Tenpō Nishū Ban Kin
(天保二朱判金)

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

ssued in 1837 during the Tenpō era (1830–1844), the Tenpō Nishū Ban Kin emerged amid economic crisis, famine, and monetary instability. The Tokugawa government introduced it to boost currency circulation, while reducing its gold content to preserve dwindling precious metal reserves. This strategy, designed to generate fiscal revenue through the gap between face value and intrinsic value, earned the shogunate over one million ryō. However, the coin’s lower gold quality sparked distrust among merchants and encouraged counterfeiting, as shown by a 1840 case in Osaka, where fake coins made with even poorer alloys were uncovered. The Tenpō Nishū Ban Kin remained in circulation until 1866, when it was replaced by the Man’en Nishū Ban Kin, marking a step toward the monetary reforms of the Meiji era.