Japanese Coins
Including Korean coins made in Osaka.
Except otherwise stated, all results include the premium.
See also : Coins 1000-1775 British coins
Except otherwise stated, all results include the premium.
See also : Coins 1000-1775 British coins
1588 Tensho Hishi Oban
Intro
During the Tensho period, the weakness of the emperors brought absolute power to the regent Toyotomi Hideyoshi, who set out to unify and pacify Japan.
To develop trade, Hideyoshi needs a gold coin. The very first, in the 16th year of Tensho corresponding to 1588 CE, is the oban defined by a weight of 10 ryo, of the variety Tensho hishi oban.
This coin is a 146 x 85 mm oval plaque weighing 165 grams. It is molded but not struck, and the weight is adjusted by plugs. It has ink inscriptions on both sides. On the obverse, the hallmarks feature the ornamental paulownia tree which is Hideyoshi's heraldic symbol, some inside a hishi lozenge and others inside a circle. The ink inscriptions include the identification of the date and of the Goto family of goldmiths, and the guaranteed weight of 10 ryo.
To develop trade, Hideyoshi needs a gold coin. The very first, in the 16th year of Tensho corresponding to 1588 CE, is the oban defined by a weight of 10 ryo, of the variety Tensho hishi oban.
This coin is a 146 x 85 mm oval plaque weighing 165 grams. It is molded but not struck, and the weight is adjusted by plugs. It has ink inscriptions on both sides. On the obverse, the hallmarks feature the ornamental paulownia tree which is Hideyoshi's heraldic symbol, some inside a hishi lozenge and others inside a circle. The ink inscriptions include the identification of the date and of the Goto family of goldmiths, and the guaranteed weight of 10 ryo.
1
2021 SOLD for $ 1.92M by Stack's Bowers
On April 6, 2021, Stack's Bowers dispersed a highly rare collection of 22 Japanese oval gold coins from the origins until the abolition of the Tokugawa system in the Meiji era.
Lot 50021 was a Tensho hishi oban graded MS 60 by PCGS, sold for US $ 1.92M from a lower estimate of $ 700K.
Lot 50021 was a Tensho hishi oban graded MS 60 by PCGS, sold for US $ 1.92M from a lower estimate of $ 700K.
2
2015 SOLD for CHF 1.1M before fees par Hess Divo
A Tensho hishi oban graded Extremely Fine was sold for CHF 1.1M before fees by Hess Divo on May 22, 2015, lot 1226.
1595 Tensho Naga Oban
2021 SOLD for $ 350K by Stack's Bowers
In 1595 the first attempt at mass production, around 10,000 pieces per year for five years, is the variety Tensho naga oban, so named because it is longer, 170 mm. The hishi is replaced by a hexagon. It is worth 10 ryo.
An example authenticated by PCGS with graffiti was sold for US $ 350K from a lower estimate of $ 200K by Stack's Bowers on April 6, 2021, lot 50022.
Hideyoshi's successor, Tokugawa Ieyasu, generalizes this monetary system by adding silver and bronze denominations. The gold coin weighing 1 ryo is the koban. The goryoban will be the 5 ryo coin.
An example authenticated by PCGS with graffiti was sold for US $ 350K from a lower estimate of $ 200K by Stack's Bowers on April 6, 2021, lot 50022.
Hideyoshi's successor, Tokugawa Ieyasu, generalizes this monetary system by adding silver and bronze denominations. The gold coin weighing 1 ryo is the koban. The goryoban will be the 5 ryo coin.
Special Report
The Osaka Mint and the Meiji Reform
The Osaka Mint (Japan Mint, or Zōheikyoku) has deep ties to the failed Hong Kong Mint project discussed in the context of the 1867 Victoria Proof Pattern Tael (Pridmore-314). It represents a direct transfer of British colonial technology and expertise to Meiji Japan's modernization efforts.
