---
title: "Hoei Chogin"
url: "https://ittendo.com/en/coinpedia/edo-silver-009-hoei-chogin"
site: "ITTENDO"
type: "coinpedia"
category: "edo-silver"
series: "Edo Silver Coins"
lang: "en"
---
# Hoei Chogin

> Hoei-era chogin comprises four types with different silver fineness (Futatsuho 50%, Eiji 40%, Mitsuho 32%, Yotsuho 20%). Identification requires reading the mark.

- 時代: 江戸
- 素材: 銀
- 額面: 朱 / 分
- 発行量: 少ない
- 価格帯: 中堅

## The Historical Background and Recasting Process of Hōei Chōgin

The Hōei Chōgin is a weighed silver coin that began to be minted in the middle Edo period, specifically in Hōei 3 (1706). It marked the second reduction in quality by the shogunate, following the Genroku recast in Genroku 8 (1695). At the time, the shogunate's finances were extremely strained due to successive natural disasters and the extravagant spending of Shogun Tsunayoshi.

Ogawara Shigehide, a magistrate tasked with financial reconstruction, pushed for a recasting policy to lower the quality of currency and gain seigniorage. This recast reduced the silver content from 64% in the Genroku Chōgin to 50%, gradually lowering it further thereafter. This bold policy faced intense criticism at the time and was later repudiated during the Shōtoku reforms led by Arai Hakuseki. The Hōei Chōgin is a significant symbol of the financial crisis and monetary policy shift of the shogunate. For more details on Chōgin, refer to [Detailed Explanation of Chōgin](/coinpedia/edo-silver-002-chogin).

## Unprecedented Disasters and the Financial Strain on the Shogunate

Just before the Hōei recast, Japan was struck by unprecedented natural disasters. In Genroku 16 (1703), the Great Genroku Kanto Earthquake occurred, causing extensive damage centered around Edo. Furthermore, in Hōei 4 (1707), the Hōei Earthquake believed to have involved the Tokai, Tonankai, and Nankai Troughs occurred. That same year, Mount Fuji experienced the Hōei eruption.

These large-scale disasters caused widespread catastrophic damage, necessitating enormous restoration costs. The seigniorage gained from the Genroku recast had already been depleted, plunging the shogunate's finances to the brink of collapse. In response to this emergency, Ogawara Shigehide decided to further reduce the silver content and issued the Hōei Chōgin to secure emergency funds. Although criticized as an "evil policy" that troubled the populace, it was a desperate choice for the shogunate's survival.

## Hōei Chōgin Has Four Variants: Differences in Silver Content and Identification Methods

There is not just one type of Chōgin from the Hōei period. The shogunate issued **four types of different silver contents** in just five years from Hōei 3 (1706) to Shōtoku 1 (1711).

| Name | Minting Year | Silver Content |
|---|---|---|
| Hōei (Futatsubō) Chōgin | 1706 | 50% |
| Hōei (Eiji) Chōgin | 1710 | 40% |
| Hōei (Mitsubō) Chōgin | 1710 | 32% |
| Hōei (Yotsubō) Chōgin | 1711 | 20% |

(Source: Bank of Japan Currency Museum Permanent Exhibition Catalog https://www.imes.boj.or.jp/cm/collection/tenjizuroku/mod/book/pageindices/index49.html)

Thus, the explanation that "the silver content of Hōei Chōgin is 50%" is **limited to Futatsubō Chōgin** and does not apply to the entire Hōei period. When evaluating an individual piece, first identify which of the four types it belongs to by its stamp.

All are "sea cucumber-shaped" weighed silver coins, weighing around 100-170 grams and measuring approximately 8-13 centimeters in length. The surface darkens as the silver content decreases and copper ratio increases, making it prone to blackening or verdigris over time. The Yotsubō (20%) contains the least silver during the Hōei period, showing the clearest difference in color.

## Physical Characteristics and Identification Points of Hōei Chōgin

Hōei Chōgin are typical sea cucumber-shaped weighed silver coins. Their appearance serves as an important clue for distinguishing them from other Chōgin types. The primary identification point is the "Hou" era stamp imprinted on the surface. This inscription proves the coin is a Hōei Chōgin.

Due to the low silver content (50% for Futatsubō and 20% for Yotsubō), they generally exhibit a darker, blackish tone compared to the Genroku Chōgin (64% silver content). The higher copper content tends to cause darkening over years of storage, accompanied by occasional spots of verdigris. The Daikoku emblem is also imprinted but tends to be carved shallowly due to the quality decline. In worn specimens, reading this emblem may be difficult. One factor influencing the value of old coins can be found in [Factors Determining the Value of Old Coins](/coinpedia/basics-001-value-drivers).

