![]() ![]() The fluctuations over the price of silver eventually made trade with Europe and the United States unreliable. ![]() From 1878 to 1897, large amounts of one yen coins were struck as the declining price of silver increased their demand. Japan ultimately chose to go with a bimetallic standard in 1878, which gave the one yen silver coin legal tender status throughout the country. Gold coinage finally came to an end in 1877 as the Japanese government was forced off the gold standard due to the cost of the Satsuma Rebellion. It was reported in the Quarterly Journal of Economics that by 1876 more gold coins were exported to foreign countries than for use domestically. ĭuring the same year gold bullion rose to a slight premium which caused gold coin production as a whole to rapidly fall off. Silver one yen coinage was resumed in 1874 for use outside of Japan to compete with the silver Mexican dollar. The Japanese government eventually came to the conclusion that issuing silver one yen coins alongside standard gold coins was in the best interest of foreign trade. The exclusive minting of gold coins during this time was reflective of the Japanese government's wish to switch to the gold standard in order to keep up with countries in North America and Europe. No silver one yen coins were struck in 1873 as the year was devoted to turning out gold pieces domestically. Gold one yen coins dated 1871 were not minted until 1872 at the newly formed Osaka mint. While silver one yen coins are dated 1870, this indicates their mintage date at the San Francisco Mint as the coins were not issued until the following year. The yen was officially adopted by the Meiji government in an act signed on June 27, 1871. This came at a time when a new decimal system was put into place, and a modern mint was established at Osaka. The first Japanese one-yen coins were minted between 18 using both silver and gold alloys. penny, the Japan Mint has minted one-yen coins at a loss due to the rising cost of the base metal used in the coins. ![]() Regular production only lasted until 2016, when new one yen coins were again confined only to mint sets. In the early 2010s increasing usage of electronic money led to a lack of demand, and production of the coin was confined to mint sets until 2014. The current one yen coin design was first minted in 1955, is made up of pure aluminium, and has a young tree design which has been used since. One yen coins were not made again until after World War II in the late 1940s for a brief period of time. ![]() Silver one yen coins continued to be minted until 1914 for backing up currency. Millions of former one yen silver coins were countermarked by the Japanese government for use outside of the mainland. Gold and silver coins were eventually allowed to co-circulate in mainland Japan from 1878 to 1897 when they were demonetized. The decision was made to use silver one yen coins exclusively outside of Japan for trade, while gold coins were minted and used in mainland Japan. Issues facing the Japanese government at the time included wanting to adopt the gold standard, and competing against the Mexican dollar for use in foreign trade. Historically they were initially made of both silver and gold in the early 1870s. The 1-yen coin ( 一円硬貨, Ichi-en kōka) is the smallest denomination of the Japanese yen currency. "1" in a circle with year of issue in kanji Young tree with the words "State of Japan" above, and "1 Yen" below ![]()
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