The is the largest denomination of

Japanese yen The is the official currency of Japan. It is the third-most traded currency in the foreign exchange market, after the United States dollar (US$) and the euro. It is also widely used as a third reserve currency after the US dollar and the ...

coin issued for circulation. These coins were first struck in 1982 as the vending machine industry needed a higher valued coin for use in their machines. The denomination had previously been issued as

paper currency A banknote—also called a bill (North American English), paper money, or simply a note—is a type of negotiable promissory note, made by a bank or other licensed authority, payable to the bearer on demand. Banknotes were originally issued ...

which co-circulated with the new coins until 1994. Originally the 500 yen coin was made up of

cupronickel Cupronickel or copper-nickel (CuNi) is an alloy of copper that contains nickel and strengthening elements, such as iron and manganese. The copper content typically varies from 60 to 90 percent. ( Monel is a nickel-copper alloy that contains a mi ...

, but was later changed to

nickel brass Nickel silver, Maillechort, German silver, Argentan, new silver, nickel brass, albata, alpacca, is a copper alloy with nickel and often zinc. The usual formulation is 60% copper, 20% nickel and 20% zinc. Nickel silver does not contain the elem ...

, and then to bi-metallic to deter counterfeiting. This illegal practice has been a constant issue since the coin was first released due to its high purchase value. With a history spanning 3

imperial era The Roman Empire ( la, Imperium Romanum ; grc-gre, Βασιλεία τῶν Ῥωμαίων, Basileía tôn Rhōmaíōn) was the post- Republican period of ancient Rome. As a polity, it included large territorial holdings around the Medite ...

s, 500 yen coins are also

collectibles A collectable (collectible or collector's item) is any object regarded as being of value or interest to a collector. Collectable items are not necessarily monetarily valuable or uncommon. There are numerous types of collectables and terms t ...

History

Cupronickel yen

The 500 yen coin was first minted in 1982 as another coin denomination was needed for use in vending machines. The obverse of the

based 500 yen coin features a paulownia crest, while the reverse is designed with bamboo and Tachibana. These elements were chosen as they are regarded as symbols of good luck and people were already familiar with seeing them on the 500 yen notes. The diameter of the coin was set at 26.5 mm with a measured thickness of 1.85 mm. The inscription "NIPPON 500" was placed on the rim. As with other denominations created in the post

World War II World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the World War II by country, vast majority of the world's countries—including all of the great power ...

era, the newly issued coins circulated concurrently with their

paper money A banknote—also called a bill (North American English), paper money, or simply a note—is a type of negotiable promissory note, made by a bank or other licensed authority, payable to the bearer on demand. Banknotes were originally issued ...

counterparts. When the 500 yen coin was placed into circulation it acted as a replacement for the bill, which became supplementary currency. The 500 yen bill was phased out in 1984 in favor of the new coins, co-circulation continued until 1994 when the bills were withdrawn from circulation. Towards the end of Emperor Shōwa's (

Hirohito Emperor , commonly known in English-speaking countries by his personal name , was the 124th emperor of Japan, ruling from 25 December 1926 until his death in 1989. Hirohito and his wife, Empress Kōjun, had two sons and five daughters; he was ...

's) reign mintage figures fell for the 500 yen coin. An all time low came when only 2,775,000 coins were minted in 1987 (year 62). The production of cupronickel 500 yen coins ended in 1999 due to incidents of

counterfeit coins Coin counterfeiting of valuable antique coins is common; modern high-value coins are also counterfeited and circulated.

Nickel-brass yen

The 2nd design for the 500 yen coin currently used today was first minted in 2000 with new anti-counterfeiting devices. Nickel brass was used as a replacement for cupronickel giving the coins a slightly golden appearance in comparison. This metallic change made it easier for vending machines to tell the difference between genuine versus counterfeit coins. The weight of the 500 yen coin was lowered from 7.2g to 7, and the thickness from 1.85 to 1.81 mm. Changes also effected the edge as the inscriptions of "NIPPON 500" were replaced with a helically reeded edge. The overall design was not changed but enhanced with anti-counterfeiting technology which include

microprinting Microprinting is the production of recognizable patterns or characters in a printed medium at a scale that requires magnification to read with the naked eye. To the unaided eye, the text may appear as a solid line. Attempts to reproduce by meth ...

