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500 yen coin

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This article is about the current 500 yen coin. For the former 500 yen banknote, see 500 yen note.
For non-circulating commemorative coins of the same denomination, see 500 yen coin (commemorative).
Five hundred yen
Japan
Value500 Japanese yen
Mass7.00 g
Diameter26.5 mm
Thickness1.81 mm
EdgeHelically reeded edge
CompositionNickel-brass
72% Cu
20% Zn
8% Ni
Years of minting1982–present
Catalog numberY-87, Y-99.2, Y-125[1]
Obverse
DesignPaulownia
Designer-
Design date2000
Reverse
DesignDenomination with Bamboo and tachibana
Designer-
Design date2000

The 500 yen coin (Japanese: 五百円硬貨, Hepburn: Gohyaku-en kōka) is the largest denomination of Japanese yen issued for circulation. These coins were first struck in 1982 as the vending machine industry needed a higher valued coin for use in their machines. The denomination had previously been issued as paper currency which co-circulated with the new coins until 1994. Originally the 500 yen coin was made up of cupronickel, but was later changed to nickel brass, and then to bi-metallic to deter counterfeiting. This illegal practice has been a constant issue since the coin was first released due to its high purchase value. The new bi-metallic coins are scheduled to be issued sometime in 2021 to further address the issue. With a history spanning 3 imperial eras, 500 yen coins are also collectibles.

History

Cupronickel yen

The 500 yen coin was first minted in 1982 as another coin denomination was needed for use in vending machines.[2] The obverse of the cupronickel based 500 yen coin features a paulownia crest, while the reverse is designed with bamboo and Tachibana. These elements were chosen as they are regarded as symbols of good luck and people were already familiar with seeing them on the 500 yen notes.[3] The diameter of the coin was set at 26.5 mm with a measured thickness of 1.85 mm. The inscription "NIPPON 500" was placed on the rim.[4] As with other denominations created in the post World War II era, the newly issued coins circulated concurrently with their paper money counterparts. When the 500 yen coin was placed into circulation it acted as a replacement for the bill, which became supplementary currency.[5] The 500 yen bill was phased out in 1984 in favor of the new coins, co-circulation continued until 1994 when the bills were withdrawn from circulation.[6][7][a] Towards the end of Emperor Shōwa's (Hirohito's) reign mintage figures fell for the 500 yen coin. An all time low came when only 2,775,000 coins were minted in 1987 (year 62).[8] The production of cupronickel 500 yen coins ended in 1999 due to incidents of counterfeit coins being used to rig vending machines.[4]

Nickel-brass yen

The 2nd design for the 500 yen coin currently used today was first minted in 2000 with new anti-counterfeiting devices. Nickel brass was used as a replacement for cupronickel giving the coins a slightly golden appearance in comparison. This metallic change made it easier for vending machines to tell the difference between genuine versus counterfeit coins.[4] The weight of the 500 yen coin was lowered from 7.2g to 7, and the thickness from 1.85 to 1.81 mm.[4][9] Changes also effected the edge as the inscriptions of "NIPPON 500" were replaced with a helically reeded edge. The overall design was not changed but enhanced with anti-counterfeiting technology which include microprinting, and features viewed only at certain angles.[10][11] This design later won the Mint Directors Conference award in 2002 as the "Most Innovative Coin Concept". It proved not enough to be a match against counterfeiters though, as they switched to using raw materials to get around the new security features.[12] In April 2019 the Ministry of Finance announced that the 500 yen coin would be redesigned for issuance sometime in early FY2021.[13][14] There continues to be a strong demand for 500 yen coins, and they are unlikely to be affected by electronic money.[15]

Bi-metallic yen

Structure of the Bi-metallic yen.[b]

In April 2019, it was announced by the Bank of Japan that a new version of the 500 yen coin is set to be issued in 2021. These coins have a bi-metallic three-layer structure which is already used for European coinage.[14] One major difference are the edges of the coins, which use contour edging that utilize helical ridges with varied shaping.[3] Two different colors are visible when looking at the coin giving it the name "bicolor clad". The center of the coin is made up of a silvery cupronickel, while the outer ring is golden nickel-brass.[3] Aside from an increase in weight of 0.1g the coin's diameter remains the same as it has been since 1982.[14] The overall design will also be the same except for a missing bamboo leaf under "500" which is replaced by the date (era).[3] Enhanced features such as "JAPAN" and "500YEN" will be applied to the edge of the coin along with microprinting and angled features already present on the previous issue.[4]

