Japan and its Currency. 15 



peculiarities of their own metallic currency, and its adaptability 

 or otherwise to the purposes of foreign trade. This consider- 

 ation was a fact forced upon them by pressure of the strongest 

 influence which it is said can operate upon traders in general — 

 that of self-interest. To make this point more clear and 

 intelligible, let us describe the coinage of Japan, as it was 

 arranged at the period just cited. 



The principal coins circulating anterior to 1858, were the 

 gold Iwbang, the gold itzebu, and the silver itzebu. The original 

 kobang of gold was worth about 18s. ofcL, or 18s. hd. British. 

 The gold itzebu was worth one-third of the gold kobang, and 

 the silver itzebu equalled in value Is. 4d. English money. At 

 the time of the partial opening up of foreign trading trans- 

 actions, the kobang circulated in Japan at four itzebus, although 

 its European value was actually nearly fourteen itzebus ! The 

 immediate consequence of this latter circumstance on the 

 sharp traders of America and England, was to induce them to 

 buy up all the kobangs that came in their way at the Japanese 

 valuation. By this proceeding, which no doubt enlightened 

 the poor natives, and revealed to them the truly commercial 

 character of their new customers, the latter gained large sums 

 of money. The lesson thus practically taught and forcibly 

 illustrated, was speedily learnt by the Japanese, who set about 

 purchasing the remaining kobangs. The result necessarily 

 was a total disappearance of the kobang from the channels of 

 general circulation. 



At present, therefore, gold and silver itzebus are the coins 

 which mainly do duty as the circulating media of Japan. 

 These are supplemented, however, by a silver coin known as 

 the itacune, and which is equal in value to 12s. British. 

 There are also in use among the humbler classes of the native 

 population, subsidiary pieces of copper and of iron, and which 

 are known individually as the sen, or cash.* Of these 376 are 

 required to equal in value an English shilling. The obsolete 

 kobangs were thin and oval-shaped discs of flattened gold, two 

 inches in length, and 1\ inches in width. Their weight 

 averaged 200 English grains, and their almost universal 

 degree of fineness was \^±. The ornamentation of the kobang 

 was of the most primitive and simple nature. A kind of scroll 

 like a floreated design at the top, and at the bottom of the 

 obverse, was supposed to represent the coat of arms of the 

 Dairi. Characters stamped in immediately beneath the upper 

 coat of arms indicated the exact weight and value of the coin 

 and the date of its production. Above the lower coat of arms 

 was the name of the Master of the Mint at which it was 



* The coarsest specimens of mintage extant, and not equal to the Chinese 

 " cash," illustrated at page 121, vol. hi. of Intellect uae Observer. 



