# Early Issue Nanryō Ni-Shu Gin Achieves Record 18 Million Yen at Major Auction

An early issue Nanryō Ni-Shu Gin (南鐐二朱銀) recently achieved a record price of 18 million yen at a major auction house. The Nanryō Ni-Shu Gin is Japan's first counted silver coin, with issuance beginning in Meiwa 9 (1772). Its face value corresponds to two shu (1/8 ryō). "Nanryō" refers to high-quality silver, with a silver fineness of approximately 98%, which is exceptionally high.

The specimen that sold at auction featured the distinctive "bold" typeface characteristic of early casting lots and was in near-mint condition equivalent to AU (Almost Uncirculated) grade. Because Nanryō Ni-Shu Gin circulated widely as currency in daily transactions, specimens in near-mint condition are extremely rare.

The historical significance of the Nanryō Ni-Shu Gin is considerable. Unlike previous silver coins, which were weighed currency (with value determined by weight), the Nanryō Ni-Shu Gin was groundbreaking as a counted currency with a face value inscribed upon it. This issuance dramatically improved convenience in everyday transactions and marked the first step toward modernization of the monetary system.

The coin weighs approximately 10.2 grams and has a diameter of approximately 28 millimeters. The obverse bears the inscription "Eight Nanryō coins exchange for one ryō in koban" (以南鐐八片換小判一両), while the reverse displays "Meiwa 9" (明和九年) indicating the year of issue. Typeface variations exist from early to late periods, and detailed classification research is conducted among collectors.

Market prices typically range from 3 to 8 million yen for standard specimens (VF grade) and 10 to 30 million yen for fine examples. The 18 million yen hammer price achieved in this sale represents an exceptional case, combining high grade with the rarity of an early issue specimen, standing apart from typical Nanryō Ni-Shu Gin market values.

According to analysis by Ichitendō, the rarity of high-grade specimens in the Edo period silver coin market is being increasingly recognized year after year. In particular, specimens encapsulated by international grading services (NGC, PCGS) command higher prices as they are recognized in international markets. We recommend that investors consider concentrated investment in high-grade specimens.

Source: https://ja.wikipedia.org/wiki/%E4%B8%81%E9%8A%80