Redesigning the 500 yen coin will require the refurbishment of cash handling equipment, the costs associated are estimated to be 490 billion yen.[16] All of the old 500 yen cupronickel coins are still considered legal tender.[9][17] While these coins are still valid, vending machines may no longer accept them due to their metallic signature.[c]

Designs

Image Minted Diameter[9][14] Weight Composition Edge
1982–1999 26.5 mm 7.2g[9] 75% copper, 25% nickel[4][9] Lettered
2000–present 7.0g[9] 72% copper, 20% zinc, 8% nickel[4][9] Reeded slantingly
2021– 7.1g[14] 75% copper, 12.5% nickel, 12.5% zinc[14] Reeded helically

Counterfeiting issues

500 yen coin (left) next to a similar 500 won coin (right)

When the 500 yen coin debuted it was and still is the highest valued coin in the world depending on exchange rates.[19] In comparison the coin's purchase power was about double that of a two-pound coin (UK) in 2012.[19] These reasons have made 500 yen coins a prime choice for counterfeiters ever since they were first minted in 1982. Problems arose that year as South Korea introduced a coin worth 500 won (₩500) valued at about one tenth of the value of the 500 yen coin.[7] Both coins are made up of the same cupronickel alloy and have the same 26.5 mm diameter.[7] It did not take long before these coins were modified to be the exact weight of the 500 yen coin, nor was it difficult. Counterfeiters would use them as slugs by drilling small holes on the surface of the coin to reduce their weight and fool vending machines which relied on weight to identify the coins.[20] The large gap in value between the two coins meant that these thieves could make a good profit.[21][22]

By the 1990s vending machines full of these foreign coins had become a serious issue which dealt losses to the vending machine businesses and beyond. By the end of the decade 70% of the 5.5 million vending machines in Japan had stopped taking the coin.[23] This did not deter counterfeits as between January and October 1999 police found 657,000 altered coins.[24] The Japan Mint responded to these incidents beginning in 2000 with a new nickel brass based 500 yen coin featuring anti-counterfeiting devices.[21] When viewed at different angles "500円" is either printed vertically in each zero, or a bar can be seen running down the inside of each zero. Microprinting reading "Nippon" is also found on both the obverse and reverse of the coin.[25][26] Vending machines were then adapted to reject the old cupronickel 500 yen coins.[21][26] This was done by having the machines only recognize the conductivity given off by the nickel brass used in the new coins.[24][c] These second generation nickel brass coins were soon counterfeited as well by using raw materials. In 2005, an article in The Japan Times reported that the perpetrators deposited the coins in an account using an ATM, the money was then withdrawn in the form of banknotes.[27] The coins involved were made up of the same alloy as genuine coins but the percentage of the alloys used were different.[27]

By 2012, the counterfeit coins used were described as "extremely well crafted", again the perpetrators in another unrelated incident had used the fake 500 yen coins in ATM deposits.[19] These high quality counterfeit coins were also realistic enough to trick the meters in coin-operated parking lots.[19] In this incident the coins were thought to be connected to counterfeit Disney tickets which surfaced around the same time. The place of origin either places the counterfeit 500 yen coins in China or South Korea.[19] Any person found guilty of knowingly using counterfeit currency is subject to imprisonment that ranges from three years to an "indefinite period".[19] Newly designed 500 yen coins are expected to debut in 2021 featuring modern anti-counterfeiting technology.

Circulation figures

Shōwa

The following are circulation dates which cover Emperor Hirohito's reign. The dates below correspond with the 57th to the 64th year (last) of his reign. Coins for this period will all begin with the Japanese symbol 昭和 (Shōwa).

  • Japanese coins are read with a left to right format:
"Emperors name" → "Number representing year of reign" → "Year" (Ex: 昭和 → 五十八 → 年).
Year of reign Japanese date Gregorian date Mintage[28][d]
57th 五十七 1982 300,000,000
58th 五十八 1983 240,000,000
59th 五十九 1984 342,850,000
60th 六十 1985 97,150,000
61st 六十一 1986 49,960,000
62nd 六十二 1987 2,775,000
63rd 六十三 1988 148,218,000
64th 六十四 1989 16,042,000

Heisei

The following are circulation dates during the reign of Emperor Akihito. who was crowned in 1989. The dates below correspond with the 1st to the 31st year (last) of his reign. First year of reign coins are marked with a 元 symbol (first) as a one year type. Coins for this period all begin with the Japanese symbol 平成 (Heisei).

