By REIJI YOSHIDA for the Japan Times

An 1880 Japanese gold coin, 16.97 mm in diameter and weighing 3.33 grams, is expected to fetch a record high price of around ¥20 million when the debt-ridden Finance Ministry puts it on the auction block this Sunday.

“The coin is quite rare. Only 87 of them were produced in that year and probably less than 10 of them still exist,” said Toshio Takeuchi, chairman of Ginza Coins Co., a noted dealer based in Tokyo’s Ginza district.

“Yes, it is said the price can be around ¥20 million or so,” Takeuchi said.

The ministry started auctioning its old coins — which are still considered modern — in 2005 as part of efforts to reduce the government’s snowballing debt. In the 12 auctions held so far, 24,500 coins have been sold for a combined ¥4 billion.

The 1880 coin, part of the ministry’s last auction, is expected to fetch the highest price of all, said a ministry official in charge of the auction. Read Full Story