Countermarked yen ("Gin")

Countermarked yen refers to 1 yen coins and Japanese trade dollars that are stamped 銀 ("Gin"), literally meaning "silver". These coins all date from 1870 to 1897, when they were demonetized. The countermark was added by the Japanese government during this year for use at foreign trading ports.

History

In 1871, a new coinage law was promulgated which helped with the final establishment of the gold standard system in Japan.[1] The process however was held up as the Mexican dollar at the time was the universal median of exchange. The Japanese government thus thought the best interest of foreign trade was to issue silver one yen coins alongside standard gold coins. These new one yen coins would be referred to as "Boyeki ichi yen gin" or trade silver dollars, and remain legal tender only within the limits of the trade treaty ports.[1] Japanese trade dollars were only issued for a brief time between 1875 and 1877 before being discontinued in 1878. The decision to recall all trade dollars came in 1897 as their silver content was greater than the competing Mexican Dollar.[2] Silver one yen coins on the other hand had been minted on and off since 1870, when they were introduced as part of the Meiji Restoration.

The Japanese government officially demonetized silver 1 Yen pieces and Trade Dollars in 1897. Many of these coins were melted down to provide bullion for the production of subsidiary coins. Those that were not melted were either kept away by the public or sent overseas for trade. At least 20 million former Trade Dollars and 1 Yen coins were countermarked in 1897 with the character "Gin" for use in Japanese-occupied Taiwan, Korea, and Lüshunkou.[3][4] The mark was put in place by the Japanese mints at Osaka and Tokyo to identify these coins as simply bullion. Those that were stamped on the left originated from Osaka, while those on the right were from Tokyo. By placing this mark the Japanese government prevented these coins from being sold back to them at a later date for gold.[4] Silver one yen coins would not be stuck again until 1901, when they served as a reserve fund for "Bank of Formosa" notes.[5]

Collectability

Countermarked yen are not considered damaged as the marks were placed officially by a government entity. Marks that were placed in Tokyo on the right side of the coin are significantly rarer than those from Osaka.[6]

See also

• Japanese trade dollars
• Countermark
• Chopmarks

References

1. Alfred Stead (1904). Japan by the Japanese. W. Heinemann. p. 326.
2. Richard S. Yeoman (1957). A Catalog of Modern World Coins. Whitman Publishing Company. p. 284.
3. Krause, Chester L. and Mishler, Clifford: 1996 Standard Catalog of World Coins (Iola, WI: Krause Publications, ISBN 0-87341-357-1), p. 1370.
4. Colin R. Bruce, Marian Moe (1995). Collecting world coins: a full century of circulating issues. Krause Publications. p. 1949.
5. Cornell University (1903). Appletons' Annual Cyclopaedia and Register of Important Events. D. Appleton & Company. p. 354.
6. "Collecting Japanese Silver Yen: The Dragon Yen 1870-1914". Antique Marks. Retrieved August 13, 2020.