Japanese Coins Archive

Kōshū Ryō Kin
(甲州両金)

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

Koshu Ichi Ryō Kin (甲州一両金), or Tsuyu Ichi Ryō (露一両), are gold coins of one ryō issued between the Tenshō period (1573–1592) and the early Edo era. Their shape, resembling a "dew drop," reflects the manual production methods of the time. They belong to the Ko Kōshūkin, with an average weight of 15.2 grams. Minted between 1578 and 1609 in the Kai region (present-day Yamanashi), these coins feature inscriptions such as 「金吉」(Kinkichi), 「上字」(Jōji), and 「甲」(Kō), indicating mints or quality. The Paulownia seal (桐紋, Kiri-mon), a symbol of Kai, guaranteed their authenticity. A rare variant, the Koma Ichi Ryō (駒一両), is adorned with a stylized horse, a symbolic or toponymic reference. Few specimens survive, preserved in private or museum collections.

Suruga Sumigaki
Koban Kin
(駿河墨書小判金)

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

The Suruga Sumigaki Koban Kin is a gold coin with a value of 1 ryō, similar to the Tenshō Ōban. Its origins are uncertain: one theory claims it was minted by Tokugawa Ieyasu in 1582, after his move to Suruga to support Oda Nobunaga; according to the Kin Gin Zuroku, however, the coin dates back to 1595, an idea that contradicts Ieyasu’s direct involvement. Another version attributes the minting to Nakamura Kazuuji, a loyal retainer of Toyotomi Hideyoshi, as a political move against the Tokugawa. It is believed to have been minted in either Suruga or Kyoto. The Kaō, resembling an incomplete “Jō” (乗) character, reflects the style of the Gotō family, suggesting the coin was produced under the supervision of Gotō Chōjō, a trusted artisan of Tokugawa and creator of the Keichō Sasagaki Ōban.

Tenshō Tsūhō Kin
(天正通宝金)

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The Tenshō Tsūhō Kin represents a significant testament to the economic reforms enacted by Toyotomi Hideyoshi during the Tenshō period (1573–1592). Issued in 1587, these coins were primarily employed as rewards for loyal samurai and daimyō, thereby reinforcing political allegiance and central control. Weighing 5.4 grams and measuring 2.3 cm in diameter, they bore the inscription 天正通宝 (Tenshō Tsūhō) on the obverse, while the reverse remained unmarked, reflecting a sober and functional design. Crafted from gilded copper, their value was more symbolic than commercial. Although also intended for civilian circulation, their usage remained limited due to their high value. These coins formed part of Hideyoshi’s broader initiative to centralize authority and construct a unified economic identity.

Musashi Sumigaki
Koban Kin
(武蔵墨書小判金)

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The Musashi Sumigaki Koban Kin is a gold coin valued at 1 ryō, similar to the Keichō Koban in both size and weight. Its minting is datable to the fourth or fifth year of the Bunroku era (1595–1596), a crucial period during which Tokugawa Ieyasu established his power in Edo and consolidated control over the surrounding provinces. It is plausible that this coin was intended to facilitate trade within the territories under his direct influence. The production is attributed to the Gotō family, a renowned dynasty of artisans specializing in the crafting of precious metals for official purposes. In particular, Gotō Shōzaburō Mitsutsugu, who was sent to Edo by his predecessor Gotō Tokujo in 1595, strengthened the family’s ties with the emerging Tokugawa government. From an iconographic perspective, the obverse of the coin features a central ink inscription reading “1 Ryō” (壱両), accompanied by a kaō (calligraphic signature), the name “Musashi” (武蔵) on the right side, and two Gosan Kiri crests arranged in a fan-like pattern at the top and bottom.

Hachi Ryō Ban Kin
(八両判金)

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The Hachi Ryō Ban Kin, commonly known as Taikō Ōban Kin, are among the most fascinating and mysterious numismatic artifacts of Japan. Although traditionally attributed to the period of Toyotomi Hideyoshi, recent historical studies, based on documents preserved by the Gotō Shōzaburō family, custodians of the Kinza (Gold Mint), have revealed a more accurate chronology, placing their production during the Keichō period (1596–1615). A crucial document for understanding their history, the “Kuno Gozu Kingin Ukebarai Chō”, dated to the second year of the Genna era (1616), confirms their existence and limits their minting to the tenth year of the Keichō era (1605), just a few years after the issuance of Keichō Ōban Kin coins. The analysis of the seals imprinted on these coins supports this dating and confirms their authenticity. Despite their historical and cultural significance, only a few authentic examples of the Hachi Ryō Ban Kin have survived, including one displayed at the Currency Museum of the Bank of Japan.

Genroku Ōban Kin
(元禄大判金)

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At the end of the 17th century, Japan faced a deep economic crisis, worsened by the decline in gold and silver extraction and a succession of natural disasters, including the Edo earthquake (1703), the eruption of Mount Fuji (1707), and a smallpox epidemic in the Kantō region (1709). These events severely strained the finances of the Tokugawa shogunate under the leadership of Tokugawa Tsunayoshi. In an attempt to address the monetary contraction, Minister Ogiwara Shigehide implemented a reform that involved issuing new gold coins with a metal content reduced by 20%. Although this measure initially had an expansive effect on the economy, it undermined confidence in the monetary system. Merchants hoarded older coins of higher purity and turned to alternative credit systems, triggering a parallel economy less dependent on the devalued official currency. The social impact was significant: citizens and farmers accumulated durable goods or hid precious metals, indicating a deep systemic distrust. Popular discontent and intellectual pressure, personified by Arai Hakuseki, led to Ogiwara’s dismissal in 1712 and a policy reversal under Tsunayoshi’s successor, Tokugawa Ienobu, followed by Ietsugu. The new coin issues of 1714 aimed to restore monetary quality but triggered severe deflation, affecting the agricultural sector in particular. Within this context emerged the controversial production of the Genroku Ōban, coins of great symbolic value but inconsistent quality and often subject to counterfeiting. Their current rarity makes them valuable material evidence of an era marked by financial instability, political change, and widespread social tensions.

1 Yen Gold Meiji
(一円金明治)

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The 1 yen gold coin was introduced in 1871 during the Meiji era as part of modernization reforms inspired by Western models. Initially minted with larger dimensions, its diameter was reduced in 1872 while maintaining the same weight and fineness, in order to improve practicality and production efficiency. The 1 yen was formally redefined by the 1897 Coinage Law, which established the adoption of the gold standard and guaranteed the gold equivalence of the Japanese currency, strengthening its credibility in international markets. Minted in 900/1000 gold, the coin initially weighed 1.67 grams and measured 13.51 mm, later reduced to 12.15 mm. Its stylistic variations are distinguished by the shape of the character 明 (Mei) and the position of the dot below the Yen character 圓.

Significant Variants of 1871*:

Tomei 止明	Chomei 跳明
Full 明 (Mei) character First mintings of 1871	Truncated 明 (Mei) character Last mintings of 1871 continued until 1880
Wider space between the dot and the character 圓 (En) First mintings of 1871	Narrower space between the dot and the character 圓 (En) Last mintings of 1871 continued until 1880