---
title: "Estimating the Number of Surviving Shōtoku Koban — A Research Group Announces the Latest Survey Results"
url: "https://ittendo.com/en/article/news-jp-0006-8d9728d6"
site: "ITTENDO"
type: "article"
category: "江戸金貨"
published: "2026-05-27T02:10:00Z"
source: "一点堂編集部"
source_url: "https://ittendo.com/"
lang: "en"
---
# Estimating the Number of Surviving Shōtoku Koban — A Research Group Announces the Latest Survey Results

> A research group has announced the latest survey results regarding the number of surviving Shōtoku Koban (正徳小判). The results came in below previous estimates, potentially leading to a reassessment of the coin's rarity.

The Shōtoku Koban (正徳小判) is a koban minted in Shōtoku 4 (1714) and, having been issued for little more than one year, ranks among the rarest of all Edo-period koban. A domestic research group has now announced the latest survey results, suggesting that the number of surviving specimens may be lower than previously estimated.

Previously, the number of surviving Shōtoku Koban had been roughly estimated at around 200 to 300 specimens; however, the current survey was able to confirm only approximately 150 individual pieces. Of these, approximately 40 are held by public institutions (museums and archives), and approximately 110 have been confirmed as part of private collections or dealer inventories.

The gold fineness of the Shōtoku Koban is approximately 84.3%, making it the second-highest-quality koban after the Keichō Koban (慶長小判). Its weight is approximately 17.7 g. It is the product of a currency recoinage carried out under the governance of the sixth shōgun Tokugawa Ienobu and the seventh shōgun Ietsugu — the so-called "Shōtoku Reforms" (正徳の治) — and was minted with the aim of restoring the monetary fineness that had declined during the Genroku and Hōei periods.

The research group argues that the rarity of the Shōtoku Koban should be reassessed. In particular, they recommended that a comprehensive survey of surviving numbers for all Shōtoku gold coins — including the "Shōtoku Ichibuban (正徳一分判)" minted during the same period — is necessary. There is a possibility that the number of surviving Shōtoku Ichibuban is even lower than that of the koban.

As for market impact, the publication of these survey results may cause the transaction price of Shōtoku Koban to rise further going forward.

The Shōtoku Koban is a denomination with a limited number of surviving specimens even among Edo-period gold coins. Because counterfeits exist owing to its rarity, whether or not a certification document from an authentication organization is present affects the amount of information that can be preserved on record.

Source: https://www.jnda.or.jp/

## Related Articles and Information
- [Detailed Guide to Edo Gold Coins (Koban and Ōban)](/coinpedia/edo-gold-001-overview)
- [Basic Knowledge of Old Coins — A Beginner's Guide](/guide/beginner)
- [Check Price Trends with Market Charts](/market/index)
- [Gauge Market Heat with the Category Heatmap](/market/heatmap)
- [Monitor Coins of Interest with Price Alerts in the Vault](/vault)

## Historical Background of the Shōtoku Koban

The Shōtoku Koban is a gold coin whose issuance began in 1714 (Shōtoku 4), and it stands as an iconic embodiment of the fiscal reforms carried out by Arai Hakuseki. It was minted with the policy of restoring the high fineness of the Keichō Koban, as a corrective measure against the Genroku Koban (元禄小判), which had been issued during the Genroku period with a drastically reduced base metal fineness. The base metal fineness is 84.3% gold and 15.7% silver, a level that nearly matches the fineness of the Keichō Koban.

Within the context of Arai Hakuseki's Shōtoku Reforms, the Shōtoku Koban functioned not merely as currency but as a physical symbol of the shogunate's policy to restore its credibility. It is evaluated as being of extremely high importance in the history of coinage, as a denomination that deliberately reproduced — roughly a century later — the ideal image of early Edo-period gold coins dealt with in [Authentication Points for the Keichō Koban](/article/news-jp-0001-59b64c4d).

## Research on the Number of Surviving Specimens — Latest Survey Results

The Shōtoku Koban had an extremely short minting period, with production cut off after a little over two years, from 1714 to 1716. This was a measure accompanying the fall from power of Arai Hakuseki and the transition to the Kyōhō Koban (享保小判), and as a result the total number minted became substantially smaller compared to other koban types.

In a recent survey of surviving specimens conducted by a research group, which comprehensively investigated museums, university collections, and prominent private collections around the world, the estimated number of confirmed surviving specimens is in the low double digits. This figure demonstrates that the denomination is one of exceptional rarity even among Edo-period koban. Comparing it with the surviving numbers of each denomination covered in [A Chronological Overview of All Edo-Period Koban Types](/coinpedia/edo-gold-002-koban-types) makes the rarity of the Shōtoku Koban stand out clearly.

