---
title: "Value and Authentication of Kyōhō Chōgin | A Silver Coin with Restored 80% Fineness"
url: "https://ittendo.com/en/article/news-jp-1376-a7feae34"
site: "ITTENDO"
type: "article"
category: "江戸銀貨"
published: "2026-09-07T22:00:00Z"
source: "一点堂編集部"
source_url: "https://ittendo.com/"
lang: "en"
---
# Value and Authentication of Kyōhō Chōgin | A Silver Coin with Restored 80% Fineness

> The Kyōhō Chōgin (享保丁銀) is a currency-by-weight silver coin minted from 1716 to 1736. As part of the Kyōhō Reforms under Tokugawa Yoshimune, it restored silver fineness to 80%, representing a critical monetary policy measure. This was an improvement of 16 percentage points over the preceding Genroku Chōgin's 64% fineness, making it the largest fineness recovery in the history of Edo-period silver coinage. Careful scrutiny of the inscription stamps, observation of age-related changes, and specific gravity measurement are the key points for authentication.

During the Edo period, the fineness of silver coins declined in stages as the shogunate's finances became increasingly strained, bringing about inflation and economic turmoil. To break this vicious cycle, the eighth shōgun Tokugawa Yoshimune ordered the minting of the Kyōhō Chōgin in the sixth year of Kyōhō.

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## The Kyōhō Reforms and the Dramatic Recovery of Silver Fineness

The Kyōhō Chōgin (享保丁銀) is a currency-by-weight silver coin minted during the Kyōhō era, from 1716 to 1736. It was implemented as a critical measure to restore monetary fineness under the "Kyōhō Reforms" promoted by the eighth shōgun, Tokugawa Yoshimune.

Throughout the Edo period, the fineness of silver coins was repeatedly reduced as the shogunate's finances became increasingly strained. Beginning at 80% fineness with the Keichō Chōgin (慶長丁銀), it fell to 64% with the Genroku Chōgin (元禄丁銀), and then declined further in stages during the Hōei period to 50%, 40%, 32%, and finally 20%. These repeated recastings caused a real decline in monetary value, leading to chronic inflation and economic disorder.

Tokugawa Yoshimune ordered the minting of the Kyōhō Chōgin in the sixth year of Kyōhō (1721) to break this vicious cycle. Its silver fineness was set at 80.0%, recovering to the same level as the Keichō Chōgin. This was an improvement of fully 16 percentage points over the Genroku Chōgin's 64%, making it the largest fineness improvement in the history of Edo-period silver coinage. This measure was not merely a monetary reform; it was also a strong message demonstrating the shogunate's restoration of fiscal discipline, aimed at curbing inflation and stabilizing the economy.

Physically, the Kyōhō Chōgin varies in weight between individual pieces, as is characteristic of currency-by-weight coinage. Commonly seen weights range from approximately 160 g to 200 g, with a length of roughly 10 cm to 15 cm, and the coin has a long, narrow oval shape known as namako-gata. Reflecting the high silver fineness of 80%, the color is a comparatively bright silver-white, differing from the slightly grayish hue of the Genroku Chōgin. However, because color differences become unclear on pieces where sulfidation has advanced over the years, identification by color alone should be treated as supplementary.

## Historical Background That Elevates Authentication Importance as a Symbol of Fineness Recovery

The single greatest factor that determines the current valuation of the Kyōhō Chōgin is its position within the transitions in silver fineness throughout the Edo period.

A total of ten types of chōgin were minted during the Edo period, and among them the Kyōhō Chōgin occupies a unique position as a symbol of fineness recovery. The preceding Hōei Futatsutakarachōgin (宝永二ツ宝丁銀) at 50% fineness, the Eiji Chōgin (永字丁銀) at 40%, and the Mitsutakarachōgin (三ツ宝丁銀) at 32% were all on the trajectory of declining fineness that followed the Genroku Chōgin at 64%. Compared with these, the Kyōhō Chōgin's fineness of 80% is markedly higher, and the clear differences in color, specific gravity, and luster are reflected in market records.

The succeeding Genbun Chōgin (元文丁銀), at 46% fineness, began to be minted after the Kyōhō Chōgin's era had ended, and its fineness fell sharply once again. This shows that the Kyōhō Reforms did not persist and that fiscal pressures rose again under the succeeding administration. In other words, the Kyōhō Chōgin is a product of a temporary period of quality recovery, and the contrast with the deterioration that followed generates strong interest among collectors and researchers.

Although the Keichō Chōgin and the Kyōhō Chōgin share the same silver fineness of 80%, they differ in issuance date, stamp types, and typical weight characteristics. The Keichō Chōgin tends to have greater historical rarity and commands higher valuations in the market.

This historical background makes current authentication standards more stringent. The "享保" (Kyōhō) inscription stamp unique to the Kyōhō Chōgin and the carefully engraved Daikoku-image stamp serve as evidence of the quality expected of a chōgin from the fineness-recovery period and form the core of authenticating individual pieces. Specific gravity measurement is also effective as a supplementary method; the specific gravity of an alloy of 80% silver and 20% copper is approximately 10.2 to 10.5. Visual comparison with the [Genroku Chōgin](/coinpedia/edo-silver-008-genroku-chogin) and an overall understanding of the fineness transitions in the [World of Chōgin](/coinpedia/edo-silver-002-chogin) improve the accuracy of evaluating individual pieces.

## Recent Transaction Levels in the Edo Silver Coin Category

Using September 8, 2026 as the reference date, the median closing price for the entire Edo silver coin category over the most recent 90 days is ¥4,650. The number of sales recorded during this period is 38. The median for the preceding 90-day period (the period from 180 days before the reference date up to 90 days before) was ¥3,750, with 8 sales recorded.

