AUCTION UPDATE

eritage Auctions recently sold a Meiji gold Pattern 10 Yen dating from 1870, which was described as being ‘arguably one of the finest representatives within the entire Japanese series, indescribable in just a few words, which remains the epitome of both conditional and absolute rarity.’ According to the auction house, pattern coins produced during the Meiji era remain a ‘difficult section of the Japanese numismatic market’, with so few ever reaching the market, especially in good condition. The lot description explained: ‘For hundreds of years prior to the Meiji era, during a tumultuous time of shogunate rule, commerce had been conducted using various cast and hammered coinage, with cash pieces the inspiration of circulating Chinese issues of the day. Similar to their western counterparts, minting in this fashion had numerous drawbacks as economies grew and evolved, including inconsistency of quality and volume of production to keep up with increasing demand. The 19th century brought about substantial foreign influence in Japanese politics, leading to the Meiji Restoration in 1868. This period of “Enlightened Rule” marked the beginning of industrialization for the nation, radically changing economic conditions and accommodated by the establishment of a gold standard based on the Yen.