The herald., 1895-06-09
Two Japanese Coins, One
a Gold, the Other a
Silver Piece
Mr.. "OLD COINS" DISCOVERY
Sets Him to Thinking, and After
Looking 1t Up Decides to Get
Rich, Go.bang

Editor Herad:- have long been inter-
ested in the collection of coins. You may
say that is common characteristic OF
business men. but do not mean that
am collector of the great American dol
lar, but OF ancient, curious and rare
COINS. Yesterday obtained specimen
OF the old japanese kobang. 1t $ thin.
oval disk OF gold, about two inches long
and one-fourth inch wide and ornamen-
ted in very primitive manner.
Last evening 1 interested myself in
looking up the history of this coin, al
though | must confess that somewhat
heavy dinner converted my research into
a rather drowsy task. 1t seemed, from
what was able to find out about these
kobangs. that about the time OF the
treaty OF 1858 between the United States
Great Britain ana Japan. which partially
opened up Japan to our civilized traders,
this coin was passing current in Japan
for four silver coins called by the Japan
ese itsebus. Now the gold in one OF these
kobangs was worth about Si.45 OF our
money. whereas the silver in the ltsebus
was worth but about 81 cents. So, you
see. tn innocent Japanese were at that
time estimating the gold in the kobans at
about third of its real value. meas
ured in silver. Civilized traders very soon
saw their opportunity. They took silver
to Japan and had it coined into itsebus {;
they traded for kobangs at the rate OF
four itsebus for one kobang; they melted
up the kobangs and traded the gold in
the markets of the world for more silver,
took that silver to Japan ana repeated
the process, and with every circuit OF the
process they trebled their money. This
was continued until by and by the innocent
natives in modern parlance, 'tun bled.
and after that no kobangs could be had for
four itsebus. The kobang was thus with
drawn from circulation and Japan was
thereupon on u silver basis.
At this point in my reading. influenc-
ed somewhat by the dinner that | had
eaten, fell into a reverie. Why should
| remain longer q collector of carlos and
antiquated coins when the modern Ameri-
can coins ar, SO much more serviceable?
[ am. as you know, believer in the
early political success OF the free silver
party, and confidently expect that the
next congress will adopt a law coming
silver, unlimited, with gold at the ratio
of IL to /. Now the ratio OF value of gold
and silver in the markets of the world is
about 81 to /. | felt in my vest pocket
and found there five silver dollars. |
would save that until the new coinage
law is passed. | would then go to a bank
and exchange my five silver dollars for u
five-dollar gold piece. | would melt it
down into gold and exchange it for thirty
two times its weight in silver. | would
take that to the mint and have it coined
into ten silver dollars of the present
weight. With that would get two five
dollar gold pieces. Repeating the sam e
process. my ten dollars would double
then twenty dollars would double. By
seventeen of such operations my original
capital of five dollars would become for
tune Of $500, 800. and the eighteenth
operation would make me more than a
millionaire. But of course out of this |
would have to pay travelling expenses
and the cost of melting pots, and some
wages and other expenses which did not
at the time occur to me. Still / antici-
pated quite fair profit from the In
dustry.
Of course much would depend upon the
rapidity with which | should operate, be-
cause doubtless some others would at
tempt the same thing. ana still Others,
while not engaging in the speculation.
might suspect something and be rather
reluctant to exchange their gold pieces
for my silver coins. The government,
of course, would assist me all il could,
because the law. would compel it to coin
my silver. But it would be reasonable
to anticipate that after short time gold
coins would be as scarce in this country
as old kobangs are now in Japan, But
the disappearance of every gold piece
would be attended by profit of one ha If
its value reappearing in the pockets of
the spectators that assisted in the dis
appearance. and as there are over $500.
900, 900 i'll gold money in the United
States. this would mean profit of $3.50,
900, 900 in gold, or $500. 000, 900 of new sill
yer to all who are far-sighted men like
myself. And intend TO get my share of
that profit. How much better | thought.
is this than it is to poke around in old
curiosity shops after rare coins. a sort OF
pleasant glow came over my system as |
planned these things out. and as tho
room was warm and pleasant, and my
dinner was digesting admirably. some
how | dropped asleep in my chair. |
dreamed that it was after the next presi-
Dental campaign; that the free silver
party had carried the day. that the Don
fires had burned out that people had
taken dp the cares and the vcissitudes
attendant upon :he problem of living and
making u living under the new condi-
tions resulting from the new administra-
tion and the new system of finance. And
if The Herald cares to hear about my
dream | will tell you a II about it as soon
as | can find time to arrange it in some
connected and readable way, leaving out
all the irrelevant and redundant matter
that seems always to weave itself into
our dreams.
Till then remain as always.
OLD COIN.