Unlocking The Secrets Of Japanese Old Money Discovering The Value Of Historical Currency

Japanese “old money” spans more than a millennium, covering cast copper cash, rectangular silver, oval gold koban, early paper scrip, and the Meiji-era switch to milled coins and modern banknotes. For collectors and appraisers, the appeal is equal parts artistry and history. This guide gives you the tools to identify major types, understand what drives value, and avoid common pitfalls that trap even experienced buyers.

The landscape of Japanese old money: from cast cash to gold ovals

• Early coinage: Japan’s first official coins appeared in the early 8th century (starting with Wado Kaichin in 708). After long gaps and reliance on imported Chinese cash, domestic casting returned in the medieval period.
• Tokugawa (Edo) period (1603–1868): A tri-metallic monetary system took shape—gold (koban and oban), silver (bu and shu denominations), and copper (mon cash). Domains also issued paper scrip called hansatsu.
• Meiji reforms (from 1868): The New Currency Act of 1871 introduced the yen (1 yen = 100 sen = 1,000 rin) and Western-style milled coinage. The Bank of Japan (founded 1882) issued its first notes in 1885.
• Prewar to early Showa: Silver “dragon” yen (1870–1914), trade dollars, gold 5/10/20 yen, and a succession of banknote series mark the period. Wartime and occupation issues exist but are a separate specialty.

If you open a family box in Japan or inherit a collection abroad, you’re likely to see one or more of the following:

• Cast copper cash with a square hole—often marked Kanei Tsuho (寛永通寳) or the large-value Tempo Tsuho (天保通寳).
• Rectangular silver “bu” pieces (ichibu-gin, nibu-gin, isshu-gin).
• Oval gold koban or smaller rectangular ichibuban/nibuban.
• Domain hansatsu notes on thick fibrous paper.
• Meiji milled coins, especially silver yen with a dragon reverse.
• Early Bank of Japan notes featuring deities and allegorical figures.

What drives value: the factors that move prices

• Type and historical period: Koban and oban gold, early Meiji gold and silver, and hansatsu from rare domains generally outrank ubiquitous copper cash.
• Rarity and variety: Within common types, small varieties (different calligraphy styles, mintmarks, reform periods) can be scarce. Certain mintmarks on Kanei Tsuho, particular koban reform issues, or low mintage Meiji dates command premiums.
• Condition and originality: For coins, wear, surface quality, and original patina matter. For paper money, paper integrity, margins, color, and the absence of repairs/holes drive value. Uncleaned, fresh surfaces are prized.
• Authenticity and provenance: Authentic Edo gold and silver pieces are heavily counterfeited. Provenance (old collections, dealer records, paperwork) reduces risk and adds confidence.
• Metal content: Gold and silver coins have a bullion “floor,” but collectible value usually far exceeds melt—especially for intact, correctly marked pieces.
• Market demand: Japanese domestic demand is robust, and international interest is strong for iconic types like silver dragon yen, koban, and early BoJ notes.

Identification essentials by type

Cast copper cash (Kanei Tsuho, Tempo Tsuho and others)

• Look: Round coin with a square center hole; characters typically read top-bottom-right-left. Kanei Tsuho (introduced 1626) is the most encountered; large-format Tempo Tsuho (4 mon) dates to the 1830s–1840s.
• Metal/fabric: Cast, not struck—expect casting seams, occasional sprue traces filed off. Weight and size vary by period and mint.
• Varieties: Provincial mints used different mintmarks or small symbols on the reverse; calligraphy styles vary noticeably. Many varieties are common; some are scarce to rare.
• Value notes: Most are nominally valuable unless unusual varieties and high grade. Smooth, even patina is desirable. Cleaning or corrosion harms value.

