Artemide Aste s.r.l.
Auction LII 26-27 Oct 2019
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Japan. Edo Period (1603-1868). Ichi Bu Gin, Tokyo mint, 1837-1854. Hartill 9.80. AR. g. 8.61 23.5 x 16 mm. EF.
When American ships began arriving in Japan in the 1850's, this set of a gold rush of sorts. At the time the exchange rate between gold and silver in Japan was 5 to 1, while in the rest of the world it was 15 or 16 to 1. So sailors rushed to exchange their 10 ounces of silver for an ounce of gold for which they would get 15 or 16 ounces of silver in America - a quick 50% profit. The Japanese began minting large quantities of these silver coins to supply the demand. (Bruce Smith, on zeno.ru).
When American ships began arriving in Japan in the 1850's, this set of a gold rush of sorts. At the time the exchange rate between gold and silver in Japan was 5 to 1, while in the rest of the world it was 15 or 16 to 1. So sailors rushed to exchange their 10 ounces of silver for an ounce of gold for which they would get 15 or 16 ounces of silver in America - a quick 50% profit. The Japanese began minting large quantities of these silver coins to supply the demand. (Bruce Smith, on zeno.ru).