Connection to the Hong Kong Mint
The Hong Kong Mint operated briefly from 1866 to 1868 under British colonial administration. Due to poor acceptance of its coins, ongoing losses from silver debasement, and other economic issues, it closed quickly. In 1868, the site was sold to Jardine Matheson, and its machinery, equipment, and technical plans were sold to the Japanese government.
British trading firms like Glover & Co. and Jardine Matheson mediated the transfer. Key personnel, including engineers and former Hong Kong Mint staff (notably links to Thomas William Kinder and especially Thomas James Waters, an Irish engineer), moved to Japan. Waters played a major role in designing and supervising the Osaka Mint's construction using Hong Kong assets.
This transfer provided Japan with ready-made Western minting technology at a critical time.
Establishment and Early History (Meiji Era)
Later Development and Modern Role
The Osaka head office includes the Mint Museum (free entry, with historical exhibits, coins, medals, production processes, and Meiji-era artifacts). It is famous for its cherry blossom viewing (hundreds of trees, open to the public for about one week in mid-April with reservations).
The Mint continues as Japan's primary coin producer and a symbol of Meiji-era industrialization.
In the context of the Pridmore-314 tael: The Hong Kong Mint's failure directly enabled Japan's success with modern minting. The 1867 patterns were early (ultimately rejected) attempts at trade coinage that highlighted the challenges of blending British and Chinese/Qing elements—challenges Japan navigated more effectively by adopting and adapting Western systems wholesale for domestic use.
This history underscores 19th-century East Asian monetary transitions and British mercantile influence in the region. For visuals or deeper dives, the Japan Mint's official site and museum are excellent resources.
Meiji currency reform (primarily 1871 New Currency Act) was a cornerstone of Japan's rapid modernization during the Meiji Restoration (1868–1912). It replaced the fragmented, chaotic Tokugawa-era monetary system—multiple gold, silver, copper coins, and domain-issued paper notes (hansatsu) with varying values—with a unified, decimal-based national currency centered on the yen.
Core Elements of the Reform
Overall, the reform was pivotal: it traded short-term pain for long-term stability and growth, helping Japan avoid colonization, industrialize rapidly, and become a global player by the early 20th century—though at costs to rural populations and traditional classes. The yen system introduced in 1871 remains the foundation of Japan's modern economy.
Connection to the Hong Kong Mint
The Hong Kong Mint operated briefly from 1866 to 1868 under British colonial administration. Due to poor acceptance of its coins, ongoing losses from silver debasement, and other economic issues, it closed quickly. In 1868, the site was sold to Jardine Matheson, and its machinery, equipment, and technical plans were sold to the Japanese government.
British trading firms like Glover & Co. and Jardine Matheson mediated the transfer. Key personnel, including engineers and former Hong Kong Mint staff (notably links to Thomas William Kinder and especially Thomas James Waters, an Irish engineer), moved to Japan. Waters played a major role in designing and supervising the Osaka Mint's construction using Hong Kong assets.
This transfer provided Japan with ready-made Western minting technology at a critical time.
Establishment and Early History (Meiji Era)
- Founding: The Meiji government established the Imperial Japanese Mint in Osaka in 1871 to modernize the chaotic currency system inherited from the Tokugawa period. The inaugural ceremony occurred on April 4, 1871, in Kawasaki, Osaka; coin production began soon after.
- Purpose: Standardize gold and silver coinage using Western models to support economic reforms and international trade. Osaka was chosen partly because the Hong Kong machinery was already there (easier than relocating to Tokyo).
- Innovations and Challenges: Heavy equipment was imported, but Japan built supporting factories for chemicals (sulfuric acid, soda), gas, etc. The Mint introduced double-entry bookkeeping, telegraphs, telephones, and Western-style practices (e.g., staff adopted Western clothing, abandoned topknots and swords). It manufactured many tools on-site due to limited local industry.
- Architectural Significance: The original buildings followed Western classical styles, symbolizing modernization. The preserved 1871 façade and the Mint Museum (originally a power plant, converted in 1969) remain notable Meiji-era brick structures.