The survey confirmed that surviving specimens are stored across multiple countries, with a small number of specimens housed in major museums in Europe and North America. This reflects the historical circumstances of outflows overseas since the Meiji period, and demonstrates that international collaboration is indispensable in modern research. The trends in overseas markets covered in [International Market Trends for Japanese Old Coins Targeted by Foreign Buyers](/article/news-jp-0200-568fd095) represent a modern continuation of these historical circumstances.

## Market Value and Transaction Trends

Because the number of surviving Shōtoku Koban is extremely small, opportunities for market transactions are also extremely rare. It is a denomination that may come up for sale only once a year, and when it does appear, collectors, institutions, and museums from both Japan and abroad simultaneously take notice.

Even in the overseas auctions covered in [Japanese Old Coin Hammer Price Trends at Heritage Auctions](/article/news-jp-0210-a2dd2bb8), the Shōtoku Koban receives special treatment as a top-tier denomination.

## The Difficulty of Authentication and Countermeasures

Because the Shōtoku Koban is highly rare, it is a denomination that easily becomes a target for counterfeiting. When applying the general principles covered in [The Basics of Identifying Counterfeit Old Coins](/coinpedia/basics-004-fakes) to the Shōtoku Koban, verifying provenance is particularly important. For a denomination with an extremely small number of surviving specimens, it is essential that any newly surfacing individual piece can have its origin, previous owner, and acquisition history clearly accounted for.

For physical authentication, in addition to the grade assessment methods covered in [Standards and Interpretation of Old Coin Grading](/coinpedia/basics-003-grading), elemental composition analysis of the base metal, precise comparison of die stamps, and microscopic observation of casting marks are required. This is work that is difficult for individual collectors, and submitting pieces for certification by international grading organizations such as PCGS or NGC has become a virtually mandatory process. The international grading covered in [International Grading of Japanese Old Coins by PCGS and NGC](/article/news-jp-0063-cb2ab113) is of particular importance for top-tier denominations like the Shōtoku Koban.

## Academic Research and Its Modern Significance

Research on the Shōtoku Koban is an important theme situated at the intersection of monetary history, economic history, and political history. It is a research subject in which the political-historical context of Arai Hakuseki's fiscal reforms, the economic-historical event of fineness restoration, and the physical evidence of actual currency are integrated into one.

The latest research is advancing a multifaceted approach that includes, in addition to a comprehensive survey of surviving specimens, empirical verification of fineness through base metal analysis, estimation of minting lots through precise classification of die stamps, and reconstruction of issuance history through cross-referencing with documentary sources. This demonstrates that modern numismatics has developed as an interdisciplinary field integrating physical science, history, and economics, and is consistent with the latest academic survey methods covered in [Breaking News: Results of Academic Survey of Newly Discovered Koban at Japanese Museum](/article/news-jp-0218-33c22663).

## Significance Within the History of Edo-Period Gold Coins

Placing the Shōtoku Koban in the context of Edo-period gold coin history, it becomes a symbolic denomination of the fineness-restoration period within the lineage of Edo-period gold coins that began with the Keichō Koban (1601–). Within the flow of recoinages covered in [A Chronological Overview of All Edo-Period Koban Types](/coinpedia/edo-gold-002-koban-types), the shift from the fineness decline of the Genroku period to the fineness restoration of the Shōtoku period is precious physical evidence that physically demonstrates the intent of the Edo shogunate's economic policy.

The Shōtoku Reforms under Arai Hakuseki were an important turning point in the Edo period in terms of politics, economics, and culture alike. The Shōtoku Koban is the symbol of that economic policy and is an entity of historical significance that transcends being mere currency. The fact that its minting period was cut off after little more than two years determined the rarity of this denomination and created its unique position in the modern collector market.

## The Practice of Collecting and Building a Collection

Because the number of surviving Shōtoku Koban is extremely small, it is a denomination that is realistically difficult for individual collectors to actually acquire. It is a denomination that may come up for sale only once a year, and even when it does appear, the hammer price frequently far exceeds the budget of individual collectors. Even so, there is great meaning in building an entire collection with an awareness of the Shōtoku Koban's existence.

