Shin Nanryo Nisshu
OBVERSE LEGEND
Incuse stamp - Guaranteed
Right column - Silver Mint (Ginza)
Left column - Joze (the name of an official at Ginza)
REVERSE LEGEND
Right column - Take nanryo eight pieces
Left column - To exchange for koban one ryo
The Ko Nanryo was the first successful silver counting coin, but eventually the government needed more money. To increase the amount of silver in circulation, they began to melt down Ko Nanryo and produce Shin Nanryo, slightly smaller pieces with a virtually identical design and purity. They claimed that the change was made to make them easier to handle.
Shin Nanryo have survived in much higher numbers than Ko Nanryo, and a few are usually available on eBay at any given time. They were generally well-struck and are seldom seen with chopmarks, making them fairly easy to find in high grades.
One of the key features to notice on Shin Nanryo is the centering and planchet size. It's very common to see two borders cut off completely on either side, and finding all four borders fully struck on both sides is very uncommon. The example pictured has remarkably complete borders on the reverse.
Photo by author (temporary).
PCGS 419217
Craig C-13a
Hartill 9.75
JNDA 09-48
1824-1830
60,625,280 minted per JNDA
97.8% silver
~7.5 grams
Raw
Est. MS
Nanryo Isshu
OBVERSE LEGEND
Incuse stamp - Guaranteed
Right column - Silver Mint (Ginza)
Left column - Joze (the name of an official at Ginza)
REVERSE LEGEND
Right column - Take sixteen
Left column - To exchange for one ryo
The Nanryo isshu was the next evolution of the popular Nanryo pieces. Smaller and a lower denomination, it actually increased the silver purity from the previous types by about 1%. When introduced in 1829, it was the lowest denomination silver coin produced in Japan. The size caught on and they went on to produce two more iterations of the silver isshu, though there was quite a gap before the next isshu was issued in 1853.
Nanryo isshu are fairly common and easy to find for sale to the US, both raw and graded. They are easily found well-struck in high grades and any serious collection should include an MS example, likely MS63 or higher. There should be no noticeable wear on the textured fields or the surfaces of the raised Fundo on the obverse. Most MS example will sell for $100-$200, with graded pieces occasionally higher. There's less of a disparity in price for raw pieces versus graded examples for this type than many others, but both are generally available.
On the example above, notice the area on the reverse opposite the obverse incuse stamp; this area usually isn't as impacted by the stamp as it is here. This example is much brighter white in person and is quite lustrous.
Photo by PCGS.
PCGS 413024
Craig C-11
Hartill 9.76
JNDA 09-49
1829-1837
139,914,768 minted per JNDA
98.9% silver
~2.6 grams
PCGS MS64
Cert Number 38838731
Population 49/13
Tenpo Ichibu
OBVERSE LEGEND
One bu silver
REVERSE LEGEND
Incuse stamp - Guaranteed
Right column - Silver mint (Ginza)
Left column - Joze (the name of an official at Ginza)
The Tenpo ichibu was the first silver coin to express a denomination in simple units instead of writing out the exchange rate to gold. Instead, it used a familiar denomination from gold coinage - one bu. At the time of issue it was replacing the Nanryo Isshu, which contained 10.2 grams of silver per bu, versus just 8.5 grams of silver in one Tenpo ichibu. To justify the debasement, silver for Tenpo ichibu was put through a special refining process. To indicate this, officials wanted to include "flowering silver" in the legends. This was declined, and the compromise was a border of cherry blossoms, called sakura.
The Tenpo ichibu were minted in large numbers and ultimately became the primary silver coin in circulation. When trade first began with western countries, Tenpo ichibu were the main Japanese coin exchanged (more detail under Ansei Trade Nisshu).
Tenpo ichibu are not the most well-struck. There is almost always clear evidence of the incuse stamp on the obverse with a loss of detail between the 一分 characters. Most examples I've seen have subpar luster and mediocre eye appeal. However, they don't often have excessive adjustment marks, something that plagues the following ichibu.
See the Ansei ichibu for details on how to attribute the almost-identical Tenpo, Ansei, and Meiji ichibu.
Overall, Tenpo ichibu are slightly rarer than the Ansei ichibu that followed them, but are still among the most common types of bar money. The challenge is finding a truly attractive example, though MS examples are plentiful. The piece pictured is fairly average for the type and will be upgraded when a better piece becomes available.
Photo by author (temporary).
PCGS 390745
Craig C-16
Hartill 9.80
JNDA 09-50
1837-1854
78,916,556 minted per JNDA
99.1% silver
~8.62 grams
Raw
Kaei Isshu
OBVERSE LEGEND
One shu silver
REVERSE LEGEND
Incuse stamp - Guaranteed
Right column - Silver mint (Ginza)
Left column - Joze (the name of an official at Ginza)
On July 8, 1853, Commodore Matthew Perry from the US landed on the banks of Japan. He hoped to open Japan for trade with the western world, but Japan was none too happy with his arrival. They began constructing the Odaiba battery, a fort at the entrance to Edo intended to prevent an American invasion. The Kaei isshu was issued beginning in January of 1854 in conjunction with the beginning of the Odaiba battery. At the time, a day's wage for one of the Odaiba construction workers was one shu, so this piece was sometimes referred to as the "Odaiba gin" at the time.
Some sources, including Hartill, break down the Kaei isshu further into Kaei and Ansei isshu based on small calligraphy variations. However, PCGS doesn't distinguish between the two, and there's no difference in purity or evidence that they were minted at different times. I've opted to group them together, but Hartill has the full information on how to distinguish between them.
The Kaei isshu is very similar in design to the Meiji isshu (see here for information on how to distinguish between the two). The Kaei is generally less sharply struck than the Meiji isshu, and the incuse stamp tends to cause a visible bulge on the opposite side, as seen above. Even uncirculated pieces have a tendency to look AU because the field texture is usually somewhat flattened by the incuse stamp. Typical luster is somewhat dull and frosty, though there are always exceptions. In a high quality piece you want to look for full borders and minimal bulge from the incuse stamp.
These are very common and easy to find. As of April 2020, they were the second most commonly graded type of bar money. If you're looking for a single cheap example from the series, this is your best bet. They can be found raw very cheap, and even graded examples are inexpensive.
Photo by PCGS.
PCGS 390744
Craig C-12
Hartill 9.85/9.86
JNDA 09-53
1853-1865
159,244,800 minted per JNDA
96.8% silver
~1.89 grams
PCGS MS63
Cert Number 38838732
Population 145/220
Ansei Trade Nisshu
OBVERSE LEGEND
Two shu silver
REVERSE LEGEND
Incuse stamp - Guaranteed
Right column - Silver mint (Ginza)
Left column - Joze (the name of an official at Ginza)
In my opinion, there are three most historically significant pieces in the bar money series: the Gaku ichibu as the first rectangular piece minted, the Meiwa Go Momme as the first silver rectangle, and the Ansei Trade nisshu.
Matthew Perry continued his campaign to open Japan for trade with the western world in spite of Japan's resistance. In Japan, they operated with a roughly 1:5 silver to gold ratio, while the rest of the world was closer to 1:15. When determining exchange rates between foreign currency and Japanese coinage, Japan wanted to set the rate based on similar buying power - eight reales would be equal to one bu. Other countries rejected this idea and wanted to set the exchange rate based on equal amounts of silver, in which case eight reales would be three bu.
The western countries got their way, but Japan tried to remedy the situation by issuing the Ansei Trade nisshu starting on June 1, 1859, the day the official exchange rate would take effect. This piece has half the face value of the Tenpo ichibu but is roughly 1.5 times the weight. Had they succeeded, two Ansei Trade nisshu would have had the same amount of silver as an eight real, thus getting Japan the exchange rate they wanted.
The other countries deemed this unfair. The Ansei Trade nisshu didn't circulate in the country as a whole and were only used for trade purposes. They were discontinued on June 22, after only 22 days of minting. The original exchange rate of eight reales to three bu was resumed, and gold began to pour out of Japan; westerners could exchange their silver for Japanese bu, exchange them for gold coinage within Japan, then take the gold to other countries to sell as bullion and triple their original money. The failure of the Ansei Trade nisshu ultimately spelled the end of the entire Edo period currency system.
Since they were minted for less than a month, Ansei Trade nisshu are unquestionably rare. One of only two silver types with an original mintage under one million, they don't show up for sale in the US very often and are even harder to find with good eye appeal. They were struck in a hurry and are usually seen with dull luster or unattractive toning. The example above is no exception to this rule and may be damaged; I'm not sure if it's damage or a poor strike. It will be going to PCGS eventually to confirm. Most recent US sales that I've seen have sold for between $500 and $1,000, with a few outliers.
There are a couple strong pieces on CoinFacts (as of October 2020), proving that some survived with nice surfaces. I've seen them in both standard and oversized holders, though the average dimensions don't require an oversize holder.
Photo by author (temporary).
PCGS 390891
Craig C-15
Hartill 9.88
JNDA 09-56
1859, only minted for 22 days
706,400 minted per JNDA
84.5% silver
~13.6 grams
Raw
Est. XF, possibly damaged
Ansei Ichibu
OBVERSE LEGEND
One bu silver
REVERSE LEGEND
Incuse stamp - Guaranteed
Right column - Silver mint (Ginza)
Left column - Joze (the name of an official at Ginza)
When the Ansei Trade nisshu was retired, demand for ichibu skyrocketed as westerners looked to exchange their coins. Japan quickly faced a shortage of ichibu and needed to mint more. Their solution was to melt down the foreign silver to recast into ichibu. However, foreign silver coins - like eight reales - were around 90% silver compared to the Tenpo ichibu at 99.1% silver.
Japan lowered the purity standards for the Ansei ichibu to correlate with western silver, enabling them to melt down the new coins coming in without significant refining. The Ansei ichibu were first issued on August 13th, replacing the Tenpo ichibu.
The design was virtually unchanged. In fact, to accurately date silver ichibu, one has to look at the sakura (cherry blossoms) that make up the border. Some sources claim certain calligraphy variations can be used to date them, and while there are certain aspects of the calligraphy that are typical for one type or another, it's not a reliable method.
On each side of most pieces, one sakura will be upside down. There are thorough tables in both Hartill and the JNDA, but for the most part, if both inverted sakura are at the bottom of the coin, it's a Tenpo ichibu. If they're both at the top of the coin, it's an Ansei ichibu. If they're both in the middle, it's a Meiji ichibu (the next coin).
Do not trust others' attributions for these. Whether attributed by an individual or in a slab, always check for yourself and compare directly to Hartill or the JNDA.
The Ansei ichibu typically come better struck than the Tenpo ichibu with strong luster along the borders and little obverse evidence of the incuse stamp. They do frequently have adjustment marks that look like scratches at a glance (this piece doesn't have any), but these don't seem to impact the grade.
These are the most graded piece of bar money at PCGS with almost twice the number of the runner up. They are widely available both raw and graded, typically in high AU-MS. If you've only seen one piece of bar money before, this is probably it.
If you're purchasing a graded piece, I would suggest an MS64 or higher, possibly MS63. There are plenty available in these grades, and an MS64 tends to run around $100-$120. They can be found anywhere from $30-$80 raw depending on the seller and condition.
Photo by PCGS.
PCGS 390892
Craig C-16a
Hartill 9.82
JNDA 09-52
1859-1868
11,398,600 minted per JNDA
87.3% silver
~8.62 grams
PCGS MS64+
Cert Number 41498549
Population 19/173
Meiji Ichibu
OBVERSE LEGEND
One bu silver
REVERSE LEGEND
Incuse stamp - Guaranteed
Right column - Silver mint (Ginza)
Left column - Joze (the name of an official at Ginza)
In 1868, the shogun was overthrown and power was restored to the emperor. This was known as the Meiji restoration (named for the era at the time). On May 8, 1868, the new government took control of the Ginza and lowered the purity of the ichibu (and isshu) again. The average Meiji ichibu is around 80% silver, but some were as high as 90% while others even contain zinc.
Meiji ichibu commonly have heavy file marks, as seen above, though the overall strike is usually pretty good. They aren't overly difficult to find with good eye appeal. However, with a mintage below five million, they are the rarest of the three standard ichibu. Since they were only minted until March 17, 1869, less than a year after they replaced the Ansei ichibu, the massive quantities of earlier ichibu weren't melted down in large numbers.