, and features viewed only at certain angles. This design later won the Mint Directors Conference award in 2002 as the "Most Innovative Coin Concept". It proved not enough to be a match against counterfeiters though, as they switched to using raw materials to get around the new security features. While in April 2019 the

Ministry of Finance A ministry of finance is a part of the government in most countries that is responsible for matters related to the finance. Lists of current ministries of finance Named "Ministry" * Ministry of Finance (Afghanistan) * Ministry of Finance and Ec ...

announced that the 500 yen coin would be redesigned, the new coins weren't released into circulation until November 2021.

Bi-metallic yen

The most recent 500 yen coins feature a bi-metallic three-layer structure that is also used for European coinage. One major difference are the edges of the coins, which use contour edging that utilize helical ridges with varied shaping. Two different colors are visible when looking at the coin giving it the name "bicolor clad". The center of the coin is made up of a silvery cupronickel, while the outer ring is golden nickel-brass. Aside from an increase in weight of 0.1g the coin's diameter remains the same as it has been since 1982. The overall design is the same except for a missing bamboo leaf under "500" which is replaced by the date (era). Enhanced features such as "JAPAN" and "500YEN" are also applied to the edge of the coin along with

and angled features already present on the previous nickel brass issue. Redesigning the 500 yen coin was estimated to be 490 billion yen as it required the refurbishment of cash handling equipment. The

COVID-19 pandemic The COVID-19 pandemic, also known as the coronavirus pandemic, is an ongoing global pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The novel virus was first identi ...

pushed back schedules to circulate the coin which had initially been between April and September 2021. Other factors such as modifying vending machines & automated teller machines to accept the coins added to the delay. The new coins were finally released into circulation in early November 2021. This release did not invalidate old coins already in circulation as the cupronickel and Nickel-brass coins are still considered legal tender. While these coins are still valid, vending machines may no longer accept them due to their metallic signature. There continues to be a strong demand for 500 yen coins, and they are unlikely to be affected by

electronic money Digital currency (digital money, electronic money or electronic currency) is any currency, money, or money-like asset that is primarily managed, stored or exchanged on digital computer systems, especially over the internet. Types of digital cu ...

Designs

Counterfeiting issues

500 yen next to 500 South Korean won coin

When the 500 yen coin debuted it was and still is the highest valued coin in the world depending on exchange rates. In comparison the coin's purchase power was about double that of a

two-pound coin The British two pound (£2) coin is a denomination of sterling coinage. Its obverse has featured the profile of Queen Elizabeth II since the coin’s introduction. Three different portraits of the Queen have been used, with the current design by ...

(UK) in 2012. These reasons have made 500 yen coins a prime choice for counterfeiters ever since they were first minted in 1982. Problems arose that year as South Korea introduced a coin worth 500 won (₩500) valued at about one tenth of the value of the 500 yen coin. Both coins are made up of the same cupronickel alloy and have the same 26.5 mm diameter. It did not take long before these coins were modified to be the exact weight of the 500 yen coin, nor was it difficult. Counterfeiters would use them as

slugs Slug, or land slug, is a common name for any apparently shell-less terrestrial molluscs, terrestrial gastropod mollusc. The word ''slug'' is also often used as part of the common name of any gastropod mollusc that has no shell, a very reduced ...

by drilling small holes on the surface of the coin to reduce their weight and fool vending machines which relied on weight to identify the coins. The large gap in value between the two coins meant that these thieves could make a good profit. By the 1990s vending machines full of these foreign coins had become a serious issue which dealt losses to the vending machine businesses and beyond. By the end of the decade 70% of the 5.5 million vending machines in Japan had stopped taking the coin. This did not deter counterfeits as between January and October 1999 police found 657,000 altered coins. The

Japan Mint The is an Independent Administrative Institution of the Japanese government, responsible for producing and circulating the coins of Japan. The agency has its head office in Osaka with branches in Saitama and Hiroshima. The Japan Mint does no ...

responded to these incidents beginning in 2000 with a new nickel brass based 500 yen coin featuring anti-counterfeiting devices. When viewed at different angles "500円" is either printed vertically in each zero, or a bar can be seen running down the inside of each zero.

