The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1859-02-08
COINS OLE LAPAN

From the Philadelphia Pennsylranianl
1nrougn the KIND attention of Mr.. Snowden, the
Director OF the Mint, we have been furnished with
the following interesting paper on the subject of
the moneys and coins of Japan The proportiopate
value of gold and silver is very singular and extra
ordinary.
ASSAY OFFICE, U. S. MIMI
February 3, 1859. (
Hon. j. R. Snowden, Director Of the Mint, DC
Dear Sir:-There are few matters of greater Gu
riosity in regard to the people of Japan than their
system of moneys; and at the present moment,
when public attention is much drawn in that direc-
tion, some details would we presume, be timely
and acceptable.
The series of Japanese coin consists of three sizes
OF gold, two of silver, and three of alloy of in
ferlor metals In their shape, composition and re-
lation to each other, they present some striking
features, which set them apart from every other
system OF coinage in the world
The principal gold coin, known as the cobang or
cobank, is of oval shape, about two and half
inches long and half wdes 1t is very thin, soft,
and easily bent, having elasticity; its appear
ance is that of fine gold, and its surface is marked
by sundry figures not well understood yet, al
though it is said that the fowery ornaments are
"the arms of the spiritual emperor" and that a
certain central cypher is the special imprint of the
"Inspector General of money" The weight, two
specimens agreeing, is 1862 thousandths of ounce
or nearly ia grains. Next is a gold piece of one
fourth that weight. and intended quarter of the
preceding, called the ''god itzebu;" but its form is
entirely different. 1t is four-sided rectangular,
and very thick; three-fourhs of an inch long, and
half that in width. The smallest gold coin is the
half itzebu, of proportional size. We have then
the silver itZebu, and its quarter of the same dom
no shape; the larger piece weighing 2S0 or,
!34H grains. Passing to the third division, there
is the "hundred p'senny," a casting of red brass,
oval and thick, measuring two inches long, and
little more than half wide, with hole in the
centre. Finally there pieces of four, and one
p'senny circular, with holes in the centre, and
scarcely to be distinguished from the we-known
Chinese cash.
The composition of these coins subject falling
within our particular province, has been to some
extent examined. The cobang and tzebu, as was
observed, have the appearance of fine gold; and 1t
is said are regarded at home being of high quail
ity. But it is only necessary to scratch away the
surface, to discover that the japanese understand
the process of picking, we'll known to workers in
jewelry whether in America or Asia or even in the
centre of Africa Trusting to the somewhat per-
manent effects of "hard biting" they have not even
added copper to mitigate the whitening effect of
silver alloy; the mixture being gold and silver and
not far from equal proportions. The cobang two
pieces assayed, gave 567% and $685. thousandths
fine; the itzebu resulted sec. These figures indi-
cate designed, though probably secret standard.
The consequent intrinsic values are, according to
our Mint rates, and allowing for silver contained,
SD for the cobang, and Sill (nearly) for the
itzebu.
1t is interesting to fobserve that although so ig-
norant of the methods of other nations japan has
initiated, and even exceeded them in the process of
deterioration OF moneys. About the beginning of
the last century, the cobang, quite similar in shape
and device to the present piece, weighed 272 grains,
was S54 nne, and worth Just ten dollars. CEN
tury later, it had fallen to 1876 grains e67 fine and
worth (including silver) five dollars and seventy
eight cents.
The smallest gold coin has not been assayed; it
evidently contains but little gold and has therefore
a forced valuation. The transition to the next
piece in order, the largest silver coin, affords
fresh surprise. 1t is found to be of almost absolute
fineness; that is, 99l thousandths; and is worth 81
nnntl ila ht5 has Al
sess the art of refining, it does not explain why
they debase the gold, and refine the silver. The
smallest silver piece is apparently not inferior in
hneness.
The foregoing details will be interesting to the
numismatist and metallurgist; but the fact which
remains will excite more popular attention 1t is
in regard to the legal relation which these coins
bear to each other insulated from the rest of man
kind, the Japanese have proportional to silver ac
cording to their ideas of and state of sup
ply. The gold and silver itzebu are, as is stated,
interchangeable; that is, piece which is worth in
our eyes Ill cents land to Japanese worth nearly
as much as two of our gold dollars because he sup
poses it to be much better gold than it is buys no
more than piece which, with US, would be 81 cents
The Spanish Mexican dollar they consider equal
to three itzebu; which is three-Ourths of cobang,
or 1888. The abundance of god or scarcity Of
silver which creates such strange ratio, would
no doubt be promptly corrected by foreign traders,
for the sake of the enormous profit But unfor-
tunately there is stringent law against the expor
taton of coin, which makes it very difficult even to
get few pieces for assay. For our facilities in
this respect, are indebted to the perseverance of
gentleman who is interested in the collection of
rare coins, and to his correspondent abroad.
What relation the oval piece of brass which
passes for zone hundred" bears to the itzebu, we
are not informed. 1t weighs only about six times
as much as the piece of one psenny, and therefore
bears arbitrary value unless brass is there held
to be vastly more valuable than an alloy of copper
and lead, which appears to be the composition OF
the coin which stands at the bottom of the scale.
Very respectfully, your obedent servants,
j. Il. EcKFELDT,
WM. Z. DUBOIS.