Rectangular silver (ichibu-gin, nibu-gin, isshu-gin)

• Look: Small rectangular bars with stamped characters indicating denomination (e.g., 一分銀 for ichibu-gin). Surfaces show hammered texture and punch marks.
• System: Edo era denominations—1 ryo = 4 bu = 16 shu. Ichibu-gin is one-quarter ryo.
• Identification: Learn the character forms and typical punch styles by era (Tempo, Ansei, etc.). Beware of modern cast copies with soft detail and wrong weight.
• Value notes: Many are accessible in circulated grades. Scarcer eras, crisp punches, and correct weight/fineness raise value. Counterfeits abound—confirm with precise weighing.

Koban, ichibuban, and oban (gold)

• Look: Koban are oval gold plates with official stamps; oban are much larger ceremonial ovals; ichibuban/nibuban are smaller rectangular gold pieces. Authentic specimens show multiple official stamps (including paulownia crests and official kaō marks) applied by authorized assayers.
• Reforms matter: Weight and fineness changed in major monetary reforms (e.g., Keicho, Genroku, Kyoho, Tempo). Experts use stamp styles, texture, and measured weight to peg the correct issue.
• Value notes: Genuine koban are luxury-level collectibles, with strong premiums for well-preserved, correctly stamped and weighted pieces. The market is rife with tourist replicas, gilded brass, and “wedding koban” novelties—never buy without in-hand evaluation and weight checks.

Meiji milled coinage (from 1870)

• Look: Mechanically struck coins with reeded edges, Western numerals, and Japanese legends. Silver yen “dragon” types (1870–1914) are most recognized; also 50 sen, 20 sen, 10 sen, and gold 5/10/20 yen.
• Key types: Early dates and low-mintage varieties are valuable. Some coins exist as later restrikes or proofs; die characteristics and edge details help differentiate.
• Value notes: High-grade, original silver yen and early gold see strong demand. Counterfeits are common—test weight, diameter, and die details against trusted references.

Paper money: hansatsu and early Bank of Japan notes

• Hansatsu: Domain-issued scrip produced via woodblock printing on mulberry-based paper; often hand-signed and stamped. Designs and denominations vary widely by domain. Rarity hinges on issuing domain, denomination, and survival.
• Early government and BoJ notes: Early Meiji “Dajokan” and “Meiji Tsuho” issues, then Bank of Japan notes starting 1885 (including the popular “Daikokuten” 1 yen). Condition is critical; repaired folds and pinholes reduce grade and value.
• Value notes: High-grade hansatsu from scarce domains and crisp early BoJ notes can be notable finds. Authentication focuses on paper type, printing style, inks, and seal/signature authenticity.

Authentication red flags and tests you can do safely

• Measure and weigh: Use a digital scale (0.01 g resolution) and calipers. Compare to catalog specs with realistic tolerances. Wrong weight or diameter is the quickest fail on fakes.
• Inspect fabric:
  • Cast copper cash: Expect casting characteristics; avoid pieces with glossy, freshly polished surfaces or bubbly metal. Look for honest wear, not acid-etched “aging.”
  • Koban and silver bu: Crisp, correctly placed stamps; natural hammered texture; appropriate weight for the reform period. Obvious file marks or mismatched stamps are red flags.
  • Meiji milled coins: Check edge reeding quality, lettering shape, and relief. Many fakes have mushy details or incorrect font spacing.
• Magnet test: Edo gold and silver should be non-magnetic. Any magnetic attraction suggests a base-metal core.
• Loupe examination: Under 10x, genuine surfaces show unforced aging. Seams, casting bubbles, abraded high points, and toolmarks can betray forgeries.
• Paper diagnostics: For hansatsu and early notes, look at fiber content (long mulberry fibers), printing method (woodblock vs. litho), and embossing/seal impression. Modern paper, uniform machine fibers, or halftone dots are warning signs.
• Cross-reference: Confirm varieties and diagnostics using established catalogs (e.g., JNDA for Japanese issues, major world coin catalogs, recognized banknote references). When value is substantial, seek a specialist’s written opinion.