## Distinguishing from Genroku Chōgin: Comparison of Stamps and Color Tones

Both Hōei Chōgin and Genroku Chōgin underwent quality reduction, and due to their similar appearance, they are often confused. However, the decisive identification point lies in the letters of the era stamps. Genroku Chōgin bear the "Gen" stamp, whereas Hōei Chōgin have the "Hou" stamp.

In terms of color tones, Hōei Chōgin (with 50% silver for Futatsubō and lower thereafter) contain more copper than Genroku Chōgin (64% silver content), displaying a somewhat darker, blackened hue. However, surface changes due to aging or dirt can narrow this color difference. The clarity of the stamp is also a key factor. Due to the decline in quality, many Hōei Chōgin have shallowly carved stamps. Therefore, those with clearly retained stamps are highly valued for their rarity.

## The Difficulty of Authenticity Judgment and the Importance of Expert Appraisal

Determining the authenticity of Hōei Chōgin is particularly challenging among Chōgin. Being weighed silver coins, they lack strict standard values and exhibit significant variations between specimens. Furthermore, the short minting period for each type during the Hōei period (with four types concentrated within five years) and the limited number of reference samples on the market increase the difficulty.

Key judgment points include the font and carving depth of the "Hou" stamp, the details of the Daikoku image (authentic pieces tend to have finely engraved garment lines), and gravimetric testing (as silver ratios differ by type, specific gravities also vary by type). Additionally, inspecting whether the surface's aging changes appear natural is essential. Non-experts face significant risks purchasing Hōei Chōgin without a certificate of authenticity. For fake countermeasures, consult the [Complete Guide to Identifying Fakes and Altered Coins](/coinpedia/basics-004-fakes).

## Market Price and Rarity: The Value as a Collector's Item

Due to the short minting period, the Hōei Chōgin is less common than other Chōgin, with a lower frequency of market appearances. This rarity is a primary factor driving its market value.

Market prices vary considerably based on the condition, stamp clarity, and type (Futatsubō/Eiji/Mitsubō/Yotsubō). Our site has no auction data for Hōei Chōgin, so we cannot currently provide specific price ranges. For actual prices, consult specialized coin dealers. Especially preserved pieces with clear stamps and minimal surface corrosion or verdigris tend to fetch higher prices. The frequency of occurrences is low, and purchasing typically occurs through specialized coin dealers (specific listing frequencies are not recorded on our site). To search past auction sale records, use [Search Past Auction Records](/auctions).

## Proper Storage Methods and Exit Strategies

Maintaining the value of Hōei Chōgin necessitates proper storage. Keeping humidity low and utilizing silica gel or acid-free preservation materials for individual storage is recommended (specific numeric standards vary by coin type and storage conditions, so are not definitively stated here). Due to the high copper content, vigilant care against verdigris is crucial. If verdigris develops, avoid self-treatment and consult a professional coin conservator. Improper treatment can diminish value.

When considering a sale (exit strategy), obtaining a certificate of authenticity from a reliable appraisal institution is the top priority. While the presence of a certificate affects transaction prices, the magnitude of impact varies by brand and condition. By thoroughly explaining the historical context of the natural disasters and financial crisis linked to the birth of the Hōei Chōgin during listing, it can appeal to history enthusiasts or researchers, leading to higher sales. Refer to [Proper Storage Methods for Old Coins](/coinpedia/basics-006-hokan) for detailed guidance on correct coin preservation.

## Impact of the Hōei Recasting on Japanese Monetary History

The Hōei recasting, accompanied by the issuance of Hōei Chōgin, marked a significant turning point in the monetary history of the Edo period. The extreme decline in quality undermined trust in currency and caused economic turmoil. The inflation during this period hit the livelihoods of the common people, increasing social unrest.

This failed recasting strongly urged the monetary reforms in the subsequent Shōtoku reforms led by Arai Hakuseki. Hakuseki implemented the "Shōtoku recasting," restoring currency quality to the original Keichō gold and silver, aiming to stabilize currency value. Hōei Chōgin serves as an essential resource to understand the impact of the shogunate's financial crisis on monetary policy and the resultant movement for currency reform. An overview of Edo silver coins in general can be found in [Introduction to Edo Silver Coins (Chōgin・Mameitagin)](/coinpedia/edo-silver-001-overview).