Item number: A1826

Year: AD 1860-1867

Material: Gold (.574)

Size: 33.6 x 19.9 mm

Weight: 3.33 g

Manufactured by: Kinza, Edo

Provenance: Fuchin Coin 2024

This koban gold coin was minted between Man’en 1 (AD 1860) and Keiō 3 (AD 1867). Due to its significantly lower weight—over 10 grams lighter than other koban coins—and its reduced size, it was also referred to as the “Hina Koban” (Chick Koban). It was issued during the reigns of Emperor Kōmei and Emperor Meiji, under the leadership of the Tokugawa shoguns, Tokugawa Iemochi and Tokugawa Yoshinobu. The term “han” (判) refers to a fixed-form gold ingot stamped with “sumi-sho” (墨書) or an “extreme seal” (極印, kaō) as certification of its quality and weight. The koban had a face value and weight equivalent to one ryō.

The obverse of this koban gold coin bears the inscriptions “壹兩” (One Ryō) and “光次” (Kōji). The “壹兩” indicates its denomination, while “光次” is the kaō (signature seal) of Gotō Shōzaburō Kōji, the Gokin Kaikaku-yaku (Head of the Mint Bureau) of the Edo Kinza (Gold Mint Bureau) during the Edo period, a hereditary position held by the Gotō family. Kōji held office between AD 1595 and 1625, and his kaō continued to be used by successive heads of the Kinza. Above and below the inscriptions “壹兩” and “光次” are the Gotō family crest, which consists of a fan-shaped design and a paulownia crest (kiri-mon). The paulownia crest has traditionally been one of the symbols of the Japanese imperial family and was historically granted by successive emperors as a reward to vassals. The Gotō family’s use of the paulownia crest may have originated from an imperial grant to the Ashikaga shogunate, which in turn bestowed it upon the Gotō family. The surrounding area of the coin features parallel horizontal chisel marks, forming a decorative pattern resembling woven straw matting (茣蓙目, gozame).

The reverse of the koban gold coin bears the verification stamps (験極印, kenshoku-in) of the coin assessor (koban-shi) and the mint (fukidokoro), with the numerals “十二” (12) and “五” (5). During the Edo period, the Kinza (Gold Mint Bureau) comprised the Gokin Kaikaku-yaku (Mint Bureau Head), the Gotō Office, the Kinza Examiners’ Office (for assaying), and the Mint (Fukidokoro), all of which cooperated in the gold minting process.

Prior to the Ansei Open Ports policy, significant differences in gold-silver exchange rates between Japan and foreign markets created a lucrative arbitrage opportunity. Foreign traders could bring silver into Japan, exchange it for gold at a favourable domestic rate, and then sell the gold on the international market at a much higher price. After the Tokugawa shogunate signed the Kanagawa Treaty and the Treaty of Amity and Commerce with the United States, it became imperative to prevent the large-scale outflow of gold. Initially, the shogunate issued small-denomination two-shu silver coins to mitigate the issue, but this measure was met with international resistance. Consequently, the shogunate resorted to reducing the gold purity and weight of koban coins to align with international gold prices.

However, currency reform required a domestic mechanism for exchanging old gold coins for newly issued ones. Given the international gold price, old gold coins could be exchanged for new ones at a multiple of their face value, triggering a run on currency exchange facilities and rapid inflation. In practise, it was not the koban that circulated in the market but rather the two-bu gold coins, which had half the face value and were more convenient for transactions. The widespread use of low-value gold currency, coupled with its reduced gold content, lowered the barriers for counterfeiting, leading to rampant forgery by regional domains (han). The shogunate lost control over market stability, and this monetary turmoil foreshadowed the collapse of the Tokugawa regime.

The shogunate continued minting koban until Keiō 3, August 6 (AD 1867, September 3), while the one-bu gold coin ceased production in Meiji 1, December 25 (AD 1865, January 22). The Man’en Koban became the final traditional koban issued in Japan. Subsequently, the shogunate planned to introduce a Western-style circular one-ryō gold coin featuring the triple hollyhock crest (Mitsuba Aoi), but this plan was never realised. Finally, on Meiji 7 (AD 1874, September 5), the Japanese government completely abolished the circulation of old gold and silver coins, formally rendering the previous monetary system obsolete.

物件編號: A1826

年代: 公元 1860-1867 年

材質: 黃金 (574‰)

尺寸: 33.6 x 19.9 mm

重量: 3.33 g

製造地: 江戶金座

來源: 福君錢幣 2024

這是一枚自萬延元年(公元1860年)至慶應3年(公元1867年)年間鑄造的小判金。因為其重量較其他小判金的10公克以上要輕得多，大小也縮水，故也被稱為「雛小判」。歷經孝明天皇、明治天皇，以及江戶幕府的德川家茂、德川慶喜等領導人。「判」的意思是固定形制的金塊上有「墨書」或「極印」(花押)作為品質和重量的證明。而「小判」之面額以及重量皆為一兩。

這枚小判金正面為「壹兩」以及「光次」。「壹兩」為面額，「光次」則為江戶時代日本江戶金座(金幣鑄造所)御金改役(金幣鑄造所所長，職位世襲)後藤庄三郎光次(任職期間AD 1595-1625)的花押，歷代金座當主後世持續沿用。「壹兩」以及「光次」上方與下方是後藤家家紋，由扇面與桐紋組成。桐紋傳統上是日本天皇的象徵之一，也被歷朝天皇授予臣民作為賞賜。後藤氏桐紋可能是由天皇賞賜予足利幕府，足利氏再賞賜給後藤氏的。圖樣周圍橫鑿平行細紋，形成類似草蓆紋樣的裝飾(茣蓙目/ござめ)。

小判金之背面有小判師的驗極印與吹所(鑄造所)的驗極印「十二」以及「五」。江戶幕府時期，御金改役(金幣鑄造所所長)、後藤役所、金座人役所(試金員)、吹所共同組成金座(鑄造所或鑄造中心)。

「安政開港」前，由於日本國內外之金銀比價不同，攜白銀來日兌換黃金，再於國際市場上出售，有著極大的套利空間。在幕府先後簽訂《神奈川條約》、《日美修好通商條約》後，防止黃金外流的措施刻不容緩。在發行小面額的二朱銀被國際抵制後，幕府改為降低小判的成色及重量，以期與國際金價一致。但改革貨幣必須讓日本國內也能兌換新貨幣，而按國際金價，舊金貨可以兌換面值數倍的新貨幣，引發了擠兌與急遽的通貨膨脹。流通在市場的並非小判金，而是面額一半，更方便交易的二分判金，市場上低價值金貨的氾濫，加以成色降低後，各藩偽造的門檻降低，幕府已無法遏制市場的混亂，同時也預示了幕府政權的瓦解。幕府持續鑄造小判至慶應3年8月6日(1867年9月3日)，而一分判則於明治元年12月25日(1865年1月22日)停鑄，萬延小判成為日本最後的傳統小判。其後，幕府計劃發行西洋風格、以三葉葵紋章為設計的一両金貨，但未能實現。最終，明治7年(1874年)9月5日，日本政府全面停止古金銀流通，舊貨幣正式廢止。