A new era requires new money, or at least that is the approach Japan took in the mid to late 1800s. With a new outlook and major overhaul of their government, out came a new money system that would lead to the creation of a pattern coin that has graced Whitman Publishing’s 100 Greatest Modern World Coins list. With guidance from authors Charles Morgan and Hubert Walker, we will take a closer look at what led to the pattern coin mentioned and the reason that only two were ever minted.
#44 – Japan 1901 Silver Yen Pattern
With the West at their backs, the Japanese government looked to modernize their society and become an imperial power to preserve not only their independence, but their sovereignty. In the 1850s, Japan was forced to open its ports to international trade and let Western countries (mainly the United States) into their tightly controlled market. This caused an open rebellion against the shogun (general who held political and martial power) with years of political uneasiness finally coming to a head with the overthrow of the shogunate. This brought forth the willingness and desire to once again reinstate the Japanese emperor as the head of the Japanese state. Emperor Kōmei, who ruled from 1846-1867, embraced this decision.
After Kōmei died in 1867, his son Mutsuhito became the emperor and adopted the new era name Meiji, or “Enlightened Reign.” Delegates were sent to study abroad to examine modern education, economics, and politics. Military observances found the Japanese adopting reforms based on the Prussian model as the army was furnished with modern weapons and a powerful modern navy was constructed.
Seeking independence from other countries’ exports, they also quickly industrialized. Politically, reforms focused on a kind of democracy that would see a system of prefectures, the encouragement of entrepreneurship and upward mobility, the elimination of social class structures, and dissolution of the privileges of the samurai class. All these changes sought to eliminate the support system of the shogunate and refocus power on just one person: the emperor. These changes and reforms as part of the Meiji era would be looked upon as the founding of modern-day Japan.
With the Meiji period also came the change in coinage. Japan would adopt the West’s round style in 1870 and in 1871, the emperor would put in motion the creation of a new monetary system called the yen. The replacement of locally produced paper money would come in the form of a new currency that was based on the European decimal system: one yen (coming from the word “yuan” meaning round or circle) was divisible into 100 sen (equivalent to the Korean chon and both derived from the Chinese word qián meaning money) and one sen was divisible into 10 rin.
After the Coinage Act of 1897, the yen, which was originally valued at 0.78 troy ounces of silver, was devalued by half and was equal to approximately 50 US cents. This devaluation put the yen in line with gold and silver values throughout the rest of the world and perhaps contributing to the size of the 1901 silver pattern. Another possible consideration behind the creation of the pattern, which was struck in the 34th year of the Meiji era, was that the design on the yen featuring the dragon curled around a cintamani (or jewel that grants omnipotence to the one who wields it) was “too Chinese.” A rising sun was selected to take its place. However, it did not take hold on the yen even though it was seen on other denominations in 1901. The yen would then continue to feature the dragon until 1914 when the last silver piece was issued. Despite the design change in 1901, the yen did not stray from depicting the chrysanthemum flower on the reverse as a representation of the emperor and the imperial throne of Japan.