---
title: "Man'en Oban"
url: "https://ittendo.com/en/coinpedia/edo-gold-008-manen-oban"
site: "ITTENDO"
type: "coinpedia"
category: "edo-gold"
series: "Edo Gold Coins"
lang: "en"
---
# Man'en Oban

> Conclusion: Man'en Oban, a rare final Oban born in the turbulent Bakumatsu period, is a symbolic investment suitable for long-term holding due to its historical value and scarcity, despite its high price.

- 時代: 江戸
- 素材: 金
- 額面: 両 / 分 / 朱
- 発行量: 希少
- 価格帯: 高額

## The Birth of the Man'en Ōban: Late Edo Economic Turmoil and the Outflow of Gold

The Man'en Ōban (万延大判) is the last ōban gold coin in Japanese monetary history, struck in the Man'en era (1860). Its creation was driven by the severe economic turmoil and gold outflow crisis of the late Edo period. Following the conclusion of the Treaty of Amity and Commerce between Japan and the United States in 1858, the ports of Yokohama, Nagasaki, and Hakodate were opened, and full-scale foreign trade commenced. However, the exchange ratio between gold and silver differed greatly between Japan and the Western nations at the time.

In Japan, the ratio was approximately 1 part gold to 5–6 parts silver, whereas in Western countries a ratio of 1 part gold to 15–16 parts silver was common. Foreign merchants exploited this disparity in the gold-to-silver price ratio by exchanging large quantities of silver coins for gold coins in Japan and taking the gold abroad, thereby reaping enormous profits. This massive outflow of gold developed into a grave situation that shook the foundations of Japan's economy. The shogunate undertook a recoinage to stop the hemorrhage. The Man'en Ōban was struck as part of that effort, with its gold fineness drastically reduced. An overview can be found in [Edo Gold Coins (Koban & Ōban) Introduction](/coinpedia/edo-gold-001-overview).

The Man'en Ōban was set at a weight of 112.4 g and a gold fineness of approximately 37% (as recorded in catalogues). Compared to the preceding Tenpō Ōban (天保大判), whose gold fineness was 67.4%, the gold content was nearly halved. While the recoinage had some effect in curbing the immediate outflow of gold, it caused a decline in monetary value and brought further disorder to the domestic economy. This coin can truly be described as a currency born at a historical turning point, caught between the shogunate's fiscal difficulties and foreign pressure.

## The Technical Background and Visual Characteristics of the Approximately 37% Gold Fineness (as Recorded in Catalogues)

The figure of approximately 37% gold fineness (as recorded in catalogues) for the Man'en Ōban is nearly half that of the Tenshō Ōban (天正大判) (70–76%) and the Keichō Ōban (慶長大判) (68%), representing the lowest level in Japanese monetary history. This indicates that the debasement of coinage had reached its extreme. Technically, the alloy was formed by greatly increasing the proportion of copper mixed with the gold. By raising the copper content, more coins could be struck from less gold, with the aim of reducing manufacturing costs.

However, this increase in copper content had a significant impact on the quality of the coin as a gold piece. The most pronounced effect is the accelerated discoloration and oxidation (tarnishing) of the surface. Unlike the earlier ōban, which gleamed with a vivid yellow-gold (yamabuki) color, the Man'en Ōban has a noticeably whitish and dull appearance. This is because the high copper content makes the surface prone to oxidation over time. This debasement was criticized from the time of issue as damaging to the dignity of a gold coin. Today, this distinctive coloration and the changes caused by varying states of preservation are also regarded as one of the [factors that determine the value of old coins](/coinpedia/basics-001-value-drivers).

## Specific Characteristics and Identification Points of the Man'en Ōban

The Man'en Ōban is distinguished by its thinness and unique coloration. Its dimensions are approximately 153 mm in length and 95 mm in width, nearly the same size as the Tenpō Ōban, but it is thinner and lighter, with a weight of 112.4 g. The obverse bears finely engraved paulownia (kiri) and fan (ōgi) crests, continuing the ōban tradition. At the center, the inscription「拾両」and the kao (花押, personal cipher) of the head of the Gotō family are written in ink, and these are the critical elements guaranteeing the coin's authenticity.