Care, storage, and ethics

• Do not clean: Cleaning—especially polishing—can halve value overnight. Original patina on copper and original surfaces on silver/gold are prized. For paper, avoid “washing” or bleaching.
• Safe storage:
  • Coins: Inert capsules or non-PVC flips; silica gel for humidity control; stable 35–55% RH; avoid temperature swings.
  • Paper money: Archival polyester or polypropylene sleeves; acid-free backing; store flat in dark, cool conditions.
• Handling: Cotton or nitrile gloves for high-value items; handle paper by edges; avoid touching coin fields.
• Conservation: If you see active bronze disease (powdery green on copper), isolate immediately and consult a conservator. Do not experiment with chemicals.
• Legal/ethical considerations: Japan’s Cultural Properties protection can restrict export of designated items. Most coins and notes are freely tradable, but verify local laws before shipping internationally. Never remove items from archaeological contexts.

Quick appraisal checklist

• Identify the category: cast copper cash, rectangular silver, gold koban/oban, Meiji milled coin, hansatsu, or BoJ note.
• Record measurements: weight, diameter/length, thickness; for notes, dimensions and watermark/seal positions.
• Read the characters: confirm denomination and type; note era/reform if known (e.g., Tempo, Kyoho).
• Inspect stamps and mintmarks: placement, style, and clarity should match known genuine examples.
• Grade condition: for coins—wear, luster, patina, marks; for notes—folds, stains, tears, margins, repairs.
• Check for common fakes: tourist koban, cast milled coins, incorrect fonts/edges, modern paper.
• Compare to references: confirm specs and varieties; flag key dates or rare mints.
• Establish value range: collector premium versus bullion floor; note comps from recent sales and dealer price lists.
• Decide next steps: seek expert authentication for high-value items; store properly; document provenance.

FAQ

Q: Are Kanei Tsuho cash coins valuable?
A: Most are common and modest in value, especially in average condition. Scarcer mintmarks, crisp calligraphy varieties, and exceptional preservation can bring meaningful premiums, but the majority are collected as inexpensive historical artifacts.

Q: My coin has a square hole. Is that damage?
A: No. The square hole is a design feature of cash coins, allowing them to be strung. Additional holes drilled later, however, do count as damage and reduce value.

Q: How can I tell if a koban is real without damaging it?
A: Start with non-invasive checks: precise weight, measurements, and a loupe examination of stamps and texture. Genuine pieces have specific stamp styles by era and correct weight ranges. If those pass, consult a specialist or obtain XRF analysis for alloy confirmation.

Q: Are silver dragon yen commonly counterfeited?
A: Yes. Fakes range from plated base metal to high-quality copies. Verify weight (around 26.96 g for standard yen), diameter (38.6 mm), edge reeding quality, and die details; compare to trusted references. When in doubt, seek professional authentication.

Q: Do hansatsu notes have watermarks?
A: Typically no. Hansatsu are domain-issued woodblock notes on traditional paper; their authenticity is assessed via paper fibers, printing style, seals, and signatures rather than modern watermark techniques.

Where value appears: market patterns and notable rarities

• Edo gold: Genuine koban and especially oban in problem-free condition can reach five or six figures depending on era and quality. Stamps and weight must match the reform period.
• Early Meiji gold: Low-mintage 5/10/20 yen issues can be exceptional finds. Knowledge of restrikes is critical for accurate pricing.
• Silver yen and trade dollars: Attractive, original examples of key dates command strong prices. Beware altered surfaces—cleaned or hairlined coins sell at discounts.
• Rectangular silver: Ichibu-gin and related denominations are collectible entry points; rarer eras or exceptional punches in high grade bring premiums.
• Hansatsu and early BoJ notes: Scarce domains, unusual denominations, and high-grade survivors can be surprisingly valuable. For early BoJ notes, crispness and originality are paramount; repairs significantly impact value.

Final tip: Japanese numismatics rewards careful study. Small details—stamp forms on koban, mintmarks on cash, edge patterns on silver yen, or seal styles on notes—regularly separate common from scarce. Document your observations, handle conservatively, and when the stakes are high, make expert confirmation part of your process.