Gold Set

OBVERSE

Stylized characters for Mitsutsugu and his signature below

Era designator in top right

REVERSE

Kirimon flowers on top and bottom

Across the center, "One bu"

Genbun ichibu were created when the government needed to increase the amount of money in circulation. This history will be expanded in the future, but without the context of the preceding or following types, it's easiest to leave it there for now.

These is the latest type that is consistently unattractive. Like earlier pieces, they weren't very well struck; even MS examples show very flat calligraphy and kirimon. The design is commonly pretty crude and, for lack of a better word, mushy. However, the true challenge is finding a Genbun ichibu without any chopmarks. Only 32% of the examples I've found at PCGS are straight-graded, and I suspect that's a higher percentage than the surviving proportion. I've only seen auctions for a handful of pieces without chopmarks since I started looking for one in mid-2020.

This example is clearly struck for the type, and most impressively, clear of chopmarks. The kirimon, specifically, are often much more crude than seen here. This example has pretty balanced and clear kirimon. I believe the grade given by PCGS (AU55) is very harsh, especially when compared to other graded examples. This piece has great eye appeal and is at the upper end of what's expected for the type.

Photo by PCGS.

OBVERSE

Stylized characters for Mitsutsugu and his signature below

Era designator in top right

REVERSE

Kirimon flowers on top and bottom

Across the center, "One bu"

From 1833-1837 Japan experienced what is now known as the Great Tenpo Famine. Caused by flooding and cold weather, the famine caused significant problems for the small country. To aid the economy and raise money for the shogunate, they issued a new gold ichibu, the Tenpo ichibu, which was the same purity but slightly smaller than the preceding Bunsei ichibu.

Minting processes continued to improve and Tenpo ichibu are usually very well struck with crisp, well-centered devices. They have survived in high grades and are by far the most available gold ichibu today. A few graded examples can usually be found on eBay at any given time, usually in AU or MS grades. Raw pieces rarely appear in the US, but they sell consistently in Japan. They're common enough to occasionally be sold in lots at auction instead of individually. No other ichibu comes close to the number of surviving Tenpo ichibu.

If you're only looking for one gold ichibu, this is your best bet. They're easily identifiable by the era designator on the obverse. Note that most previous ichibu also have an era designator, so the character needs to match that pictured here. Graded examples in AU58-MS63 tend to range from $200 to $500.

Photo by PCGS.

OBVERSE

Stylized characters for Mitsutsugu and his signature below

REVERSE

Kirimon flowers on top and bottom

Across the center, "One bu" 

Look to the silver Ansei Trade nisshu to understand what happened between the Ansei ichibu (not yet in this set) and Man'en ichibu.

When the Ansei Trade nisshu failed, Japan began to wildly debase all precious metal coinage in circulation. The koban and ichibu were some of the worst victims; the ichibu went from 2.24 grams down to just 0.82 grams.

For most ichibu, their rarity lines up with that of the koban of the period. If the ichibu is rare, so is the corresponding koban. The Man'en pieces are the exception to this rule. Only 625,050 ryo were minted between the two denominations, one of the lowest mintages of the series. The ichibu are very rare, as one would expect; I've found auction records for just two raw pieces from major US auction houses since 2000 and one eBay sale of a PCGS AU58 example. They are definitely more common within Japan, but they're not cheap pieces regardless of location. It's hard to give any useful value guide thanks to the very small number of US sales.

Conversely, Man'en koban are the most common type and are actually somewhat available in the US. They're significantly cheaper than any other koban, due in part to the lowered gold content.

The Man'en ichibu can be identified by its small size; no other gold ichibu come close. There are two recognized types, though PCGS registry sets only require one. Note the "bu" character (on the left of the reverse); on the "hane bu" variety, as above, the top right stroke curves upwards. On the "tome bu" variety, this line is straight.

Photo by author (temporary).