  • Japanese coins are read with a left to right format:
"Emperors name" → "Number representing year of reign" → "Year" (Ex: 平成 → 五 → 年).
Year of reign Japanese date Gregorian date Mintage[28][d]
1st 元 1989 192,852,000
2nd 二 1990 159,953,000
3rd 三 1991 170,120,000
4th 四 1992 88,130,000
5th 五 1993 132,240,000
6th 六 1994 105,772,000
7th 七 1995 182,869,000
8th 八 1996 99,213,000
9th 九 1997 173,090,000
10th 十 1998 214,608,000
11th 十一 1999 165,120,000
12th 十二 2000 595,969,000
13th 十三 2001 608,051,000
14th 十四 2002 504,661,000
15th 十五 2003 438,405,000
16th 十六 2004 356,903,000
17th 十七 2005 345,030,000
18th 十八 2006 381,593,000
19th 十九 2007 409,903,000
20th 二十 2008 432,811,000
21st 二十一 2009 343,003,000
22nd 二十二 2010 406,905,000
23rd 二十三 2011 301,936,000
24h 二十四 2012 267,211,000
25th 二十五 2013 137,892,000
26th 二十六 2014 167,013,000
27th 二十七 2015 143,004,000
28th 二十八 2016 221,064,000
29th 二十九 2017 426,327,000
30th 三十 2018 286,192,000
31st 三十一 2019 126,164,000

Reiwa

The following are circulation dates in the reign of the current Emperor. Naruhito's accession to the Crysanthemum Throne took place on May 1, 2019 and he was formally enthroned on October 22, 2019. Coins for this period all begin with the Japanese symbol 令和 (Reiwa). The inaugural year coin (2019) was marked 元 (first) and debuted during the summer of that year.[29]

Year of reign Japanese date Gregorian date Mintage[28][d]
1st 元 2019 76,956,000
2nd 二 2020 TBD

Collecting

Most 500 yen coins made for circulation are worth only their face value due to high mintage figures throughout their history.[30][31] Notable exceptions occurred during the end of Emperor Shōwa's (Hirohito's) reign when these figures fell. Only 2,775,000 coins were minted in 1987 (year 62) making it the lowest in the series and a key date.[8][32] Coins made in 1989 (year 64) are also popular among collectors as the second lowest mintage of the series. Further interest of this date is gained by it being Emperor Shōwa's last year of reign that lasted only a week.[33][34] These two coins sell for a premium online and through coin dealers depending on their condition.[34][35] Collectors and the public alike similarly kept year 31 (2019) coins of all denominations as "Heisei Memorials".[36]

Notes

  1. ^ The 500 yen note still retains regal tender status.[6]
  2. ^ A: outer nickel brass ring, B: inner copper core, C: outer nickel core.
  3. ^ a b Vending machines are programmed to recognize coins by the electrical conductivity given off by alloys.[18]
  4. ^ a b c Mintages on the Japan Mint website are in thousands

