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1 rin coin

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This article is about a former unit of Japanese currency. For other uses, see Rin (disambiguation).
One Rin
Japan
Value+1⁄1000 Japanese Yen
Mass0.91 g
Diameter15.75 mm
EdgeSmooth
ShapeCircular
Composition98% Copper
2% Tin and Zinc
Years of minting1873–1884[a]
Obverse
DesignChrysanthemum crest above "1 Rin", legends separated by dots above.
Reverse
DesignValue and denomination

The one rin coin (一厘銅貨) was a Japanese coin worth one one-thousandth of a Japanese yen, as 10 rin equalled 1 sen, and 100 sen equaled 1 yen.[1] The coins are no longer in circulation, but they are bought and sold both by professional numismatists and by amateur coin collectors.

History

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One rin coins were first minted in 1873 shortly after Japan adopted a new currency system following the Meiji Restoration.[2] This new system was based on units of yen with subsidiary coins in units of sen and rin. One rin coins were included as the lowest denomination, with a value of one-one thousandth of a yen per coin. At the time of its introduction the one rin coin was approximately equal in value to a one mon coin of the old currency system.[3] All one rin coins are made from a bronze alloy, are five-eighths of an inch (15.75mm) in diameter, and have a weight of fifteen grains (0.9g).[4] From 1873 to 1875 millions of one rin coins were produced per year before their mintage sharply dropped off. During this latter year, mint records state that 3,038,000 one rin coins were struck at Osaka between February and December 1875. This amount though, drops down to 223,190 when including the time period from August 16, 1875 to June 30, 1876.[5][6] Modern estimates which are mentioned by Krause Publications give a mintage of only 23,000 coins produced for the years 1876 and 1877.[7]

No coins were minted from 1878 to 1881 with the exception of 810 listed pieces being struck in 1880 for inclusion in gift sets to dignitaries. A few of these coins later found their way into circulation.[8] One rin coins were eventually made for circulation again in 1882, when millions of coins were produced. These amounts later climbed into the tens of millions until the coin was abolished two years later. The decision to abandon the one rin coin in 1884 was due to their "inconvenient small size", which made them unpopular to use.[9][b] One mon coins of the old system were allowed to co-circulate with the rin until they were withdrawn from circulation on December 31, 1891. In the following year, one rin coins dated 1892 (year 25) were produced for a final time to have non circulating examples to display at the World's Columbian Exposition.[10]

In 1896, The Journal of Commerce noted that older (Japanese) coins were still necessary for small transactions in rural areas. With their size still being an issue, one rin coins were excluded from this process as they did not circulate "at all".[11] One rin coins eventually lost their value as it was noted by 1904 that a rin was worth +1⁄10 of a farthing or +1⁄20 of an American penny.[12] All one rin coins were eventually taken out of circulation at the end of 1953 and demonetized. The Japanese government passed a new law during this time that abolished subsidiary coinage in favor of a single currency unit of yen.[13]

Circulation figures

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One rin coin from 1873 (year 6)

Meiji

The following are circulation figures for the one rin coin, all of which were minted between the 6th, and 25th year of Meiji's reign. The dates all begin with the Japanese symbol 明治 (Meiji), followed by the year of his reign the coin was minted. Each coin is read clockwise from right to left, so in the example used below "七十" would read as "year 17" or 1884.

  • "Year" ← "Number representing year of reign" ← "Emperors name" (Ex: 年 ← 七十 ← 治明)
Year of reign Japanese date Gregorian date Mintage
6th 六 1873 6,979,260[14]
7th 七 1874 4,881,630[15]
8th 八 1875[c] 3,718,840[14]
9th 九 1876 23,000[14]
10th 十 1877
13th 三十 1880 810[14]
15th 五十 1882 3,632,360[14]
16th 六十 1883 14,128,150[14]
17th 七十 1884 16,009,130[14]
25th 五十二 1892 Not circulated[d]

Collecting

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Common dates for the one rin coin can usually be found online, and at pawn shops where prices vary depending on the condition of the coin.[16] Outside of these dates are four rarities which sell for much larger amounts due to their low mintages. The first of these are dated 1876, and 1877 (year 9 and 10) which were intended for circulation. An example of a coin dated 1876 (year 9) brought $12,075.00 (USD) at auction in 2011, while a coin dated 1877 (year 10) sold for a lower amount in the thousands.[17][18][19] The last two rarities dated 1880 (year 13) and 1892 (year 25) were not intended for circulation as they were specially made as presentation pieces. One rin coins dated 1880 (year 13) have a recorded mintage of just 810 pieces, but the actual amount struck is thought to be less.[17] One example in AU58 condition sold for $12,650.00 (USD) at auction in 2011.[20] Coins dated 1892 (year 25) were used for display in Chicago at the World's Columbian Exposition, and a unique piece sold for $63,250.00 (USD) in 2011.[21] Certification by a coin grading service is recommended for one rin coins, as their simplistic design has made them a target of counterfeiters.[22]

