500 yen coin

is the largest coin denomination of the Japanese yen. Depending on fluctuations in exchange rates it is often, after the Cuban 5 convertible peso coin [The Cuban convertible peso is pegged to the United States dollar at 1.08. Hence the Cuban 5 convertible peso coin is valued US$ 5.40, which is approximately ¥594.] , the second highest valued regularly used coin in the world, valued at US$4.56, €3.08, and £2.44 as of August 2008. The United Kingdom's largest coin (£2 coin) is worth ¥409, while the Swiss 5-franc coin is worth ¥502.

History

The 500 yen coin was first minted in 1982 to replace the old 500 yen note. Soon, it became the victim of counterfeiting, as the South Korean 500 won coin could be easily modified to the exact weight of the ¥500 coin. As the ₩500 coin was roughly one-tenth the value of the ¥500 coin, these modified coins could be used at vending machines to produce a profit. [ [http://metropolis.co.jp/MoneyTalks/333/moneytalksinc.htm Metropolis [Tokyo Money Talks: Short Changed ] ]

A new design was minted in 2000. Zinc was added to give it a distinctive electrical conductivity, the weight was reduced 0.2 grams, and a latent image was added to the zeros on the obverse. When viewed at an angle, "500円" is printed vertically in each zero. When viewed at a different angle, a bar can be seen running down the inside of each zero. This bar is narrower than the "500円" text. Microprinting reading "Nippon" is found on both the obverse and reverse of the coin. [ [http://madeira.cc.hokudai.ac.jp/RD/artifex/500YenCoin/index.html Micro Characters on New 500-Yen Coin Found !! ] ]

Despite these anti-counterfeiting measures, the coin is still the target of counterfeiters in Japan.

References