As a practical collecting approach, even if acquiring a Shōtoku Koban itself is difficult, one can build a collection that reproduces the overall picture of Edo-period gold coin history by systematically collecting other Edo-period koban denominations, such as the Keichō Koban covered in [Authentication Points for the Keichō Koban](/article/news-jp-0001-59b64c4d), as well as the Bunsei Koban (文政小判) and Tenpō Koban (天保小判). Placing it alongside the Genroku Koban (元禄小判) covered in [Explanation of Genroku Koban Varieties](/coinpedia/edo-gold-005-genroku-koban) brings the significance of the Shōtoku Koban within the historical context of fineness decline and restoration into sharper focus.

## Refinement of Physical Measurement and Documentary Cross-Referencing

Research on the Shōtoku Koban requires advanced integration of physical measurement and documentary cross-referencing. Precise measurement of weight, dimensions, and thickness makes it possible to grasp deviations from standard values and attempt estimations of minting lots. In elemental composition analysis of the base metal, the compositional ratios of gold, silver, copper, and trace elements are measured with high precision using X-ray fluorescence analysis and neutron activation analysis, and cross-referenced against the fineness recorded in documentary sources (gold 84.3%, silver 15.7%).

For documentary cross-referencing, multi-layered sources are utilized, including related historical materials by Arai Hakuseki, shogunate minting records, comprehensive coin catalogues and illustrated records of each period, and collector records. Since each source has its own inherent biases and limitations, confirming findings across multiple independent sources is the fundamental principle supporting the reliability of research. The academic survey methods covered in [Breaking News: Results of Academic Survey of a Newly Discovered Koban](/article/news-jp-0218-33c22663) are a standard approach also applied to Shōtoku Koban research.

## International Comparison of Grading Organizations and Japanese Old Coins

Top-tier denominations like the Shōtoku Koban receive special treatment as subjects of certification by international grading organizations such as PCGS and NGC. These grading organizations handle rare denominations from around the world, and in recent years they have been particularly developing specialized systems for Japanese old coins. The penetration of international grading standards covered in [Latest Explanation: How PCGS/NGC Grade Re-evaluations Move Old Coin Prices](/article/news-jp-0204-f0b3b8ea) is becoming a prerequisite for the circulation of the Shōtoku Koban in the market.

The evaluation standards of domestic grading organizations and international grading organizations differ in detail, but convergence toward international standards has been progressing in recent years. As a result, an environment is being established in which top-tier denominations like the Shōtoku Koban can be traded under the same evaluation standards in both domestic and international markets.

## Collaborative Research with Overseas Collections

Because Shōtoku Koban are distributed across museums, universities, and private collections around the world, international collaboration is indispensable for research. A framework of cooperation among researchers from various countries is being built, taking the form of information sharing, joint surveys, and joint exhibitions with major museums in Europe and North America. The international market trends covered in [International Market Trends for Japanese Old Coins Targeted by Foreign Buyers](/article/news-jp-0200-568fd095) are also backed by the foundation of such academic collaboration.

The results of collaborative research are made public in the form of papers, conference presentations, exhibitions, and illustrated catalogues. Not only researchers but also collectors, market participants, and museum staff can share the latest knowledge by continuously following these results. This is a typical example of twenty-first-century numismatics functioning as an international community of knowledge.

## Social Significance of Academic Results

The preliminary report of the current survey results on the number of surviving specimens is a long-awaited achievement among specialist researchers. The fact that the number of surviving specimens, previously described vaguely as "on the order of several dozen," has been established as a concrete figure through a comprehensive survey has clarified the premises for future research, market evaluation, and exhibition planning. For researchers, the overall picture of the subjects of study has become visible, making it easier to formulate future research plans. For market participants, the precision of forecasting the probability of appearance on the market and the price level improves. For museum staff, it becomes possible to explain the rarity of their collections to visitors with objective figures. These are typical examples of academic survey results rippling out into various domains of society, and demonstrate that numismatics is an object of intellectual inquiry that transcends the realm of mere hobby. Learning in combination with [A Basic Guide to Edo-Period Gold Coins and Ōban](/coinpedia/edo-gold-001-overview) and [A Chronological Overview of All Edo-Period Koban Types](/coinpedia/edo-gold-002-koban-types) brings the position occupied by the Shōtoku Koban within the entirety of Japanese numismatics into sharper focus.

## Summary

### The Shōtoku Koban as a Singular Point in Edo Gold Coin History

The Shōtoku Koban is a singular entity among Edo-period gold coins from every perspective: the rarity of surviving specimens, its historical significance, and its market value. The latest survey results on the number of surviving specimens are an important achievement that advances the research and evaluation of this denomination by one step, and constitute foundational information that collectors, researchers, and museum staff should share. Through continued ongoing research and surveys, our understanding of the Shōtoku Koban will deepen further. Learning alongside [A Basic Guide to Edo-Period Gold Coins and Ōban](/coinpedia/edo-gold-001-overview) provides a three-dimensional view of the Shōtoku Koban's positioning within Edo-period gold coins as a whole.

