Introduced during a transitional period between the Azuchi–Momoyama period and the beginning of the Edo era, it is generally attributed to Tokugawa Ieyasu and regarded as an experimental prototype of the Ichibu Ban Kin coins issued later. The term gaku (“frame” or “border”) refers to the engraved rectangular border that surrounds the characters on the obverse of the coin, a distinctive graphic feature of this particular issue. Its introduction reflects Ieyasu’s early efforts to unify and regulate currency within his territories at a time when Japan’s monetary system remained fragmented and lacked standardization. Certain design features suggest possible foreign influence, likely stemming from early contact with Portuguese and Dutch traders. The presence of a kaō (stylized signature) and seals associated with the Kinza (the Gold Mint) and the workshop of Gotō Mitsutsugu further supports the attribution to the Tokugawa domain. Some surviving specimens also bear minor marks likely applied by moneychangers of the period, though these are not considered part of the official minting process today.