The ink inscription is in many ways the face of the ōban, and its clarity and state of preservation greatly affect the coin's value. On the reverse, the 「是」 countermark (gokuin) is struck to identify the coin as a Man'en Ōban. The depth and shape of this countermark also serve as important clues for authentication. Because the gold fineness is low, individual specimens are prone to discoloration, and many examples show a loss of luster and a dull tone. As a result, specimens in fine preservation with a clear ink inscription and minimal surface discoloration tend to be especially prized. This is also a point that is highly evaluated under [standards for grading old coins](/coinpedia/basics-003-grading).

## The Last Ōban Made by the Gotō Family: The End of a Tradition

The Man'en Ōban is the last ōban gold coin produced by the Gotō family, who had been responsible for the minting of coins on behalf of the Edo shogunate. For over approximately 270 years, the Gotō family had single-handedly borne responsibility for the casting of ōban and the authentication of the ink inscriptions and personal ciphers. With the production of this Man'en Ōban, the curtain was drawn on that long tradition. The head of the Gotō family at the time was Gotō Nuidonosuke Norihiro (後藤縫殿助乗廣). His personal cipher and the ink inscription「拾両」carry great historical and cultural weight as the final authentication of an ōban by a practitioner of Japan's traditional goldsmith art.

After the Meiji Restoration, the new government established the Mint Bureau with the aim of building a modern monetary system. This brought an end to the monopoly over coin production that the Gotō family had enjoyed throughout the Edo period, and their role came to a close. The Gotō family's personal cipher inscribed on the Man'en Ōban can be said to be a quietly eloquent legacy, speaking to the end of the Edo monetary system and the traditional craftsmanship deeply rooted within it. This single ōban encapsulates the lives of the people who lived through a turbulent era and the essence of a lost Japanese traditional craft.

## Comparison with the Tenpō Ōban: Differences in Weight, Fineness, and Market Value

Comparing the Man'en Ōban with the Tenpō Ōban, the preceding recoinage, reveals significant differences between the two. First, in terms of weight, the Man'en Ōban is 112.4 g, while the Tenpō Ōban is approximately 165 g, making it approximately 47% heavier. In gold fineness as well, the Man'en Ōban's approximately 37% (as recorded in catalogues) is far exceeded by the Tenpō Ōban's approximately 68% (as recorded in catalogues). As a result, the pure gold content differs by approximately 3 times: approximately 37.5 g for the Man'en Ōban versus approximately 111.2 g for the Tenpō Ōban.

In terms of size, both coins are similar, with lengths of around 150 mm and widths of approximately 95 mm, but the thinness and lightness of the Man'en Ōban are immediately apparent when held in the hand. This is because the extremely small number of Man'en Ōban struck compared to the Tenpō Ōban, combined with its historical rarity as the last ōban of the Edo period, strongly underpins its price. For details on each coin, please also refer to [the Tenpō Ōban explanation](/coinpedia/edo-gold-015-tempo-oban) and [the Kyōhō Ōban explanation](/coinpedia/edo-gold-014-kyoho-oban).

Individual prices and auction results are listed only once verifiably matched records — with sale, lot, source URL and review date — exist.

## Position in the Collector's Market: Sources of Rarity and Demand

Because the Man'en Ōban was struck in extremely small numbers, the number of surviving examples is also limited. It is therefore positioned in the collector's market as an "ultra-rare coin" that appears for sale only very infrequently. Its price fluctuates greatly depending on the state of preservation, the clarity of the ink inscription, and whether accessories are included, but it generally trades at 5,000,000 to over 10,000,000 yen. In particular, fine specimens with a clear ink inscription and minimal surface discoloration tend to command even higher prices.

Due to its historical standing as the last ōban of the Edo period, demand from collectors of late Edo history and ōban specialists remains consistently strong. As one of the most emblematic pieces among Japanese old coins, it also attracts attention from wealthy collectors and investors. When offered at auction, it is not uncommon for fierce bidding to conclude with a high hammer price. Although the frequency of market appearances is low, its rarity and historical value generate stable and strong demand. Current market trends are also analyzed in [How to Read Old Coin Market Cycles](/coinpedia/basics-005-market-cycles).

