Japan 1896 (M29) yen Y28a.2

Steve Album sale 38, lot 1420

This specimen was lot 1420 in Stephen Album sale 38 (Santa Rosa, CA, September 2020), where it sold for $535.50. The catalog description^[1] noted, "JAPAN: Meiji, 1868-1912, AR yen, year 29 (1896), with gin countermark left for Osaka mint, a lovely mint state example! NGC graded MS62.

In October 1897, Japan revalued the gold yen, and changed from a combination silver/gold standard to an exclusively gold standard. For the next six months the silver yen were exchangeable for gold. Part of the demonetized silver coins were melted for use in minting subsidiary coins, and the rest were shipped to Taiwan for use as bullion silver. Before being exported, they were countermarked with the character for silver (gin), in a circle, to prevent them from being returned to Japan for another shot at exchange for gold. The gin countermark appears in a specific position - to the left or right of the ichi (one) character on the reverse. Krause states as a fact (which many Japanese authorities are less certain about) that the main Mint at Osaka applied the mark on the left side, and the subsidiary Tokyo Mint applied it to the right."

Recorded mintage: unknonw but common.

Specification: 26.96 g, 0.900 fine silver, .780 troy oz ASW, 38.1 mm diameter.

Catalog reference: Y-28a.2, JNDA-1-10C.

Source:

• Michael, Thomas, and Tracy L. Schmidt, Standard Catalog of World Coins, 1801-1900, 9th ed., Iola, WI: Krause Publications, 2019.
• The Catalog of Japanese Coins and Banknotes, Tokyo: JNDA (Japanese Numismatic Dealers Assn.), 2014.
• ^[1]Album, Stephen, Joseph Lang, Paul Montz, Michael Barry and Norman Douglas Nicol, Auction 38, featuring the Dabestani Collection of Persian Coins, Santa Rosa, CA: Stephen Album Rare Coins, Inc., 2020.

Link to:

• 1896 yen
• 1896 yen, countermarked gin right
• 1896 5 yen
• Coins and currency dated 1896