Notes

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  1. ^ Coins dated "1880" "1892" (year 13 & 25) were not minted for circulation
  2. ^ For perspective: With a diameter of 15.75 mm, one rin coins are smaller than modern Euro cents (16.25 mm), U.S. Dimes (17.91 mm), Five pence coins (18.0 mm), and 1 yen coins (20.0 mm)
  3. ^ Two different varieties exist that have the character "MEI" being separate versus connected. Their mintage is combined in the following column.
  4. ^ 1892 dated coins were never intended for circulation as they were made for the World's Columbian Exposition as exhibits.[10]

References

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  1. ^ Crowdy, John (1873). The British Almanac. Stationers' Company. pp. 112–113. Retrieved December 9, 2016.
  2. ^ Andrew, A. Piatt (1904). "The End of the Mexican Dollar". Quarterly Journal of Economics: 345.
  3. ^ Akin, Marjorie H.; Bard, James C.; Akin, Kevin (2016). "Japanese Coins Exported to China and Beyond". Numismatic Archaeology of North America. Taylor & Francis. ISBN 9781315521312.
  4. ^ "1厘銅貨". Buntetsu.net (in Japanese). Retrieved December 10, 2016.
  5. ^ "Currency". Accounts and Papers of the House of Commons. Vol. 76. House of Commons of the United Kingdom. 1876. p. 23.
  6. ^ Jones, John Percival (1876). "Monetary System of Japan". Report and Accompanying Documents of the United States Monetary Commission, Organized Under Joint Resolution of August 15, 1876. Vol. 2. United States Monetary Commission. p. 371.
  7. ^ Michael, Thomas; Schmidt, Tracy L. (2019). "Japan Empire: Decimal Coinage". Standard Catalog of World Coins 1801-1900. Penguin Publishing Group. p. 866. ISBN 9781440248955.
  8. ^ "Japan: Meiji Proof 1/2 Sen Year 13 (1880)". Heritage Auctions. Retrieved September 12, 2020.
  9. ^ Blackwell, A.H. (1892). Rin Abolished. Vol. 18. The Japan Daily Mail. p. 271. Retrieved January 9, 2019.
  10. ^ a b "Japan: Meiji copper 1 Rin Year 25 (1892), struck for exhibit at the Worlds Columbian Exposition in Chicago in 1892". Heritage Auctions. Retrieved September 8, 2020.
  11. ^ Soyeda, Juichi (1896). "The Currency of Japan: Circulation of Coins". A History of Banking in All the Leading Nations. The Journal of Commerce. p. 514.
  12. ^ Del Mar, Walter (1904). Around the World Through Japan. A. and C. Black. p. 136. Retrieved June 12, 2017. Japan one rin coin.
  13. ^ "小額通貨の整理及び支払金の端数計算に関する法律" [A law of the abolition of currencies in a small denomination and rounding off a fraction, July 15, 1953 Law No.60]. Shūgiin. Archived from the original on June 28, 2002. Retrieved December 5, 2016.
  14. ^ a b c d e f g "Japan Rin Y# 15 Yr.10(1877)-Yr.9(1876)". Numismatic Guaranty Corporation. Retrieved December 10, 2016.
  15. ^ "The Mint". Japan Weekly Mail. Jappan Meru Shinbunsha. 18 February 1875. Retrieved December 10, 2016.
  16. ^ "1 rin coin". eBay. Retrieved December 11, 2016.
  17. ^ a b "M9(1876) JAPAN RIN MS Coin Auctions". Numismatic Guaranty Corporation. Retrieved September 8, 2020.
  18. ^ "Meiji copper 1 Rin Year 9 (1876)". Heritage Auctions. Retrieved September 8, 2020.
  19. ^ "Meiji copper 1 Rin Year 10 (1877)". Heritage Auctions. Retrieved September 8, 2020.
  20. ^ "M13(1880) Japan Rin MS Coin Auctions". Numismatic Guaranty Corporation. Retrieved September 12, 2020.
  21. ^ "M25(1892) Japan Rin MS Coin Auctions". Numismatic Guaranty Corporation. Retrieved December 11, 2016.
  22. ^ "1厘硬貨の買取価値と概要について". Kosen Kaitori (in Japanese). Retrieved September 8, 2020.
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