--- title: "The Value and How to Identify Bunkyū Eiho — How Wave Patterns and Script Styles Determine Market Price" url: "https://ittendo.com/en/article/news-jp-1363-0c4bf5a4" site: "ITTENDO" type: "article" category: "穴銭" published: "2026-08-25T22:00:00Z" source: "一点堂編集部" source_url: "https://ittendo.com/" lang: "en" --- # The Value and How to Identify Bunkyū Eiho — How Wave Patterns and Script Styles Determine Market Price > Bunkyū Eiho (文久永宝) is a copper coin cast by the Edo shogunate in 1863 and is Japan's last holed coin, distinguished by the wave-shaped outer rim. Two varieties exist — standard script (真書体) and cursive script (草書体) — and the number and depth of waves as well as differences in script style determine rarity. Material and condition also heavily influence price. Individual prices and auction results are listed only once verifiably matched records — with sale, lot, source URL and review date — exist. Bunkyū Eiho (文久永宝, ぶんきゅうえいほう) is a copper coin cast by the Edo shogunate in 1863. Its face value was "当四銭" (tō-shi-sen, four-mon piece), and its most distinctive feature is the wave-shaped outer rim. This design, known as the "wave coin" (波銭), was devised for the purposes of counterfeit prevention and easy identification. As the last holed coin (穴銭) issued in Japan, it symbolizes the end of an approximately 1,000-year era of holed coinage. --- ## What Is Bunkyū Eiho — Japan's Last Holed Coin Bunkyū Eiho (文久永宝, ぶんきゅうえいほう) is a copper coin whose casting was begun by the Edo shogunate in 1863. Its face value was "当四銭," functioning as a coin worth four times the value of the Kan'ei Tsūhō (寛永通宝) one-mon coin that was in circulation at the time. Its diameter is approximately 28 mm, slightly larger than the existing Kan'ei Tsūhō, and its most distinctive feature is the wave-shaped outer rim. This design, known as the "wave coin" (波銭), served a counterfeit-prevention role and was devised so that the coin could be instantly identified as a four-mon piece. Bunkyū Eiho is the last holed coin (a coin with a square hole in the center) ever issued in Japan. This fact carries great historical significance, and the coin is regarded as symbolizing the end of an approximately 1,000-year era of holed coinage. Its distinctive design continues to fascinate many collectors to this day. The 1860s, when it was cast, were a period of upheaval at the end of the Edo period. With the opening of the country and repeated demands from foreign powers, the domestic economy faced a sharp rise in prices. The shortage of small-denomination currency in particular was severe and greatly affected the daily lives of ordinary people. To address this situation, the shogunate decided to cast Bunkyū Eiho in large quantities as a four-mon coin, with the aim of supplying the market with stable small-denomination currency and calming the economic turmoil. Bunkyū Eiho exists in two varieties — "standard script" (真書体, shinshōtai) and "cursive script" (草書体, sōshōtai) — with the cursive script said to have been issued in the later period of casting. The volume cast was very large, and the coin continued to be widely used among ordinary people even after the Meiji era began. This coin can be said to have been an important presence that played a role in economic policy during the turbulent final years of the Edo period. ## The Rarity and Classificatory Complexity Brought About by the Wave Coin Design The greatest factor determining the value of Bunkyū Eiho is the wave pattern applied to the outer rim. This "wave coin" design is said to have been devised with reference to Chinese wave coins, and is an extremely rare design among Japanese old coins. Eleven waves are cast as standard, but subtle differences in the number, depth, and shape of the waves are seen due to individual variation in the casting process. Differences in the wave pattern have become an important classification point for collectors, and pieces with particular combinations of wave pattern and wave count are recorded as rare variants. Early fine specimens in which the undulations of the waves are cast clearly are popular for appreciation purposes owing to their visual beauty and tend to trade at high prices in the market. In addition to this uniqueness of design, Bunkyū Eiho has two major classifications: "standard script (楷書体, kaishotai)" and "cursive script (草書体)." The standard script was cast in the early period and gives the impression of clear, well-ordered characters. The cursive script, cast in the later period, is characterized by the character "永" being rendered in a cursive style. Classifications further multiply due to differences in casting location and fine variations in script style. The highest rarity belongs to the "mother coin" (母銭). Mother coins were the prototypes used to create the molds for casting circulated coins; their characters and outlines are sharper than those of circulated coins, and their artistic value is also recognized owing to their high quality. Trial strike coins (試鋳銭) and variants with unusual scripts also exist; these carry even greater rarity value and serve as objects that stimulate collectors' curiosity. In this way, the unique wave coin design, multiple script classifications, and the existence of special individual pieces such as mother coins and trial strike coins collectively deepen the appreciation of Bunkyū Eiho. In today's collecting market, an understanding of these variants and classifications is a factor that greatly determines the value of each individual coin. ## Recent Market Price Levels in the Holed Coin Category The median hammer price for the holed coin category as a whole, over the most recent 90-day period as of the reference date of 2026-08-26, was ¥1,800 (51 transactions). The preceding 90-day period recorded ¥1,500 (60 transactions), indicating a rate of change representing a 20% rise. Since the sample size in each period exceeds 30 transactions, the confidence level is rated as medium. It should be noted that these figures reflect **the trend of the holed coin category as a whole** and are not the individual market price for Bunkyū Eiho specifically. The holed coin category includes multiple coin types such as Tenpō Tsūhō (天保通宝) and Kan'ei Tsūhō (寛永通宝), and looking at actual hammer prices around the reference date makes