---
title: "Hōei Chōgin: How to Identify It and Its Value — Rapid Decline in Silver Fineness from 50% to 20%"
url: "https://ittendo.com/en/article/news-jp-1377-7f8ddb40"
site: "ITTENDO"
type: "article"
category: "江戸銀貨"
published: "2026-09-08T22:00:00Z"
source: "一点堂編集部"
source_url: "https://ittendo.com/"
lang: "en"
---
# Hōei Chōgin: How to Identify It and Its Value — Rapid Decline in Silver Fineness from 50% to 20%

> The Hōei Chōgin (宝永丁銀) is a weighted silver currency minted by the shogunate between 1706 and 1711. As a response to the fiscal crisis caused by the Genroku Kantō Earthquake and the Hōei Earthquake combined with the eruption of Mt. Fuji, the silver fineness was progressively reduced in stages. Fineness fell from 50% to 20%, and the coins are identified by four types of stamps. Surface color and the clarity of the stamps strongly influence valuation, and authentication of the Hōei Chōgin ranks among the most difficult within the chōgin family.

In the mid-Edo period, a succession of natural disasters placed severe strain on shogunate finances. The agonizing monetary policy the shogunate chose in order to survive that crisis was the Hōei Chōgin (宝永丁銀), minted from 1706 onward.

---

## The Silver Currency Crisis of the Edo Period — Background to the Birth of the Hōei Chōgin

The Hōei Chōgin is a weighted silver currency whose minting the shogunate began in 1706. Amid a series of natural disasters and severe fiscal pressure in the mid-Edo period, it can be described as the product of a recoinage policy through which the shogunate drastically lowered silver fineness in order to secure emergency revenue.

It was the second reduction in fineness following the Genroku recoinage of 1695. At that point, the silver fineness was dropped from the Genroku Chōgin's 64% to 50%, and it would continue to fall in further stages thereafter. Behind this bold policy shift lay an unprecedented crisis that struck the shogunate of the time.

The Genroku Kantō Earthquake of 1703 caused catastrophic damage centered on Edo, and the cost of reconstruction rapidly depleted shogunate finances. Then in 1707 (Hōei 4), the Hōei Earthquake struck — believed to have involved the simultaneous rupture of the Tōkai, Tonankai, and Nankai Trough segments — and in the same year Mt. Fuji unleashed the Great Hōei Eruption. Recovering from the widespread and devastating damage required enormous expenditure, yet the seigniorage (demedashi) gained from the Genroku recoinage had already been exhausted.

Ogiwara Shigehide, the Commissioner of Finance (kanjō bugyō) charged with fiscal reconstruction, resolved to reduce silver fineness again in response to this emergency. It was a recoinage policy that generated a profit differential (demedashi) at the time of minting by lowering the fineness of the currency. This decision drew fierce criticism even at the time, and it would be explicitly repudiated by Arai Hakuseki's "Shōtoku Governance" that followed. The Hōei Chōgin is an important symbol of the shogunate's fiscal crisis and the turning point in its monetary policy. It was the product of an agonizing choice the shogunate made for its very survival, even as the people of the time condemned it as misgovernance. For the general characteristics of chōgin, please also refer to the article on [Chōgin](/coinpedia/edo-silver-002-chogin).

## The Decline in Silver Fineness and the Divergence Points in Physical Valuation

The historical value of the Hōei Chōgin is encapsulated in the rapid decline in silver fineness over just five years. The four types of chōgin issued by the shogunate from 1706 through 1711 all bear the "Hōei" inscription, yet they constitute a record of progressively declining silver fineness.

The first, the [Hōei Futatsu-hō Chōgin](/coinpedia/edo-silver-009a-hoei-futatsuho-chogin), was minted at 50% silver fineness. Five years later in 1711, the Yotsu-hō Chōgin appeared at 20% silver fineness. Even within the same Hōei period, silver fineness dropped by 30 percentage points. This change is regarded as important evidence in present-day numismatic research, testifying to the economic pressure and monetary policy disorder of the mid-Edo period.

In the physical evaluation of individual pieces, this history connects directly to appearance. The lower the silver fineness, the higher the proportion of copper, causing the surface to display a darker hue. A darker, more blackened appearance than the Genroku Chōgin (64% silver fineness) is typical of the Hōei Chōgin. The Yotsu-hō Chōgin, with its extremely low fineness of 20%, is particularly prone to blackening and verdigris from long-term storage, and the Daikoku-zō (Great Black God figure) stamps tend to be shallowly struck as well.

Evaluating an individual piece begins with identifying which of the four types it is from the "Hō" (宝) date stamp on the surface. Even among coins bearing the same Hōei inscription, differences in silver fineness manifest as differences in color tone and patterns of deterioration, making it necessary to accurately read the distinguishing characteristics of each type, including the [Hōei Eiji Chōgin](/coinpedia/edo-silver-009b-hoei-eiji-chogin). This identification is the first gate that determines the historical positioning and present valuation of each individual coin.

## Recent Market Price Levels for the Edo Silver Currency Category

Looking at auction results for the Edo silver currency category as a whole, using September 9, 2026 as the reference date, the median for the most recent 90-day period (the period running back from the reference date) was ¥4,650. The number of lots sold during this period was 38, a sufficiently large sample size.

In contrast, the median for the 90-day period before that was ¥3,750, with only 8 lots sold. Because the number of lots was fewer than 10, the rate of change and reliability for that period cannot be calculated. Looking at the figures alone as a trend, however, the median for the most recent 90 days is higher than that of the preceding period.

Examining actual auction results, the price range is wide. The highest transaction was ¥16,800 on August 29, 2026 (a combination of an Ansei Mameita-gin and an Ansei Ichibu-gin), with the second highest at ¥8,500 on August 18 of the same year (Ichibu-gin and Ichibe-gin). On the other hand, the lowest recorded transaction was ¥2,800 on August 10, 2026. Sales of ¥5,000 and ¥5,500 were also recorded on the same day, illustrating that prices vary considerably depending on the condition and denomination of individual pieces.

**Note: The figures shown here are statistics for the Edo silver currency category as a whole and do not represent the market price of the Hōei Chōgin individually.** Because the Hōei Chōgin is a part of the Edo silver currency category, knowing the overall level of the category is useful for reference, but these figures do not directly indicate transaction prices for this specific denomination. Since condition and circulation volume differ for each individual denomination, a gap arises between category averages and actual results for individual denominations.

For a more detailed picture of price movements, please refer to [Check price trends on the market chart](/market/index) or [View the complete auction results list](/auctions).

## Identification and Authentication: The Conditions That Determine Value

The Hōei Chōgin and the Genroku Chōgin are both chōgin with reduced fineness and are easily confused because of their similar appearance. However, the decisive point of identification lies in the characters of the date stamp. The Genroku Chōgin bears the character stamp "Gen" (元), whereas the Hōei Chōgin bears the character stamp "Hō" (宝).

There is also a difference in color tone between the two. Since the Hōei Chōgin has a silver fineness of 50% in the Futatsu-hō and declines further thereafter, compared with the Genroku Chōgin at 64%, the Hōei Chōgin — with its higher copper content — tends to display a somewhat darker and more blackened hue. However, the difference in color tone is often reduced by changes to the surface and soiling that occur over time.

The condition of the stamps is also an important criterion for judgment. With the Hōei Chōgin, many examples are found where the stamps are shallowly struck, which accompanied the decline in fineness. For this reason, Hōei Chōgin on which the stamps remain clearly defined are considered rare and highly valued.

Authentication of the Hōei Chōgin falls into the particularly difficult category even among chōgin. The reason is that, as a weighted silver currency, there are no strict specification values, and individual variation is large. Moreover, the fact that each type within the Hōei period had a short minting run, leaving few reference samples available in the market, adds to the difficulty.

Key points of authentication are, first, the style and depth of the "Hō" (宝) stamp; second, the details of the Daikoku-zō figure (genuine examples tend to have the lines of the robes finely engraved); and third, specific gravity measurement. Because the ratio of silver differs by type, specific gravity also varies by type. Whether the surface aging is natural is also important. Market records document a very high risk for those other than advanced specialists who purchase a Hōei Chōgin without an authentication certificate.

## Points to Confirm When Acquiring and Holding

When acquiring a Hōei Chōgin, there are several practical matters to confirm.

**The Reality of Rarity and Market Availability**

Because the Hōei Chōgin had a short minting period, the number of surviving examples is smaller compared with other chōgin, and the frequency of its appearance in the market tends to be low. This rarity is the primary factor determining market value. Purchasing from a specialist coin dealer is the main channel for acquisition, and listings on flea market platforms or internet auction sites are limited. For those wishing to research past transaction records, these can be checked at [Search past auction results](/auctions).

**Factors Driving Price Variation**

Market prices vary considerably depending on condition, clarity of the stamps, and type (Futatsu-hō / Eiji / Mitsu-hō / Yotsu-hō). The flea market and internet auction data collected by this site contains no applicable examples of the Hōei Chōgin, and there is therefore no basis for indicating a specific price range. For actual prevailing prices, it is essential to inquire with a specialist coin dealer. Individual pieces in good preservation condition — with clearly defined stamps and minimal corrosion or verdigris on the surface — may command even higher prices.

**Storage and Value Preservation**

Appropriate storage is extremely important for maintaining the value of a Hōei Chōgin. Keeping humidity low and storing pieces individually using silica gel or acid-free preservation materials is considered effective. Because of the high copper content, strict attention must be paid to the occurrence of verdigris. If verdigris develops, self-treatment should be avoided and a specialist coin conservator should be consulted. Ill-advised treatment will diminish value. For more details, please refer to [Correct methods for storing old coins](/guide/storage).

**Preparation for Sale**

When considering a sale, obtaining a certificate of authentication from a trustworthy authentication institution is the top priority. The presence or absence of an authentication certificate affects the transaction price, though the magnitude of that difference varies by denomination and condition. At the time of listing, providing a careful explanation of the historical background — the natural disasters and the era of fiscal crisis that gave birth to the Hōei Chōgin — increases its appeal to history enthusiasts and researchers, and tends to lead to a sale at a higher price.

## The Turning Point in Edo Monetary Policy That the Hōei Chōgin Represents

The Hōei Chōgin is divided into four types with differing silver fineness (Futatsu-hō 50% / Eiji 40% / Mitsu-hō 32% / Yotsu-hō 20%). It is necessary to determine the type from the stamp, making this a field in which authentication is highly difficult.

Behind this multi-stage decline in fineness lies the shogunate's fiscal crisis. The Hōei recoinage was not merely an adjustment of the volume of currency in circulation; it was a policy of progressively reducing the silver content in order to generate the maximum volume of circulating currency from limited resources. As a result, trust in the currency was shaken, prices rose, and ordinary people's lives were directly affected.

The failure of this recoinage became a powerful factor driving the monetary reform by Arai Hakuseki in the subsequent Shōtoku Governance. Hakuseki carried out the "Shōtoku Recoinage," reverting the fineness of currency to the original Keichō gold and silver standards in order to stabilize the value of the currency. The contrast between the Hōei Chōgin and the Shōtoku recoinage speaks to how much trial and error the Edo-period shogunate accumulated in its monetary policy.

The Hōei Chōgin is an indispensable resource for understanding the impact that the shogunate's fiscal crisis had on monetary policy, and the movement toward monetary reform that arose as a reaction to it. For an overview of Edo silver currency in general, please visit [Introduction to Edo Silver Currency (Chōgin and Mameita-gin)](/coinpedia/edo-silver-001-overview).