Silver yen, also called Dragon Yen, were Japanese coins produced from 1870 to 1914. These were struck following the Meiji Restoration, a transitionary period from the older ryō currency to the yen system. The Dragon Yen were significant to Japan’s monetary history and are a popular collectible for coin enthusiasts and numismatists around the world today.
Historical Context and Significance
The silver yen was part of the modernization effort on behalf of Japan during the Meiji era, when the nation strove to align with global financial standards. At the time, the value of Japanese currency was pegged to the value of silver, and the yen was introduced to replace the pre-decimal ryō system.
Adopting the Yen and the Gold Standard
In 1871, Japan adopted the yen, which eventually replaced the ryō system. That same year, the nation instituted a gold standard under the New Currency Act of 1871, setting the value of 1 yen to 1.5 grams of fine gold. Silver Dragon Yen were primarily struck for trade with Asian countries, many of whom valued silver currency. This marked a significant modernization effort, particularly in Japan’s financial and economic systems. The silver yen were instrumental in this transition, as they found favor in trade with other Asian nations.
At the same time, the Japanese government issued coinage called Daijōkansatsu (太政官札), which was still denominated in the older ryō system. The ryō was an older currency unit used in the Edo system from the 1600s to 1867. To further complicate the new and old currencies issued alongside each other, Kawase Kaisha, or private banks, were also allowed to issue their own currency. The multitude of currency types, as well as counterfeit coins and feudal notes, contributed to widespread confusion.
Design and Features of Japanese Silver Yen
The silver Dragon Yen is beloved for its intricate design, which changed throughout its years of production. The obverse often depicted a coiled dragon, which signified power and strength, encircled by the denomination and date of issue. The reverse depicted a chrysanthemum, the imperial seal of Japan. While the dragon motif remained constant, other design elements were refined over time.
The coin was made of .900 fine silver with a balance in copper and weighed 26.96 grams. Its design was heavily influenced by the Mexican real, also known as the Mexican dollar, which had established a strong presence in Asia due to its prominence in trade. The Dragon Yen’s weight and silver content allowed it to play a similar role.
Changes in Production of Silver Yen
The production of the Dragon Yen was interrupted several times throughout its history. After the initial issuance in 1870, the Japanese government halted production temporarily before introducing a new design in 1874. The new design included the inscription “416 • ONE YEN • 900” around the central dragon, and these coins were specifically marked for foreign trade, although they later circulated domestically.
Between 1875 and 1877, the Japanese government also issued silver Trade Dollars, which were similar to the silver yen but slightly heavier, weighing 27.22 grams. These Trade Dollars were minted for foreign commerce, particularly in China, where silver coins were in high demand.
By 1878, Japan resumed production of the silver yen, and the coin continued to evolve. Production of the silver yen continued until 1914, a year in which they were struck with the Japanese 大正 (Taishō), coinciding with the third year of Emperor Taishō’s reign, after which no further silver one-yen coins were minted. Smaller denomination silver coins, such as 10, 20, and 50 sen, were also produced between 1873 and 1914. These smaller coins often carried a similar dragon design but had reduced silver content over time.
Counterstamps and Chop Marks
One unique aspect of the Dragon Yen is the presence of counterstamps and chopmarked Japanese silver yen.
Counterstamps
When Japan’s yen coins circulated in China, they were often counterstamped with the Japanese character for silver (“Gin”) to indicate their silver content. These counterstamps, placed by the Osaka and Tokyo mints, helped distinguish the coins from others in circulation. Coins with the Tokyo counterstamp are particularly rare and command higher prices than those with Osaka counterstamps.
Chop Marks
In addition to these official counterstamps, many silver yen bear chop marks, or indentations made by Chinese merchants to verify the metal content. These chop marks often represent the journey the coin made throughout China and Southeast Asia. While many collectors view chop marked coins as damaged, others appreciate the story they tell, like Mexican Reales with chopmarks.