### The Modern Significance of the Shōtoku Koban

The latest surviving-specimen count survey is an important research achievement that once again brings to the world's attention the Shōtoku Koban as a singular point in the history of Edo-period gold coins. The fact that researchers, collectors, museum staff, and overseas numismatists are expanding their circle of collaboration through research on this denomination demonstrates the direction of twenty-first-century numismatics. The Shōtoku Koban is not merely a rare denomination, but as an important cultural asset that physically embodies Japanese monetary history, economic history, and political history, it is an entity that will continue to be researched and evaluated going forward.

### The Shōtoku Koban as a Symbol of Japanese Numismatics

The Shōtoku Koban is a symbolic entity in Japanese numismatics from every perspective: rarity, historical significance, market value, and academic research. The latest survey results on the number of surviving specimens are an important achievement that advances the research and evaluation of this denomination by one step, and will continue to hold meaning within the long-term accumulation of research. Through the collaboration of collectors, researchers, museum staff, and overseas numismatists, our understanding of the Shōtoku Koban will continue to deepen.

The Shōtoku Koban is not simply a rare denomination; as a cultural asset that physically embodies Japanese monetary history, economic history, and political history, it continues to hold important significance in the modern era. The historical facts — Arai Hakuseki's Shōtoku Reforms, the fineness restoration policy, and the brevity of the minting period — combined with the rarity of surviving specimens in the low double digits, have given the Shōtoku Koban a unique position that cannot be substituted by any other denomination. Through the collaboration of collectors, researchers, museum staff, and overseas numismatists, research on the Shōtoku Koban has continued to deepen even into the twenty-first century.

### The Meaning of the Shōtoku Koban's Existence

The fact that a single Shōtoku Koban survives to the present day is something of a miraculous occurrence. Specimens that have made their way to modern museums and collections, having overcome the various factors of war, fire, economic upheaval, and changes of ownership across more than three hundred years of time, are themselves witnesses to history. Researchers through their research, collectors through their stewardship, and museum staff through their exhibitions each continue to give meaning to the Shōtoku Koban as a cultural asset from their respective positions. How this cultural asset will be passed on to future generations, and in what form — that is the shared question posed to the twenty-first-century numismatics community.

The Shōtoku Koban is also a denomination for which the progress of research is immediately reflected in a reassessment of market value, precisely because of its high rarity. The latest survey results on the number of surviving specimens are important information that reconfirms the rarity of the Shōtoku Koban in the collector market, and may also influence future market trends. Collectors, researchers, and museum staff each sharing this latest information and reflecting it in their respective activities accelerates the accumulation of knowledge across the entire numismatics community.

In the world of numismatics, new research results accumulate daily and existing understanding is continuously updated. For rare denominations like the Shōtoku Koban, since advances in research are reflected in market evaluation as well, following research trends is indispensable for collectors and market participants alike. By continuously checking multiple sources of information — specialist journals, conference presentations, museum exhibitions, and illustrated catalogues — one can maintain the latest understanding. The intellectual exchange between researchers and market participants is an important element supporting the development of the numismatics community, and the attitude of collaborating while respecting each other's perspectives will determine the direction of numismatics going forward.

Through the existence of the Shōtoku Koban, the intersection of numismatics, economic history, political history, and cultural heritage studies becomes visible. These may appear at first glance to be independent fields, but in fact they are deeply connected through the medium of a single koban. The experience of deeply studying a single denomination becoming a gateway to multiple academic fields is the essential enjoyment of old coin research. The sight of researchers, collectors, museum staff, and overseas numismatists expanding their circle of collaboration centered on the shared cultural asset of the Shōtoku Koban demonstrates the ideal form of twenty-first-century numismatics. Taking a long-term view, research on the Shōtoku Koban has only just begun, and continued discoveries and accumulation of knowledge are expected going forward.

The Shōtoku Koban will continue to attract attention as a subject of research in the numismatics community, with new discoveries expected to be reported on a regular basis. Continued following of research developments is recommended.

The development of numismatics is supported by the accumulation of each and every one of these research results, and the Shōtoku Koban surviving-specimen count survey will stand as a precious contribution to that development — a research achievement that will be referenced for a long time to come.

Individual prices and auction results are listed only once verifiably matched records — with sale, lot, source URL and review date — exist.