OBVERSE

Stylized characters for Mitsutsugu and his signature below

Era designator in top right

REVERSE

Kirimon flowers on top and bottom

Across the center, "Two bu" 

The Early Bunsei nibu was the first nibu ever produced. It was introduced in 1818 as a supplementary gold coin, lower in purity than the traditional gold denominations. Two nibu contained less gold than one Genbun koban or four Genbun ichibu, all of which had the same face value and were current in 1818.

However, Bunsei ichibu and koban replaced the Genbun coinage in 1819 with a lower gold content than their predecessors, and now all three denominations contained about 7.3 grams of gold per ryo, making the nibu equal in gold content to other gold coins of the time. The nibu was also created to enable people to trade in damaged Genbun koban with no fee. These koban had been in circulation for over 80 years and, like all koban, were very thin and prone to damage.

Early Bunsei nibu can be extremely crude compared to their successors. The example above is unusually well struck and appealing, but I've seen many examples where the obverse calligraphy is remarkably unbalanced. If they weren't being sold by a reputable auction house, I would have deemed them counterfeits. The signature at the bottom is often misshapen, and the top "Mitsutsugu" poorly sized, leaving an excessive amount of blank space. Finding an attractive, balanced example as above is very difficult.

As with most gold issues, they typically have some strike weakness somewhere on the coin. This example is weakest at the bottom right of the reverse.

Photo by PCGS.

OBVERSE

Stylized characters for Mitsutsugu and his signature below

Era designator in top right

REVERSE

Kirimon flowers on top and bottom

Across the center, "Two bu" 

In 1828, the coinage of Japan saw quite a few changes. The Early Bunsei nibu, Bunsei koban, and Bunsei ichibu were all discontinued, replaced only by the Late Bunsei nibu. It lowered the gold per ryo to 6.4 grams and was the only significant gold coin in production. The Bunsei isshu kin was also being minted, but at 1/8 face value of the nibu and containing only 2.7 grams of gold per ryo, it was a minor and supplementary coin.

Late Bunsei nibu are much better struck than typical Early Bunsei nibu. They are generally crisp and lustrous, though you will notice that the frame around the top kirimon is very thin and commonly looks out of place. They're easily distinguishable by the era designator; Early Bunsei nibu have a different character, and none of the later types have an era designator at all.

The example above shows a slightly uneven strike. Notice the sharpness of the top kirimon flower compared to the shallow lines of the bottom flower. The dies weren't properly aligned, resulting in a poorly struck bottom half. This is very common across most gold issues.

These are difficult to find, but they do occasionally come up for sale in the US. In Japan they're fairly common and have a few examples included in most auctions.

Photo by PCGS.

OBVERSE

Stylized characters for Mitsutsugu and his signature below

REVERSE

Kirimon flowers on top and bottom

Across the center, "Two bu"  

The Ansei nibu was a major step down in the quality of the nibu. From 49% gold down to just 20.3%, there was now a wild disparity in the amount of gold per ryo when using ichibu versus nibu of the same issuing period. Ansei nibu were minted during the same time span as the Tenpo ichibu which contained about 6.4 grams of gold per ryo; the Ansei nibu contained only 2.3 grams of gold per ryo.

Ansei nibu are the second most common nibu and are the only large type that's widely available in the US. They generally come fairly well struck and with a thicker border on the top kirimon than the Late Bunsei nibu. They're a much lighter gold thanks to the lowered purity. Japan treated gold coins to bring gold to the surface and improve the appearance, but there was no way to fully hide the step down in quality.

The Ansei nibu also removed the era designator from the top right, a feature that remained absent for the rest of the nibu series. When viewing pieces in person, the Ansei nibu is easily distinguishable from its descendants by its size. It weighs about 5.6 grams compared to 3.0 grams for all three following types. Without the size or weight, it's virtually impossible to distinguish from Man'en Ansei-style nibu.

Photo by PCGS.

OBVERSE

Stylized characters for Mitsutsugu and his signature below

REVERSE

Kirimon flowers on top and bottom

Across the center, "Two bu"

The Man'en nibu was issued in conjunction with the Man'en ichibu and was issued for the same reason - in a desperate attempt to stop the outflow of gold caused by opening up trade with western countries. The nibu shrank from 5.62 grams to just 3 grams, though the purity was actually slightly increased.

