Japan’s ¥1 coin is best known today as a feather-light alumin(i)um piece you can balance on a soap bubble. But in the late 19th century, there was another version, one that could buy you far more than a pack of gum.
The Meiji-era gold ¥1 coin was minted starting in 1871, part of Japan’s switch to a decimal currency system modeled after Western standards. Each coin contained just under 1.5 grams of gold and was small enough to tuck away unnoticed, but valuable enough to matter in everyday trade at the time.
via Wikipedia
The ¥1 coin’s history mirrors Japan’s shifting economy. When first issued, gold was the standard, but in 1897 Japan adopted the gold exchange standard and moved the ¥1 coin to silver to better balance trade and bullion needs. The silver version persisted for decades — its size and weight matched to the Spanish dollar, giving it a satisfying heft in the hand.
After the devastation and hyperinflation of World War II, the coinage system was overhauled. By 1955, the ¥1 coin had shrunk to the small aluminum disc we know today, containing no precious metal at all. Its face value is now symbolic rather than intrinsic, with production costs sometimes exceeding its worth.
Today, the original gold versioon is worth vastly more than their face value. 1.5g of gold is only around $161.64 at today’s prices, but collectors have driven these coins into the stratosphere. Even a well-worn example sells for hundreds of U.S. dollars, while high-grade specimens can easily command a thousand or more.
I do own one of the silver ¥1 coins from the same era, but the gold piece remains firmly out of my price range. That’s partly because gold bugs love anything with real gold content, but also because Meiji coinage has a dedicated following among Japanese and international collectors alike.
Unfortunately, sitting as it is at the intersection of bullion value and historical charm, prices will likely never come back to Earth. Oh well. At least I can admire it from afar.
Anyone here own this coin?
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David is an American teacher and translator lost in Japan, trying to capture the beauty of this country one photo at a time and searching for the perfect haiku. He blogs here and at laspina.org. Write him on Bluesky. |