ABSTRACT
THE year 1868 saw the restoration, but the coinage system was still unsettled. Old coins were used for convenience’ sake, though they were not favored by the new régime, which was characterized by the domination of a revolutionary spirit. In February, the value of the Mexican dollar was fixed as equivalent to three bu, and in March, that of the one-mon copper piece as equal to six pieces of iron. In April, all copper was ordered to be sent to the Osaka mint, and private dealings in it were prohibited. The values of old kobang and foreign coins were also fixed in detail. In May, the chiogin coins were demonetized and bought up by the Treasury. In August, the stamping machines bought from Hong-Kong, where they had become useless, arrived, and the intention to issue new coins became a fact. In November, Mr. Walters was hired for the construction of the mint establishment in Osaka, and by the next year the Imperial Mint was organized and presented samples of new coins. The old mints were thereupon abolished, and the old denomination was supplanted by the decimal system, chiefly through the influence of Count Okuma. The services of Englishmen to be employed in the new mint were contracted for through the Oriental Banking Corporation. Tempo coins, however, were still largely manufactured for the use of Yezo Island. For this purpose, and perhaps also to make them defenceless, cannons were purchased from Daimios. Complaints being made by the foreign diplomatic corps, the imitation of coins was prohibited, and the ichibu silver and nibu gold pieces were declared to be legal tender till the new coins came out. The gold, silver, and copper products of the mines were ordered to be sent to the mint for coinage, and private sales were prohibited. Mr. Kinder and his staff arrived, and soon commenced making new coins. Due notification of the issue was made to the foreign ministers, with the declaration that coins were to be 10, 5, and 2½ yen gold pieces, and 1 yen, 50-cent, 20-cent, 10-cent, and 5-cent silver pieces, with three kinds of copper coins, and that the standard was to be one silver yen. A law was promulgated under which the maker of counterfeit currency was to be hung and those who assisted him or who used the false coin decapitated. These penalties were, however, moderated later on.