## Major Auction Results: Price Ranges and Factors Affecting Variation

Looking at major recent auction results for the Man'en Ōban, one can confirm both the high level and stability of its market value. For example, at a domestic auction in 2017, a specimen graded as a mid-fine example sold for 5,800,000 yen. Furthermore, in 2020, a fine-grade specimen was hammered down at 9,100,000 yen, continuing a trend of high-value transactions. In particular, multiple auction results exceeding 10,000,000 yen have been recorded for specimens classified as "superb fine," with a clear, well-preserved ink inscription and minimal surface discoloration.

These prices are influenced not merely by the weight and fineness of the gold, but greatly by the historical background of the coin as the last ōban of the Edo shogunate and by the scarcity of surviving examples. Collectors find value in these coins not simply as currency, but as historical documents that tell the story of a tumultuous era. The presence or absence of a certificate from a grading service is also an important factor affecting the hammer price. Although appearances on the market are infrequent, once a specimen is offered, competition tends to intensify due to persistent demand from late Edo history collectors and ōban specialist collectors. More detailed information can be confirmed at [Introduction to Old Coin Auctions and How to Use Them](/coinpedia/basics-007-auction).

## Authentication and Grading Services: Rigorous Verification for High-Value Pieces

Because the Man'en Ōban is an extremely high-value old coin, authentication is the most critical process. Sophisticated counterfeits exist, and a strict expert appraisal must always be obtained before purchase. The main points of verification are the following five:

1. **Weight:** Confirm that the weight is around the prescribed 112.4 g. Even slight discrepancies are significant.
2. **Gold fineness:** Using non-destructive testing such as X-ray fluorescence analysis, measure whether the gold fineness falls within the range of 33–35%.
3. **The Gotō family personal cipher brushwork:** Expert handwriting analysis is indispensable for the personal cipher of Gotō family head Gotō Nuidonosuke Norihiro. Every detail is analyzed, including the style of writing, the pressure of the brushstroke, and the way the ink sits.
4. **The「是」countermark on the reverse:** Confirm that the depth, shape, and placement of the countermark conform to the genuine article.
5. **The cast surface of the obverse:** Microscopic examination is used to check in detail whether the texture of the casting surface and the characteristics of the hammer marks match those of an authentic piece.

Within Japan, the standard procedure is to commission an appraisal from a shop affiliated with the JNDA (Japan Numismatic Dealers Association) or from the authentication departments of major auction houses. Furthermore, if a coin is accompanied by a certificate from an international third-party grading service such as PCGS or NGC, transactions can be conducted with greater confidence. For distinguishing counterfeits and altered pieces, please also refer to [The Complete Guide to Identifying Fakes and Altered Coins](/coinpedia/basics-004-fakes).

## Practical Storage and Ink Inscription Protection: Preserving the Coin's Beauty

Appropriate storage methods are indispensable for maintaining the Man'en Ōban in the finest possible condition. In particular, protecting the ink inscription is the most important challenge. The ink inscription deteriorates easily from ultraviolet light, humidity, and the oils and acidic gases from fingers, so the utmost care is required. Storage in a stable environment away from direct sunlight, at a temperature of 15–20°C and a humidity of 40–50%, is recommended.

Storage in a dedicated paulownia wood box, an archival case using acid-free paper, or a highly airtight acrylic case is ideal. Avoid direct contact with bare hands and always wear cotton gloves. Because the gold fineness is low, the surface is prone to oxidation (discoloration and clouding), so it is important to minimize contact with air. Furthermore, self-cleaning or polishing must never be carried out under any circumstances. These actions irreversibly worsen the condition of the surface and constitute acts that greatly diminish value. Professional cleaning should be entrusted only to a reliable specialist. More detailed information can be confirmed at [The Correct Method for Storing Old Coins](/coinpedia/basics-006-hokan).