# Bunsei Koban: Grading Standards and Evaluation Criteria
The Bunsei koban began minting in Bunsei 2 (1819) and was issued for approximately 18 years until Tenpo 8 (1837). With a gold fineness of approximately 56.4% and a weight of approximately 13.1g, it is known as a representative koban of the late Edo period. With an issuance of approximately 11 million ryo and relatively abundant surviving examples, this denomination has seen significant advances in grading research.
The VF and EF Boundary
The most debated distinction between VF (Very Fine) and EF (Extremely Fine) concerns the degree of surface wear. VF refers to a state where "major design elements are discernible, but overall wear is evident," while EF means "only slight wear is present, with fine design details remaining nearly complete."
Five Key Evaluation Points
Ichitendo focuses on observing the following five locations as critical assessment points:
First, the sharpness of the corners of the characters "拾両" (jūryō) on the obverse center. In EF examples, the character corners remain sharp, whereas in VF examples they show slight rounding.
Second, wear on the raised portions of the tatami mat pattern (gozame). In EF specimens, the peaks of the tatami pattern show minimal flattening, while in VF examples approximately the top 20% exhibits wear.
Third, the clarity of the countermark (gokuin) on the reverse. In EF examples, fine details of the countermark (such as the brushstrokes of the signature seal) are clearly legible, whereas in VF examples they become somewhat unclear.
Fourth, the degree of edge rounding. Newly minted kobans have slightly angular edges, which become rounded through circulation. EF examples show only slight rounding, while VF examples display clearly pronounced rounding.
Fifth, the retention of overall luster. Specimens close to mint state exhibit characteristic metallic brilliance, which diminishes with circulation. While EF examples retain luster in patches, VF examples typically show nearly complete loss of luster.
International Grading Standards
These evaluation criteria are generally consistent with overseas certification bodies such as NGC and PCGS, though they differ subtly from Japan's independent grading standards (Japan Numismatic Dealers Association standards). For investment purposes, selecting specimens that have received internationally recognized grading enables a strategy that considers future overseas sales.
Source: https://www.ginzacoins.co.jp/