The example above is not a typical Meiji ichibu. All three standard ichibu have a few different potential calligraphy variations that can increase the value, and this one displays two of them. On the obverse, notice the second and third characters; on both, the top left stroke has a small upward flick at the end. If you look back at the Ansei ichibu, they don't. With this upward flick they are known as "hane bu" and "hane gin."
I haven't seen any sale records within the US for a Meiji ichibu with both variations. Based on the JNDA, this is the rarest type of Meiji ichibu. PCGS even has a unique ID number for the variety with only a few graded. This one was found for sale raw with no mention of the variations.
The Tenpo and Ansei ichibu can also be found with calligraphy variations that add to the value with six different possibilities between the three. These are fully illustrated in Hartill and the JNDA.
Photo by PCGS.
PCGS 676388
Without calligraphy variations, PCGS 419218
Craig C-16b
Hartill 9.83
JNDA 09-54
1868-1869
4,267,332 minted per JNDA
80.7% silver
~8.62 grams
PCGS MS64
Cert Number 38838738
Population 1/1 with calligraphy variations
Population 57/26 without calligraphy variations
Shonai Ichibu
PARENT COIN
Tenpo ichibu
OFFICIAL COUNTERSTAMPS
庄 on obverse
Y on reverse
The people of Japan took notice of the debasement of ichibu. The Shonai clan in the north was particularly disturbed by the inferior coins and took it upon themselves to mark the higher quality Tenpo ichibu. From July 9 to August 3 of 1868 (per western calendars) two mints were set up to pull out Tenpo ichibu, stamp them with two marks, then place them back into circulation.
The first of these stamps is widely documented - 庄 ("sho") on the obverse. The second counterstamp is not mentioned in Hartill and is discussed so briefly in the JNDA that it got lost in translation the first time I went through it. On the reverse, there is a small Y-shaped stamp in one of the bottom corners. There are a few examples without this stamp which bring a premium when sold within Japan, but most Shonai ichibu have both stamps.
It's theorized that the location of this stamp could indicate which mint in Shonai stamped the piece. They were based in Sakata and Tsuruoka, and according to zeno.ru, Sakata put the Y stamp on the lower right and stamped approximately 1,200,000 pieces, while Tsuruoka put it on the lower left and stamped 520,000 pieces. I have not yet verified this information anywhere else.
Shonai ichibu commonly come in XF-AU, as they were in circulation for decades before being stamped. None have been sold by a major auction company in recent years, but they do show up raw on eBay from time to time, typically ranging from $100-$150.
Photo by author (temporary).
PCGS 714420
Not listed in Craig
Hartill 9.81
JNDA 09-51
Parent coin 1837-1854
Counterstamp from summer of 1868
1,720,000 stamped per zeno.ru (not confirmed)
99.1% silver
~8.62 grams
Raw
Est. MS
Meiji Isshu
OBVERSE LEGEND
One shu silver
REVERSE LEGEND
Incuse stamp - Guaranteed
Right column - Silver mint (Ginza)
Left column - Joze (the name of an official at Ginza)
When the new government took control of the Ginza (see Meiji ichibu), they also lowered the purity of the isshu. While it wasn't debased as dramatically as the ichibu, it was lowered to an average of 88%.
To differentiate the Meiji isshu from the Kaei isshu, look at the reverse. The top left character (not the incuse stamp) has three vertical strokes at the top. On Meiju isshu, these three strokes are straight and parallel. On Kaei isshu, they're bent and angled.
Although the mintage for the Meiji isshu was much smaller than the Kaei, they're very similar in price. Meiji isshu aren't quite as widely available, but they're still relatively easy to find. Overall, high grade examples also have better eye appeal than Kaei isshu. The obverse is more sharply struck without much visible bulge from the incuse stamp. The luster on uncirculated pieces is sparkly across the fully textured fields. If you're after a single piece of bar money on a small budget, this is my recommendation. It's one of the least expensive types out there but can be very attractive in high grades.
Photo by PCGS.
PCGS 676388
Craig C-12a
Hartill 9.87
JNDA 09-55
1868-1869
18,742,000 minted per JNDA
88% silver
~1.89 grams
PCGS MS64
Cert Number 38838733
Population 154/111