Later Development and Modern Role
- Expanded beyond coins to decorations, medals, metal analysis, hallmarking, and commemorative/metallic art objects.
- Branches added over time (e.g., Saitama for fineness certification; Hiroshima for wartime production, affected by the 1945 atomic bombing but resumed later).
- Became an Independent Administrative Institution (Incorporated Administrative Agency) on April 1, 2003. It produces Japan's circulating coins (not banknotes) and handles related functions.
The Osaka head office includes the Mint Museum (free entry, with historical exhibits, coins, medals, production processes, and Meiji-era artifacts). It is famous for its cherry blossom viewing (hundreds of trees, open to the public for about one week in mid-April with reservations).
The Mint continues as Japan's primary coin producer and a symbol of Meiji-era industrialization.
In the context of the Pridmore-314 tael: The Hong Kong Mint's failure directly enabled Japan's success with modern minting. The 1867 patterns were early (ultimately rejected) attempts at trade coinage that highlighted the challenges of blending British and Chinese/Qing elements—challenges Japan navigated more effectively by adopting and adapting Western systems wholesale for domestic use.
This history underscores 19th-century East Asian monetary transitions and British mercantile influence in the region. For visuals or deeper dives, the Japan Mint's official site and museum are excellent resources.
Meiji currency reform (primarily 1871 New Currency Act) was a cornerstone of Japan's rapid modernization during the Meiji Restoration (1868–1912). It replaced the fragmented, chaotic Tokugawa-era monetary system—multiple gold, silver, copper coins, and domain-issued paper notes (hansatsu) with varying values—with a unified, decimal-based national currency centered on the yen.
Core Elements of the Reform
- 1871 New Currency Act: Introduced the yen (1 yen = 100 sen = 1,000 rin), initially bimetallic (gold for domestic, silver for trade, reflecting Asian partners like China using silver). The Osaka Mint (established 1871 with transferred Hong Kong Mint machinery) produced standardized Western-style coins.
- Later developments: National Bank Act (1872/1876) allowed note issuance; Matsukata Deflation (1881–1885) combated inflation; silver standard (1885); full gold standard (1897).
- Unified currency ended regional discrepancies and coin debasement issues from the late Edo period, creating a stable medium for trade and taxation.
- Enabled a modern banking system, national budgeting, and integration into global trade. Trade volumes surged dramatically (imports/exports grew ~10x from the 1870s–1900s).
- Supported industrialization (shokusan kōgyō — "encourage industry") by facilitating capital flows, foreign investment, and government revenue via land taxes paid in cash (1873 reform).
- Early inflation spiked (prices more than doubled 1876–1881) due to printing money for reforms, samurai stipends (later commuted to bonds), and the costly Satsuma Rebellion (1877).
- Matsukata Deflation (under Finance Minister Matsukata Masayoshi): Sharp contraction (money supply cut 14%) caused land prices to plummet (50%), widespread bankruptcies among farmers/landowners, tenancy systems, and rural hardship. It stabilized finances long-term but hurt the agrarian sector and contributed to social unrest.
- Samurai class was economically undermined (fixed stipends vulnerable to inflation/debasement), accelerating their loss of privileges.
- Laid foundations for Japan's emergence as an industrial power by the 1890s–1900s. Sounder currency reduced risk, supported export growth (e.g., silk, cotton), and enabled military modernization.
- Shift to gold standard (1897) improved international credibility and access to foreign capital.
- Broader societal shifts: Promoted "civilization and enlightenment" (bunmei kaika), Western practices at institutions like the Mint (English language, dress codes), and urban/industrial growth (e.g., Osaka's rise).
Overall, the reform was pivotal: it traded short-term pain for long-term stability and growth, helping Japan avoid colonization, industrialize rapidly, and become a global player by the early 20th century—though at costs to rural populations and traditional classes. The yen system introduced in 1871 remains the foundation of Japan's modern economy.