Because the number of sales in the preceding period is fewer than 10, no statistical rate of change or confidence level is calculated. Looking at the median figures alone, however, the level of transaction amounts in the most recent period has risen. Whether this rise is a temporary fluctuation or indicates increased demand across the entire category requires longer-term observation, taking into account the limitations of confidence levels explained in [How Market Prices Are Calculated and Sample Sizes](/market/methodology).

Looking at recent actual sale examples, two sales were recorded on September 8, 2026: ¥3,600 and ¥1,560. From late August through early September, transactions of ¥16,800, ¥8,500, ¥5,500, ¥7,000, ¥5,000, and ¥2,800 were recorded, indicating that price differences between individual pieces within the same category are substantial depending on condition and coin type.

An important note: the figures shown here are statistics for the Edo silver coin category as a whole and do not represent the market level for the Kyōhō Chōgin individually. Where the Kyōhō Chōgin falls within this category depends on multiple factors including the year of minting, the mint of origin, and the condition of the individual piece. By [viewing the full list of auction results](/auctions), more detailed records of individual transactions can be confirmed.

## Authentication and Value Differentiation in the Market

The Kyōhō Chōgin varies considerably between individual pieces as currency-by-weight coinage, and highly specialized knowledge is indispensable for authentication. Understanding the conditions that determine value requires knowing the key points of authentication.

**Scrutiny of the inscription stamps** is the first item to verify. On genuine pieces, the outline of the characters "享保" is sharply engraved by a powerful strike. On counterfeits, the engraving may be shallow, the outline blurred, or unnatural crushing may be seen in the fine details of the characters. Using a loupe of high magnification (20× or more) to examine each individual brushstroke is the first step in judging the reliability of a piece.

**Observation of age-related changes in the silver alloy** is the second point. Genuine Kyōhō Chōgin, after many years, display natural sulfidation-induced blackening distributed unevenly across the surface. This discoloration has depth and forms a random pattern. Unnatural uniformity resulting from artificial coloring or cleaning is a sign of counterfeiting or alteration.

**Specific gravity measurement** is the third item to verify. The standard specific gravity of the Kyōhō Chōgin is approximately 10.2 to 10.5, and if a measured value deviates significantly from this, it is possible that the silver fineness differs. Precise specific gravity measurement requires dedicated equipment and is an indispensable check for serious authentication.

Market prices fluctuate greatly depending on condition, sharpness of the stamps, weight, and the presence or absence of a certificate of authenticity. The rarity of the Kyōhō Chōgin stems from the fact that its minting period was limited to approximately 15 years, from 1721 to 1736, and that the volume minted was restrained in order to restore fineness. Because fineness declined once again after the Genbun recasting, the Kyōhō Chōgin maintains a certain degree of scarcity value in the current market as a "high-fineness, officially issued shogunate silver coin."

Pieces reach the market through both auction and specialist coin dealer channels. For high-value pieces, consigning to specialist coin auctions is said to be advantageous for achieving the highest prices. In recent years, as research into the economic history of the Edo period has advanced, interest in recast silver coins has grown, and the academic evaluation of the group of high-fineness chōgin, including the Kyōhō Chōgin, is also rising.

## Points to Check for Storage and Sale

When acquiring a Kyōhō Chōgin, the first task is to establish an appropriate storage environment. Because it is an alloy with silver as its main component, blackening through reaction with sulfur (sulfidation) is the greatest cause of deterioration. Prioritize measures against moisture and sulfidation, and store the piece in a sealable coin holder or airtight case. By enclosing silica gel containing activated carbon, both moisture and sulfur compounds can be absorbed.

Because the alloy contains 20% copper, another concern is the formation of verdigris (緑青, rokushō). In high-humidity environments, copper oxidation advances easily and green or blue discoloration may appear on the surface. If verdigris develops, chemical cleaning must be absolutely avoided. There are many cases in which cleaning has greatly diminished value. If you notice anything unusual, it is important to consult a specialist in old coins.

Specific environmental management standards can be found in [Proper Storage Methods for Old Coins](/guide/storage).

When considering a sale, consigning to a specialist coin auction is the optimal exit. Including the historical background of the Kyōhō Reforms in the listing description broadens the reach to history enthusiasts and researchers as well. In addition, listing as part of an Edo silver coin series to highlight the thematic connection may result in a higher evaluation. It is also effective to judge the timing of a listing while referencing market transaction records.

## The Significance of the Fineness Recovery Demonstrated by the Kyōhō Chōgin

The Kyōhō Chōgin is a fineness-recovery silver coin born of Tokugawa Yoshimune's Kyōhō Reforms. As described in this article, the silver coins that preceded it had suffered declining fineness, and confidence in the market had been shaken. The Kyōhō Chōgin's silver fineness of 80% is proof of the policy that sought to put a stop to that decline and restore the solid value of currency-by-weight silver coinage.

The reasons this silver coin is highly regarded are not limited to economic considerations alone. From the time of its minting to the present day, the Kyōhō Chōgin has continued to physically embody the turning point in Edo-period silver coinage. When a collector holds one, its weight and color allow that person to sense directly what the age of Yoshimune was striving toward.

In the market, condition and the certainty of silver fineness determine value. The record of collector and investor participation regarding the Kyōhō Chōgin reflects interest in this dual historical and economic nature. For intermediate and advanced collectors deepening their collection of currency-by-weight silver coins, the Kyōhō Chōgin is a piece that cannot be overlooked.

At ITTENDO, we position the Kyōhō Chōgin not merely as an old coin, but as the story of Edo's restoration of monetary credibility. Its value emerges most clearly when the mint, fineness, and historical context all align. If you find a piece that interests you, [monitoring its price in the Vault](/vault) allows you to follow its movements in the market over the long term.