References

  1. ^ "Japan 500 Yen". Numismatic Guaranty Corporation. Retrieved October 17, 2020.
  2. ^ Fox, Mark (2012). "Space Invaders targets coins". World Coin News. 39 (2). Krause Publications: 35–37. Retrieved April 8, 2020.
  3. ^ a b c d "新500円硬貨は2色「真ん中は100円玉、周りは今の500円玉の色です」". Fuji News Network (in Japanese). April 9, 2019. Retrieved April 18, 2020.
  4. ^ a b c d e f g "When is the new 500-yen coin? Reasons for issuance and differences in design, weight, diameter, etc. from current ones". Japan Culture Lab (in Japanese). April 15, 2019. Retrieved April 18, 2020.
  5. ^ "House of Representatives 94th Diet Finance Committee No. 23". kokkai.ndl.go.jp (in Japanese). Archived from the original on March 4, 2016. Retrieved April 18, 2020.
  6. ^ a b "Banknotes in Use but No Longer Issued". National Printing Bureau. Retrieved August 29, 2019.
  7. ^ a b c Richard Giedroyc (May 25, 2019). "Japan plans new coins and banknotes". Numismatic News. Retrieved April 19, 2020.
  8. ^ a b "【保存版】プレミア硬貨の種類一覧！買取価格・価値・平均相場まとめ". Kosen-kantei (in Japanese). Retrieved April 16, 2020.
  9. ^ a b c d e f g "Current Coins list". Ministry of Finance (Japan). Retrieved April 18, 2020.
  10. ^ "Analyzing 500 yen Nickel-brass Coin". Japan Mint. Archived from the original on October 31, 2007. Retrieved April 18, 2020.
  11. ^ "Micro Characters on New 500-Yen Coin Found !!". Madeira. Archived from the original on August 7, 2007. Retrieved April 18, 2020.
  12. ^ "Japan 1948-date 500 yen". Starcityhomer. Retrieved April 18, 2020.
  13. ^ "日本銀行券の改刷および 500 円貨の改鋳について]" (PDF). Bank of Japan (in Japanese). Retrieved April 18, 2020.
  14. ^ a b c d e f "新しい日本銀行券及び五百円貨幣を発行します". Ministry of Finance (Japan) (in Japanese). Retrieved April 18, 2020.
  15. ^ "500円玉だけなぜ流通増える？　電子マネーと「使い分け」". Nikkei (in Japanese). October 31, 2011. Retrieved April 18, 2020.
  16. ^ "新紙幣・500円硬貨、改修需要1兆2600億円　ATMなど". Nikkei (in Japanese). May 10, 2019. Retrieved April 19, 2020.
  17. ^ Shiki Iwasawa (April 9, 2019). "Japan announces design makeover for banknotes, 500-yen coins". The Asahi Shimbun. Retrieved April 19, 2020.
  18. ^ "新しい500円硬貨が登場へ　新技術「2色3層構造」を採用". IT media (in Japanese). April 9, 2019. Retrieved April 19, 2020.
  19. ^ a b c d e f "Counterfeit 500-yen coins circulating in Tokai". Japan Today. August 7, 2012. Retrieved April 19, 2020.
  20. ^ The Contemporary "Won" Coins of the Republic of Korea (1966 - Present) Dokdo Research (dokdo-research.com). Retrieved on 2017-05-05.
  21. ^ a b c "500円硬貨が新しくなる意外な理由とは…韓国の500ウォン硬貨が影響？". Business Journal (in Japanese). April 21, 2019. Retrieved April 9, 2020.
  22. ^ Metropolis [Tokyo] Money Talks: Short Changed
  23. ^ "FIGHTING FAKES: New 500-Yen Coin Could End Vending-Machine Headache". Japan Information Network. November 6, 2000. Retrieved April 22, 2020.
  24. ^ a b "Bimetallic 500 yen coin set to be issued in August". The Japan Times. December 3, 1999. Retrieved April 23, 2020.
  25. ^ Julian Ryall (September 28, 2014). "Making a mint abroad: Japan Mint turns to overseas markets". South China Morning Post. Retrieved April 22, 2020.
  26. ^ a b Rita Laws (September 27, 2015). "World mints are going hi-tech: Going Topical". Coin World. Retrieved April 22, 2020.
  27. ^ a b "Bogus 500 Yen Coins Appear in Japan". The Hapan Times via coinbooks.org. February 13, 2005. Retrieved April 23, 2020.
  28. ^ a b c "年銘別貨幣製造枚数" (PDF) (in Japanese). Japan Mint. Retrieved March 25, 2019.
  29. ^ "Reiwa coins to debut summer 2019". {{cite web}}: Cite has empty unknown parameter: |1= (help)
  30. ^ "500円硬貨の買取価格とおすすめ買取業者について". Kosenkaitori (in Japanese). Retrieved April 18, 2020.
  31. ^ "Japan 500 Yen Y# 99.2 Yr.2(1990)". Numismatic Guaranty Corporation. Retrieved April 17, 2020.
  32. ^ "なぜプレミアムな希少硬貨が生まれる？". Matome (in Japanese). Retrieved April 19, 2020.
  33. ^ "Japan 500 Yen Y#87 Yr.57(1982)-Yr.64(1989)". Numismatic Guaranty Corporation. Retrieved August 28, 2016.
  34. ^ a b "昭和62年・昭和64年の500円玉の価値は？気になる買取価格とオススメ業者をご紹介！". Kosenkaitori (in Japanese). Retrieved April 16, 2020.
  35. ^ Shinichi Ueno. "10円玉だけど50円以上の価値があるかも！硬貨にプレミアムが付くレア度とは？". Financial Field (in Japanese). Retrieved April 16, 2020.
  36. ^ "新元号変更、平成31年硬貨にプレミアはつくのか？". Moneylab. March 19, 2019. Retrieved April 14, 2020.
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