1870 Meiji 3 Pattern Yen
Emperor Meiji brings Japan out of its medieval period. The oval coin inscribed in ink is obsolete. They need, like everywhere else, a circular coin. Yen means round. The first tests, in the second year of the reign, relate to the smallest copper denominations.
Know-how cannot be acquired overnight. At the start of Meiji 3, 1870 CE, Japan commissions the British to prepare prototypes. This operation covers eight denominations : 10, 5 and 2 1/2 yen in gold, yen in silver, and four subdivisions in white metal or copper.
The prototypes are sent to Japan and a British engineer arrives in Osaka. The dies are kept in London, which probably explains why the designs will be changed. All subdivisions of the yen are replaced by multiples of the sen, the decimal value 2 yen replaces the fractional 2 1/2 and the 20 yen is added. In June 1871, the government formalizes the creation of the yen. In the meantime, Japan had bought from a trading house the production line abandoned by the British in Hong Kong in 1868.
These British prototypes are very rare.
Know-how cannot be acquired overnight. At the start of Meiji 3, 1870 CE, Japan commissions the British to prepare prototypes. This operation covers eight denominations : 10, 5 and 2 1/2 yen in gold, yen in silver, and four subdivisions in white metal or copper.
The prototypes are sent to Japan and a British engineer arrives in Osaka. The dies are kept in London, which probably explains why the designs will be changed. All subdivisions of the yen are replaced by multiples of the sen, the decimal value 2 yen replaces the fractional 2 1/2 and the 20 yen is added. In June 1871, the government formalizes the creation of the yen. In the meantime, Japan had bought from a trading house the production line abandoned by the British in Hong Kong in 1868.
These British prototypes are very rare.
1
British Full Set
2021 SOLD for $ 1.56M by Stack's Bowers
There are two complete sets in existence of the eight values struck by Leonard Charles Wyon at the British Mint. One of them was sold for US $ 1.56M from a lower estimate of $ 750K by Stack's Bowers on April 6, 2021, lot 50043. Please watch the video shared by the auction house.
All units have been certified by PCGS. The three gold coins are graded 67+, 67 and 67 and the others between 65 and 67. The yen is not in silver but in tin, confirming that it was a demonstration set.
The other full set is kept in Great Britain at the Royal Mint Museum.
All units have been certified by PCGS. The three gold coins are graded 67+, 67 and 67 and the others between 65 and 67. The yen is not in silver but in tin, confirming that it was a demonstration set.
The other full set is kept in Great Britain at the Royal Mint Museum.
The crown jewel of the Pinnacle Collection: the Japanese 1870 Pattern Set. This is one of two complete sets and is estimated at $750,000 to $1,500,000. View Lot 50043's Coins in Motion Highlight Video at https://t.co/Rg19OnsdhO. Bid on the lot here: https://t.co/bdifQaK7Ef pic.twitter.com/PHXjxOtQNx
— Stack's Bowers (@StacksBowers) April 4, 2021
2
Osaka Ten Yen Gold Pattern
2021 SOLD for $ 660K by Stack's Bowers
The Hong Kong Mint (operational 1866–1868) left a significant but unintended Japanese legacy through the transfer of its machinery, expertise, and personnel, which directly supported Japan's rapid modernization during the early Meiji era (1868–1912).
Closure and Sale of Machinery (1868)
A 10 yen gold pattern coin from Meiji 3 was sold for US $ 660K from a lower estimate of $ 100K by Stack's Bowers on April 6, 2021, lot 50054. This coin from the Osaka mint is graded Specimen 61 by PCGS.
A pattern silver yen of Meiji 3 was sold for $ 320K by Heritage on September 12, 2011, lot 25234.
Closure and Sale of Machinery (1868)
- The Hong Kong Mint, established by the British colonial government to produce local silver dollars (and patterns like the Shanghai Tael), operated at a substantial loss due to low public acceptance (locals preferred familiar Mexican/Carolus dollars) and high costs.