Two styles of Man'en nibu were issued, the Ansei-style and Meiji-style. Both are very similar to the following Meiji nibu and are commonly misattributed, even when graded. Take a look at Attributing Man'en Nibu in Research Notes for a full explanation on how to date them. No matter what, do not trust the slab or seller - verify it yourself.

Both types of Man'en nibu are very rare. According to Hartill's rarity ratings, both are similar in rarity to the Man'en ichibu. Thanks to inflated population reports and sale records for misattributed pieces, this isn't accurately reflected in American auction records. US sales suggest Man'en nibu, especially Meiji-style, are only worth marginally more than the very common Meiji nibu. This is wildly inaccurate and any legitimate Man'en nibu deserves a solid premium.

As of October 2022, there are 13 Man'en Ansei-style nibu straight-graded at PCGS. I have seen photos of ten of these, and only seven have been correctly attributed. I have not been able to locate the single MS62 or other AU58 examples. If you know the cert numbers for any of these, please let me know.

Photo by PCGS.

OBVERSE

Stylized characters for Mitsutsugu and his signature below

REVERSE

Kirimon flowers on top and bottom

Across the center, "Two bu"

As far as I have been able to learn, the only difference between Man'en Ansei-style and Man'en Meiji-style is the top kirimon flower. They don't seem to have different minting dates or histories. Most guides group them together as two minor types of the same coin, much like the hane bu and tome bu versions of the Man'en Ichibu. However, PCGS does distinguish between Ansei-style and Meiji-style and requires both for a set. Based on the sales I've seen, it appears that the Man'en Meiji-style is the more common of the two, though there isn't a dramatic difference.

The population report at PCGS for this type is incredibly inaccurate. As of October 2022, there are 108 Man'en Meiji-style nibu graded at PCGS. I have tracked down 96 of these and found only seven that were correctly attributed, including one AU58 (this one) and one MS62. According the PCGS, the pop for this piece is 28/65, but even if every piece in AU58 or higher that I haven't found is correctly attributed, it would be a maximum population of 8/3. The misattributed pieces are all Meiji nibu, and I'm actively looking for the remaining cert numbers.

Photo by author (temporary).

OBVERSE

Stylized characters for Mitsutsugu and his signature below

REVERSE

Kirimon flowers on top and bottom

Across the center, "Two bu"

While almost identical to the Man'en nibu in terms of size, design, and average composition, the Meiji nibu was actually minted under much different circumstances. By 1868 the shogunate had been overthrown and the new government took control of Kinza, giving them the ability to mint coins. They weren't able to immediately change the coinage system, so they continued minting a few denominations as a provisional measure through 1869, including the nibu (the others were the silver Meiji ichibu and Meiji isshu - no other gold coins were minted).

The new government didn't care if the coins were good quality or trustworthy; they just needed to keep the economy running until they could figure out a new system. As a result, the quality of coinage suffered. According to Japanese Wikipedia, the original Meiji nibu were minted with about 25% gold but eventually dropped to just 18% gold over the 10 months when they were minted. These low purity examples were apparently recorded separately and make up 1,216,000 of the total mintage. However, the example at the Japanese Mint Museum is about 22% gold, as are many other examples. The overall understanding seems to be that the composition varies widely, averaging around 22%. It's also worth emphasizing that this is based on information from Wikipedia, which is not the most reliable source. I'm in the process of verifying it and will update this section accordingly.

Regardless, the Meiji nibu is by far the most common nibu. Widely available raw in the US, this is the cheapest and most easily obtainable nibu for the beginner or for a basic set. Grades currently top out at MS63, which is on par with a lot of gold issues that simply aren't found in very high grades. Meiji nibu are very pale gold thanks to the low purity, but they are typically well-struck and have good eye appeal. Graded examples do come up with some frequency, and 2020 saw a surge in graded MS examples which has led to more on the market.

