Japan’s money economy began earlier than textbooks have described when archaeologists unveiled 33 bronze coins from the late seventh century unearthed in the village of Asuka, Nara Prefecture in 1998.

Now ten years latter, Nine Fuhonsen coins, which are thought to be the nation’s oldest form of minted currency, unearthed at a former site of Fujiwarakyu, the ancient capital from 694 to 710, in Kashihara, Nara Prefecture, differ slightly from previously discovered Fuhonsen coins, the Nara National Research Institute for Cultural Properties

The finding suggests there may have been another mint in addtion to one discovered at Asukaike ruin in Asukamura.

Minor differences were found in the kanji character “Fu” used on the surface of the coins and a thicker frame surrounding a square hole in the center of the coins. The materials of four of the coins included arsenic and bismuth, and very pure copper.

The coins discovered in August 1998 at the Asukaike Ruins in Asuka, are older than the Wado Kaichin coins first minted in 708, thus bumping them from the archaeological record books as the nation’s first circulated money.

The bronze coins, whose existence has been known for some time, are called Fuhonsen, the name of a charm believed used during the Nara Period (710-784).
The time at which Fuhonsen coins were minted falls into the Fujiwarakyo Period (694-710), which is based in modern-day Kashihara, Nara Prefecture, where three sovereigns — Empress Jito Emperor Monmu and Empress Genmei — once held court.

The research institute said the 1998 findings prove that Fujiwarakyo was aimed at creating a polity with solid political and economical structures based on the Taiho Code (Taiho Ritsuryo) of 701.

The code consisted of six volumes of penal law (ritsu) and 11 volumes of administrative law (ryo), modeled after the legal code of China’s Tang Dynasty (618-907). The researchers said the coins may have been cast under the order of Emperor Tenmu, husband of Empress Jito. (more…)

By Mark Borckardt

During 30 years as a full time professional numismatist, I have had the opportunity to examine and handle many of the most important rarities in the American series, including two Brasher doubloons, all five 1913 Liberty nickels, two 1894-S dimes, and four 1804 silver dollars. I have handled 80 of the 100 greatest U.S. coins according to the study published by Jeff Garrett and Ron Guth.

Last week I had the pleasure of examining and researching a coin that I believe carries more numismatic and historical importance than any of those coins mentioned above, or any other coin that I have ever handled. It is the 1907 Wire Rim Indian eagle with a plain edge. Only two plain edge specimens were struck, and they were the first Indian eagles ever created, to fulfill the wish of a dying man.

Augustus Saint-Gaudens was near death in the middle of July 1907. Dies for the Indian eagles had already been created, but the collar containing 46 stars was not completed. For that reason, the two plain edge coins were minted, one was sent to President Theodore Roosevelt, and the other was sent to Saint-Gaudens. The sculptor passed away a couple weeks later on August 3.

Roger W. Burdette has traced the issue in his reference Renaissance of American Coinage 1905-1908 (Seneca Mill Press, LLC, 2006), and Michael F. Moran has also examined the issue in his 2008 reference Striking Change — The Great Collaboration of Theodore Roosevelt and Augustus Saint-Gaudens. In a July 28, 2008 Coin World article, P. Scott Rubin writes: “I received an important e-mail from Roger W. Burdette … that this coin was ‘…one of two plain edge pattern pieces struck in July 1907.’ Just as important, he informed me that one of the specimens went to Secretary of the Treasury Cortelyou and the other went to Augustus Saint-Gaudens… I learned that this was the only coin similar to those issued to the public designed by Saint-Gaudens that the artist saw before his death.” While we are unable to say with certainty that the present piece was the coin sent to Saint-Gaudens, it almost certainly is. The coin that went to Cortelyou was forwarded to President Roosevelt who returned it to the Mint. In all likelihood, the Cortelyou-Roosevelt coin was melted, as it does not appear among coins at the Smithsonian Institution.

It is thought that President Roosevelt returned the coin he received, and it is also believed that the coin sent to Saint-Gaudens was retained by the artist. It is my belief that the coin I handled is the exact coin that Saint-Gaudens received. Since all other Indian eagles and all double eagles of his design were minted after his death, this single coin seems to be the only coin of his own design that Saint-Gaudens ever saw in person.

This plain edge 1907 Wire Rim Indian eagle will be offered for sale as lot 3561 in the Platinum Night session of Heritage’s 2010 ANA auction in Boston. The Platinum Night session is scheduled for 6:00 PM EST on Wednesday, August 11. I hope to see many of you there, and hope that those unable to attend will be watching this historic offering on HA.com/live.

by Dr. Thomas F. Fitzgerald from the California Numismatist

Twice within a span of almost twenty-five years, all of the gold from the vaults of the 2nd San Francisco Mint, sometimes called the “Granite Lady,” was sent to the United States Mint in Denver, Colorado. Yet the story of these two operations could not have been more different. The first transfer was accomplished with so much secrecy that even the newspapers knew nothing of what was going on. But the second transfer was so well publicized that it included parades and search-lights calling attention to the shipments. This is the story of these two great shipments of gold.

The Very Secret Gold Transfer of 1908

In May 1897 newspaper editor and publisher Frank A. Leach accepted a political appointment by President McKinley to become the superintendent of the San Francisco Mint. He had wanted to divest himself of the newspaper business and this seemed like an ideal new career. Leach assumed his duties on August 1, 1897.

The Great San Francisco Earthquake and Fires

It was a typical dawn in the Bay Area. Without warning a shaking of the earth occurred. It was 5:12 a.m. Wednesday, April 18, 1906! The “Great San Francisco Earthquake,” as it became known, was followed within seconds by a violent shaking that ruptured numerous gas lines resulting in dozens of fires. At the same time it was discovered the city’s water mains had been damaged. San Francisco, surrounded on three sides by water, could not battle the flames with water.

Just two years after the famous 1906 earthquake left the San Francisco mint’s surroundings in shambles, concerns about the mint’s storage capacity and security prompted the move of 331 million dollars worth of bullion to the mint in Denver.

Frank Leach made his way from his home in Oakland to the mint and, together with 50 mint employees and a squad of 10 soldiers, prepared to fight the inferno and save the mint. However, at the beginning of the struggle, the outcome was very much in doubt. The battle lasted for hours but shortly before 5:00 p.m. the fires were out and the building was saved. The men were able to leave the mint, return to their homes and reunite with their families.

More importantly for our story, the mint’s basement vaults that contained millions of dollars of gold and silver coins were saved. (more…)