- It closed permanently on April 25, 1868 (some sources note final operations around then, with formal wind-down in May).
- The mint's physical site (on Sugar Street, Causeway Bay) was sold to Jardine Matheson (a major British trading firm in Asia).
- The minting machinery—presses, dies, and related equipment—was auctioned/sold in May 1868 to Jardine Matheson, who quickly resold it to the Japanese government for the newly planned Imperial Japanese Mint (Osaka Mint).
- Japan, emerging from isolation under the Meiji Restoration (starting 1868), sought to establish a modern decimal currency system (the yen) to replace feudal coinage and align with international standards.
- The Hong Kong equipment was shipped to Osaka and installed at the Imperial Mint (opened 1871), where it played a foundational role in producing Japan's first modern coins:
- Gold and silver yen denominations began in 1870–1871 (e.g., pattern yen trials in 1870, regular production from 1871).
- Specific machines (including steam-powered presses) were key to early output, enabling high-quality, uniform strikes for the new yen series.
- This transfer was facilitated by British mercantile networks: Firms like Jardine Matheson and Glover & Co. (Thomas Blake Glover, a key Scottish merchant in Nagasaki) acted as intermediaries, negotiating the sale and logistics.
- Architectural and technical plans from the Hong Kong Mint also influenced the Osaka Mint's design (Western classical style, similar layouts), as documented in archival research (e.g., Japanese and British records showing dependencies on Hong Kong blueprints).
- The most direct human link was Thomas William Kinder, superintendent of the Hong Kong Mint (appointed 1866).
- After the closure, Kinder was recruited by Japan and served as the first director (or chief engineer/superintendent) of the Osaka Mint from 1870 to 1875.
- His experience at Hong Kong (managing British minting tech, silver coin production) was invaluable in setting up operations, training staff, and overseeing early yen production.
- Other British experts followed (a series hired for Osaka), continuing the transfer of know-how.
- The Hong Kong Mint's failure in its original purpose (local HK coinage) contrasted sharply with its success in enabling Japan's monetary reform—helping Japan avoid reliance on foreign coin imports and establish economic sovereignty.
- Surviving artifacts: No Hong Kong Mint buildings remain (site redeveloped into Causeway Bay's commercial district; refinery destroyed by 1874 typhoon). The legacy lives in:
- Rare Hong Kong coins (e.g., 1866–1868 dollars fetch high prices).
- Early Japanese yen coins (1870–1871 patterns/proofs, some pedigreed to these machines, command premiums in auctions).
- Historical exhibits (e.g., two foundational machines from this lineage displayed outside the modern Japan Mint Museum in Osaka, symbolizing Meiji industrialization).
- This episode illustrates transnational technology transfer in 19th-century East Asia: British colonial infrastructure, repurposed via trade networks, accelerated Japan's catch-up modernization while highlighting the Hong Kong Mint's short-lived but regionally influential footprint.
A 10 yen gold pattern coin from Meiji 3 was sold for US $ 660K from a lower estimate of $ 100K by Stack's Bowers on April 6, 2021, lot 50054. This coin from the Osaka mint is graded Specimen 61 by PCGS.
A pattern silver yen of Meiji 3 was sold for $ 320K by Heritage on September 12, 2011, lot 25234.
With an estimate of $100,000 to $150,000, this Japanese Gold 10 Yen Pattern from Year 3 (1870), Osaka Mint is graded PCGS SPECIMEN-61. This coin will be part of @stacksbowers April 2021 Hong Kong Auction. Bid on Lot 50054 at https://t.co/BziiHDzkV5. pic.twitter.com/doMRYCNKiw
— Stack's Bowers (@StacksBowers) March 29, 2021
3
Osaka Ten Yen Gold Pattern
2022 SOLD for $ 560K by Heritage
A Meiji 3 ten yen gold pattern coin was sold for $ 560K on August 25, 2022 by Heritage, lot 34307.
