Watch List notes:

JAPAN. 5 Sen, Year 13 (1938). Osaka Mint. NGC MS-65.
KM-Y-53, JNDA type of 1-40 (Unlisted), J&V-V134. Mintage: 10,000,000. This EXTREMELY RARE circulation issue, technically the last date of this type and missing from most advanced collections, was placed into full production ready to be issued, but was never released. This little Gem exhibits crisp well-defined design features, sharp calligraphy, smooth brilliant surfaces and contesting frosted derives. The Japanese series contains many rarities, but seldom do the subsidiary issues obtain this high a status; especially so for a business strike with such a large mintage. The opportunity to acquire a minor coin of this caliber should not be taken lightly. Serious consideration is a must from advanced collectors and completionists for the chance to add this elite 5 Sen to their numismatic holdings.

According to collector and author Dr. Norman Jacobs, a previous owner of this sneaky rarity, during the second Sino-Japanese War (World War II in the west) nickel had become an important commodity for the war effort. By the time this coin was struck in 1938, the material is which it was made had become a critical aspect of the war effort. It was decided to melt them down to repurpose the metal. Dr. Jacobs was only aware of two examples that survived the melting pot. Also, the SCWC states a rather large mintage figure for this issue and suggests that only four examples survive today. Regardless of the amount known whether, 2 or 4, it is for certain that this issue is of the highest rarity destined for a fine cabinet.

Ex: Norman Jacobs Collection (HA 9/2011) Lot # 24311.

Estimate: $15000.00- $20000.00