Around the World: Japanese Coin Metals Exceed Face Values
Rising metal prices are pushing the value of Japan’s smallest coins closer to, and in some cases beyond, their face value.
Japan’s 10 yen now costs more to produce. All photographs are courtesy of the author.
There was a time when an individual wanting to save money dishonestly could do so by using a Japanese 10-yen coin as a substitute for a U.S. quarter in a vending machine or toll booth in the United States. The significantly lower-value Japanese coin has a weight of 4.5 grams and a diameter of 23.5 millimeters. The quarter has a weight of 5.67 grams and a diameter of 24.26mm. Gravity-based or width-based sensors in coin-accepting devices vending a good or service at that time would register a payment when using the lighter-weight Japanese coin.
Times have changed. So have vending machines. It costs about 14.8 cents to strike a copper-nickel composition U.S. quarter. The bronze (95% copper, 3-4% zinc, 1-2% tin) Japanese 10-yen coin has a metal value tied to the global price of copper. According to prices published on June 15 by JX Metals and Mitsui Mining & Smelting, the raw materials in the Japanese coin now have a value of 10.4 yen. Even more alarming is that the copper and zinc used to manufacture the 5-yen coin make that denomination worth 6.3 yen should the coin be scrapped rather than in commerce. Even Japan’s lowly aluminum composition 1-yen coin is now estimated to contain about 70% of its face value in that metal.
The U.S. has recently ceased producing the 1-cent coin due to the denomination having exceeded its metallic content value. The 5-cent coin could be next. What about Japan’s 5- and 10-yen coins?
The Japan Mint is located in Hiroshima, Osaka, and Saitama and is overseen by the Ministry of Finance. The ministry doesn’t disclose what it pays for the raw materials going into the coin denominations, claiming such information might encourage counterfeiting.
Non-ferrous metal prices, particularly in copper, are now a major concern. Adding to the problem is a recent supply shortage that followed accidents at major mines.
Ministry officials indicated the overall fiscal impact of these metal prices remains limited due to a significant number of Japanese coins being minted using recycled materials from withdrawn coinage. It is illegal in Japan to hoard or to melt coins.
Intentionally damaging or melting coins is punishable by as much as one year in prison or a fine of up to 200,000 yen (about $1,230). The Japanese Ministry of Finance explains that intentionally damaging or melting coins is prohibited under the country's coin-damage law. The ministry does not disclose coin production costs. Ministry of Finance Japan
While the ministry is not making any statements regarding the future of these coin denominations, a 2024 Financial Literacy and Education Promotion Organization of Japan survey of household financial behavior found that only 61.6% of households with two or more members continue to make cash payments valued at up to 1,000 yen. Ten years ago, 89.2% of households paid in cash when the payment was up to 1,000 yen.
Nikkei reported, “As electronic payment methods spread rapidly, questions are being raised about the role of coins.” The Ministry of Finance replied, “We have no plans to stop producing coins for circulation, as they are still needed as a payment method for those who have difficulty using cashless payments.”
According to the June 23 Azer News, “Interestingly, this situation has sparked periodic debate among economists in Japan about whether lower-denomination coins could eventually become impractical to mint if commodity prices and currency trends continue in the same direction.”
The 5-yen denomination hasn’t been minted since 2021. The 1 yen hasn’t been issued since 2016. There were 150 million 10-yen coins struck during 2025; however, no mintage figures for the current year have yet been released. The 2026 10-yen coin is currently available in the Japan Mint 2026 Mint Set.
Numismatics from Around the World:
