The Japan Numismatic Merchants Cooperative (JNDA) Spring Convention 2026, held in Hamamatsucho, Tokyo in May 2026, concluded with a total realized value exceeding 315 million yen — the highest since 2023. Over 200 lots came to market, attracting approximately 300 dealers and collectors from across Japan.

Headline: Keicho Oban Realizes 52 Million Yen

The standout lot was a Keicho Oban (choice EF to AU grade), which sold for 52 million yen against a pre-sale estimate of 40–48 million yen. The Keicho Oban, minted from 1601, is considered the pinnacle of Japanese numismatics due to its historical significance and extreme rarity. This specimen featured crisp workshop stamps and exceptional preservation of gold luster. Competitive bidding in the final rounds, reportedly including remote bidders from Hong Kong and Taiwan, pushed the result well above expectations.

Top 10 Results

  1. Keicho Oban (Choice EF–AU): 52,000,000 yen
  2. Keicho Koban NGC MS63: 9,800,000 yen
  3. Kyoho Oban (Choice EF): 8,700,000 yen
  4. Old 20-Yen Gold (Meiji 4) PCGS MS64: 6,200,000 yen
  5. Genroku Koban NGC MS61: 5,400,000 yen
  6. Chogin (Keicho) NGC AU55: 4,300,000 yen
  7. Old 10-Yen Gold (Meiji 4) NGC MS64: 3,800,000 yen
  8. Tensho Hishi Oban (fragment): 3,100,000 yen
  9. Kyoho Koban NGC MS62: 2,900,000 yen
  10. Ichibu Gold (Tenpo) 10-piece set: 2,200,000 yen

Category Analysis

Edo Gold (Koban & Oban): Dominant, with certified high-grade specimens consistently exceeding pre-sale estimates by 10–20%. International remote bidding is driving demand above domestic price benchmarks.

Modern Gold (Meiji–Taisho): Old gold coins (especially first-year Meiji 4 issues) remained strong, with NGC MS64 grades commanding significant premiums.

Edo Silver: Selective, with only the highest-grade certified pieces attracting serious bidding. The broader silver category remained subdued following April's surge.

Holed Coins / Modern Commemoratives: Quiet, with Kanei Tsuho and Tenpo Tsuho failing to excite the room.

Market Implications

The Keicho Oban's 52 million yen realization sets a new reference price for the market and is expected to drive increased inquiries and upward pressure on buying prices for large Oban and premium Koban by 3–5% in the near term. The widening gap between certified and uncertified pieces was the clearest takeaway from this session — in multiple cases, NGC/PCGS-certified lots realized 2–3× the prices of similar uncertified pieces.