Microprinting Microprinting is the production of recognizable patterns or characters in a printed medium at a scale that requires magnification to read with the naked eye. To the unaided eye, the text may appear as a solid line. Attempts to reproduce by meth ...

reading "Nippon" is also found on both the obverse and reverse of the coin. Vending machines were then adapted to reject the old cupronickel 500 yen coins. This was done by having the machines only recognize the conductivity given off by the nickel brass used in the new coins. These second generation nickel brass coins were soon counterfeited as well by using raw materials. In 2005, an article in The Japan Times reported that the perpetrators deposited the coins in an account using an ATM, the money was then withdrawn in the form of banknotes. The coins involved were made up of the same alloy as genuine coins but the percentage of the alloys used were different. By 2012, the counterfeit coins used were described as "extremely well crafted", again the perpetrators in another unrelated incident had used the fake 500 yen coins in ATM deposits. These high quality counterfeit coins were also realistic enough to trick the meters in coin-operated parking lots. In this incident the coins were thought to be connected to counterfeit Disney tickets which surfaced around the same time. The place of origin either places the counterfeit 500 yen coins in China or South Korea. In order to keep up with the anti-counterfeiting technology, 500 yen coins with enhanced features were released in November 2021. Counterfeiting currency as with other countries is a serious crime. In Japan, any person found guilty of knowingly using counterfeit currency is subject to imprisonment that ranges from three years to an "indefinite period".

Circulation figures

Shōwa

The following are circulation dates which cover Emperor

's reign. The dates below correspond with the 57th to the 64th year (last) of his reign. Coins for this period will all begin with the Japanese symbol 昭和 (Shōwa). *Japanese coins are read with a left to right format: :"Emperors name" → "Number representing year of reign" → "Year" (Ex: 昭和 → 五十八 → 年).

Heisei

The following are circulation dates during the reign of Emperor

Akihito is a member of the Imperial House of Japan who reigned as the 125th emperor of Japan from 7 January 1989 until his abdication on 30 April 2019. He presided over the Heisei era, ''Heisei'' being an expression of achieving peace worldwide. B ...

. who was crowned in 1989. The dates below correspond with the 1st to the 31st year (last) of his reign. First year of reign coins are marked with a 元 symbol (first) as a one year type. Coins for this period all begin with the Japanese symbol 平成 (Heisei). *Japanese coins are read with a left to right format: :"Emperors name" → "Number representing year of reign" → "Year" (Ex: 平成 → 五 → 年).

Reiwa

The following are circulation dates in the reign of the current Emperor.

Naruhito is the current Emperor of Japan. He acceded to the Chrysanthemum Throne on 1 May 2019, beginning the Reiwa era, following the abdication of his father, Akihito. He is the 126th monarch according to Japan's traditional order of succession ...

's accession to the Crysanthemum Throne took place on May 1, 2019 and he was formally enthroned on October 22, 2019. Coins for this period all begin with the Japanese symbol 令和 (Reiwa). The inaugural year coin (2019) was marked 元 (first) and debuted during the summer of that year. *Japanese coins are read with a left to right format: :"Emperors name" → "Number representing year of reign" → "Year" (Ex: 令和 → 二 → 年).

Collecting

Most 500 yen coins made for circulation are worth only their face value due to high mintage figures throughout their history. Notable exceptions occurred during the end of Emperor Shōwa's (

's) reign when these figures fell. Only 2,775,000 coins were minted in 1987 (year 62) making it the lowest in the series and a key date. Coins made in 1989 (year 64) are also popular among collectors as the second lowest mintage of the series. Further interest of this date is gained by it being Emperor Shōwa's last year of reign that lasted only a week. These two coins sell for a premium online and through coin dealers depending on their condition. Collectors and the public alike similarly kept year 31 (2019) coins of all denominations as "Heisei Memorials".

Notes

References

External links

Coins presently minted
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How "500 yen" coins are made
- Gigazine {{Japanese currency and coinage Japanese yen coins Five-hundred-base-unit coins