Coin Japan 2 Shu-Gin - Nishu Gin. 1/8 Ryo. Ansei - 1859 - Silver - with caracters - Rare

Size: 27 x 16 mm.

JNDA?09-56.

Japan signed the Ansei Five-Power Treaties with the United States, Great Britain, Russia, the Netherlands, and France in 1858. These treaties included clauses requiring Japan to open its ports to foreign trade the following year. On June 2nd, 1859, the day before the ports were to be opened, the Shogunate issued a 2 Shu silver coin, which was devalued in comparison to the gold koban, worth less than a third of its former value. The parity between gold and silver coins was set at 1:17 (previously it had stood at 1:5 compared to 1:15 abroad, resulting in a significant outflow of gold coins exchanged for Mexican silver dollars, yielding enormous profits for foreign merchants). The introduction of the new coins could have prevented the outflow of gold koban abroad. However, diplomats from the US and other countries strongly opposed these new coins, while merchants rejected them. Consequently, Japanese authorities discontinued the minting of Ansei Nishu-gin after a very short period, and the coins are extremely rare today.