Photo by PCGS.

OBVERSE

Stylized characters for Mitsutsugu

REVERSE

Kirimon flower on top

Acorss the bottom, right to left, "Two shu"

This was the first one shu coin minted in Japan. While technically included with gold pieces, it only contains about 12.3% gold. Like other gold types, each was treated during minting to make the surface appear more gold. This outer layer wore off very quickly and the difference was very obvious on these pieces, making lightly circulated pieces very dark and unattractive.

The denomination was not popular thanks to the very small size and low gold purity. The quality control was also less than most gold pieces; other types were each weighed individually before entering circulation to be sure they were all the correct weight. These were weighed in groups of 80 or 160 pieces (five or ten ryo), resulting in a lot more variation. The next time Japan tried to issue a one shu coin, they made it entirely out of silver - the Kaei isshu.

This is the only square piece in the entirely series making it an immediate standout. They're usually very dark and unattractive, and only a handful are graded in MS. This is one of the most difficult post-1800 pieces to find with good eye appeal. This example is very light (0.9g compared to the standard of 1.39g) but has very nice surfaces that retain their gold coloring. It's also very well-centered with borders visible on all sides on the obverse, an unusual find.

Photo by PCGS (temporary; I purchased this from an overseas auction and had to have it shipped to a friend in a different country. Close-up photos/TrueViews will be added once I have it in hand).

OBVERSE

Stylized characters for Mitsutsugu and his signature below

REVERSE

Kirimon flower on top

Down the center, "Two shu"

Contrary to the name, the Tenpo nisshu actually belongs to the same family as the Bunsei ichibu and Late Bunsei nibu based on the weight and purity, even though they were minted through the end of the Tenpo ichibu.

I have not yet found the impetus for reviving this denomination. A gold nisshu was first issued in 1695-1710, the Genroku nisshu, but the denomination was then abandoned until this piece in 1832. It's unclear from English sources why this occurred.

At any rate, Tenpo nisshu are widely available in the US and are the typical type seen for the denomination. They can only be distinguished from their successor by size and weight, as the Man'en nisshu is a bit smaller. I've seen more of this type with colorful toning than any other gold piece in the series, as evidenced by the colorful piece above. This example was found raw at the 2019 World's Fair of Money and sent in for grading afterwards.

Tenpo nisshu were well-struck and are fairly easy to find with good eye appeal. MS grades are somewhat scarce, but AU pieces are plentiful and inexpensive.

Photo by PCGS.

OBVERSE

Stylized characters for Mitsutsugu and his signature below

REVERSE

Kirimon flower on top

Down the center, "Two shu" 

Like all Man'en gold coins, the nisshu was reduced in both size and quality. The Man'en nisshu has the honor of being the smallest piece of bar money ever issued in both weight and dimensions (although the award for lowest purity goes to the Bunsei isshu kin at 12.3%. In fact, the Man'en nisshu were so small that the mintage stayed low because they were inconvenient to use.

Interestingly, the Man'en ichibu kin was less than 0.1 gram heavier than the Man'en nisshu, but the ichibu contained more than twice as much gold due to differing purities.

Man'en nisshu are not regarded as rare, but they are somewhat difficult to find for sale in the US. When they do appear, they don't seem to command much of a premium over Tenpo nisshu. Based on the mintages and frequency of sale, I'd wager that a Man'en nisshu is a better purchase overall than a Tenpo nisshu.

The only way to distinguish between Tenpo and Man'en nisshu is by size or weight, which makes buying pieces online a little tricky. As with most types of bar money, don't trust a seller's attribution - ask for the weight to verify for yourself.

Similar to Tenpo nisshu, Man'en nisshu usually come well-struck and can be found with vibrant toning. I don't recall seeing any examples of the larger gold denominations with toning anything like what I've come across on nisshu. Just take a look at the CoinFacts page for this piece - as of February 2021, the first featured image is a prime example.

Photo by PCGS.