the breadth of this range apparent. This indicates that multiple factors — coin type, condition, rarity, and differences in casting location as indicated by the back character — determine the assessment of a single coin. [Check the price trend on the market chart](/market/index) to follow the overall trend for holed coins in greater detail. In addition, [Market Calculation Method and Sample Size](/market/methodology) allows you to confirm how this median value is calculated. ## Value Differentiated by Material and Script The market value of Bunkyū Eiho is greatly differentiated by sorting between copper and iron in terms of material, and by identifying the script style. Against the background of copper shortages at the end of the Edo period, Bunkyū Eiho was cast not only in copper but also in iron. Iron pieces are heavier in specific gravity than copper ones and feel noticeably hefty when held in the hand. However, due to the nature of iron, they are prone to rust, making condition a key factor in determining quality. Copper and iron pieces can be easily distinguished using a magnet, so authentication at the time of purchase is straightforward. Fine iron pieces — especially those in which the characters remain clearly visible — survive in small numbers because corrosion progresses easily. Market prices move at roughly the same level as copper pieces, but the degree of rust progression and the clarity of the characters greatly influence the individual price. Records show a tendency for well-preserved iron Bunkyū Eiho pieces to receive high evaluations as valuable material bearing witness to the harsh economic conditions of that era. Identifying the script style is also an important factor in differentiating value. Bunkyū Eiho exists in standard script (真書体, 楷書体) and cursive script (草書体). The clearest point of identification is the way the character "永" is written. In the standard script, "永" is written in standard block style with each stroke clearly independent. Specifically, it is characterized by the horizontal stroke of the first stroke not continuing seamlessly into the two-water (二水) section. In the cursive script, the character "永" is rendered in a more fluid style, with the first stroke and the two-water section connected in a continuous manner. This connection of strokes is the greatest identifying point of the cursive script. Differences are also seen in the character "宝," with the cursive script tending to have abbreviated dot strokes. The difference in script style can be most clearly understood by comparing actual specimens side by side. ## Practical Points for Acquisition and Storage Since circulated Bunkyū Eiho pieces can be obtained very inexpensively at around ¥100–¥500 per coin, they are suitable as a first step for those beginning to collect holed coins. The visually attractive design of the wave-patterned outer rim means that even beginners can easily distinguish them from other holed coins, making them also useful for learning [the types and classification system of old coins](/guide/varieties). However, when acquiring a piece, it is important to check the condition of the back character (背字). Since the back character of Bunkyū Eiho indicates the casting location, even coins of the same type have different provenance depending on the back character. Aside from rare pieces such as mother coins and trial strike coins, the value of circulated coins is relatively stable, but whether the back character remains clearly visible and whether it is undamaged are points that cannot be overlooked when determining the historical positioning of a given coin. For storage, it is essential to address the material characteristics of copper. Without appropriate storage, verdigris (green rust, 緑青) tends to form. Uniform, stable patina-like verdigris is acceptable, but localized active rust is progressive and leads to deterioration of the coin. Active rust often appears as powdery green or blue spots; if found, consider consulting a specialist. A sealed container with a desiccant such as silica gel is recommended for storage, as this keeps humidity low and suppresses the formation of rust. Dirt tends to accumulate in the wave sections of wave coins, but cleaning with a fine tool carries a high risk of damaging the coin, so it is advisable for non-specialists to refrain from doing so. Excessive cleaning can lead to a loss in the coin's value. For detailed storage methods, please refer to [The Correct Method for Storing Old Coins](/guide/storage). ## A Wave Coin Marking the Meiji Transition, and Easy to Acquire Bunkyū Eiho is a holed coin that records a turning point in Japanese history — the end of the Edo period. The start of casting in Bunkyū 3 (1863) coincides with the turbulent era in which the Edo shogunate was heading toward its end. During this period, the shogunate's financial difficulties and the rampant issuance of domain notes (藩札) by individual domains threw the monetary system into confusion. The mass casting of Bunkyū Eiho was part of the shogunate's measures to resolve that confusion through the supply of small-denomination currency. However, the tide of history could not be resisted, and in Meiji 4 (1871), the New Currency Regulations (新貨幣条例) were promulgated and the transition was made to a modern yen monetary system. Bunkyū Eiho played a bridging role from the old holed coin system to the new currency framework, and its historical value is high as a coin embodying a turning point in Japan's monetary history. From the perspective of price range, Bunkyū Eiho is also an easy-to-acquire wave coin for beginners. The clarity of the waves and the condition of the characters determine the price, and it is not unusual for extremely fine specimens with clear wave patterns and sharp characters to command prices around ten times those of average-grade pieces. Iron Bunkyū Eiho pieces, given the difficulty of preserving them, may sometimes receive evaluations equal to or greater than copper pieces when they are in fine condition. To get a clear picture of specific price movements in the market, it is effective to [monitor prices for coins of interest using the Vault](/vault). Individual prices and auction results are listed only once verifiably matched records — with sale, lot, source URL and review date — exist.