This coin had been minted in Osaka using presses purchased from the short lived British colonial Hong Kong mint closed in 1868. The reverse does not re-use the British Mint design. It is the finest certified example from the Osaka mint, graded MS66 by NGC.
This coin had been minted in Osaka using presses purchased from the short lived British colonial Hong Kong mint closed in 1868. The reverse does not re-use the British Mint design. It is the finest certified example from the Osaka mint, graded MS66 by NGC.
Finest Known Meiji Pattern 10 Yen Among #Rarities Headed to Heritage Auctions' August World & Ancient #Coins Event.
— Heritage Auctions (@HeritageAuction) August 12, 2022
Cape Coral, Petropolis and Historical Scholar collections also add to auction's significant promise.
□ https://t.co/9fK0I6SPYz#Numismatics pic.twitter.com/fB1T7gudJ5
1877 Meiji 10 Twenty Yen
Intro
The modern Japanese coinage was developed in the third year of Meiji, 1870 CE. After the first prototypes, the highest denomination, 20 yen in gold, is added for diplomatic and prestige uses.
The Meiji 10, 1877 CE, has the lowest mintage, 29 pieces. This very limited production enabled an extreme care in the realization. Only two of them appeared at auction.
The 20 yen Meiji 13 was minted in 103 units. One of them, graded PR 64 Cameo by NGC, was sold for $ 305K by Heritage on January 9, 2017.
The Meiji 10, 1877 CE, has the lowest mintage, 29 pieces. This very limited production enabled an extreme care in the realization. Only two of them appeared at auction.
The 20 yen Meiji 13 was minted in 103 units. One of them, graded PR 64 Cameo by NGC, was sold for $ 305K by Heritage on January 9, 2017.
1
2021 SOLD for $ 840K by Stack's Bowers
A Meiji 10 twenty yen graded MS 64 by PCGS with a cameo effect was sold for US $ 840K from a lower estimate of $ 300K by Stack's Bowers on April 6, 2021, lot 50045.
@stacksbowers is auctioning a Japanese 20 Yen from 1877 Graded as MS-64 Prooflike. Estimates are $300,000 to $600,000. View the Coins in Motion for Lot 50045 at https://t.co/NuQwKS8teb. Bid on this lot here: https://t.co/hWGCkz4W2i. pic.twitter.com/OMJeHbdWwu
— Stack's Bowers (@StacksBowers) March 31, 2021
2
2008 SOLD for JPY 42M, worth US$ 450K at that time, by Ginza Coin
Another Meiji 10 twenty yen was sold on November 22, 2008 by Ginza Coin for JPY 42M worth at that time US $ 450K, lot 974.
1909 Yung Hi 3 - Korean Won Jacobs Collection
Intro
Dr. Norman Jacobs had specialized in the study of Japanese coins, of which the engraving was particularly striking. This study includes the Korean issues, which were produced in Osaka between 1906 and 1909 in our calendar. The short reign of Yung Hi, the last emperor of the Joseon Dynasty, indeed ended with the annexation of Korea by Japan in 1910.
The sale of his collection was made by Heritage in 2011. The most significant lots were not available in the market for over half a century.
The sale of his collection was made by Heritage in 2011. The most significant lots were not available in the market for over half a century.
1
Twenty Won
2011 SOLD for $ 630K by Heritage
A set of three Korean pieces of the third year of Yung Hi (1909) was separated. These proof coins (minted before commercial production) in gold have the respective values of 5, 10 and 20 won.
They are in mint condition, graded MS64 byNGC. For each of them, the only other example known os kept at the Bank of Tokyo.
The 20 won coin from the Jacobs collection was sold for $ 630K by Heritage on September 8, 2011, lot 24529.
They are in mint condition, graded MS64 byNGC. For each of them, the only other example known os kept at the Bank of Tokyo.
The 20 won coin from the Jacobs collection was sold for $ 630K by Heritage on September 8, 2011, lot 24529.
