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The Samurai Leaps, Utagawa Yoshitora, 1836, Colorized Woodcut. Click image to enlarge.

Bruce Lee riveted millions in movie theaters across the globe during the 1970s. I was eight years old visiting India in 1979, and my Uncle Shailesh took me to see a martial arts movie starring Lee. I didn’t know who Lee was… He was a legend, and I can’t recall which movie my uncle took me to see. However, there is a sequence in the movie The Way of the Dragon where Lee is using a defense weapon called nunchaku, or nunchucks. He doesn’t use one pair to defend himself – he has two. Lee beats up the bad guys and puts on a show with his nunchucks. The bad guys ran, with quickness!

In 1982, I was introduced to Karate Magazine by my friend Dave at the age of 11, and he had a pair of nunchucks in his possession. This is just what two clumsy 11 year olds need to be flinging around with their hands. This weapon consists of two sticks that are connected by either a cord, rope, or metal chain. The origin of this weapon may have been Chinese, but historians note that it evolved between the 17th and 19th centuries in the Ryukyu Kingdom. This kingdom existed independently between 1429 and 1879, and then it became the Okinawa Prefecture, which was eventually incorporated into Japan. My ability to use nunchucks was at the lower end of the scale and practice did not produce improvement in my case. Dave mentioned this was a choice weapon for the ninja (shinobi) who acted as secret police or spies in the country of Japan. The ninja generally collaborated with the military dictator in Japan, the shogun.

PCGS Japan MS63 nd(1828-32) 2 Bu JNDA 09-26 Bunsei. Click image to enlarge.

From the 4th century to the end of the 8th century, Japan was unified as a central government, and ruled by the Emperor of Japan. Citing the public relations office of the government of Japan, “Gold coins were first minted in Japan around the middle of the 8th century, but they would not become a form of currency until much later. Until the 16th century, mainly gold dust was used for large transactions between merchants or as awards to samurai for their military achievements.” From the end of the 8th through the 12th century began the Heian period. This was the beginning of Imperial Court culture, which was aristocratic. However, the arts, such as poetry and calligraphy, were encouraged, and women were at the center of these artistic movements. New customs were developed, and this was also a period where Japanese culture began to distinguish itself from Chinese influence.

During the Hentai period, the first title of a shogun was given to a Japanese general by the name of Sakanoue no Tamuramaro. Because of Sakanoue’s military prowess, he was named sei-itaishogun around the late 8th century. Other shogun names were used, and they could be based on differing degrees of responsibility. For example, Chinjufu-Shogun translates into “commander in chief of the central peacekeeping headquarters” and Seiteki Taishogun is “commander in chief of the barbarians.”

Between 1180 and 1185, the Minamoto clan (less noble) and Tiara clan (noble) were jockeying for dominance within the Imperial Court. The Tiara were trying to maintain their power and Minamoto wanted more power. This resulted in The Genpei War, a national civil war between the Minamoto and Tiara. The Minamoto defeated the Tiara, and the Kamakura shogunate was established. The head of the Minamoto clan, Minamoto no Yoritomo, declared himself shogun in 1192. This type of ruling system was known as the Bukuhan, and the shogunate (military government) controlled the nation.

Land was owned by shogunate, and the daimyo were feudal lords who reported to the shogunate as vassals (a person who provides military service for land). The land that the daimyo (feudal lord) controlled was known as han, and this land was overseen by the samurai who carried a sword called a katana. This began the era of shogunate rule (feudalism), the samurai culture began, and so did organized military rule (shogunate).

PCGS Japan MS63 nd (1772-24) 2 Shu JNDA 09-47 Ko Nanryo Click image to enlarge.

By 1203, the Minamoto clan had lost power, and rule was transferred to the Hojo clan, who held the title of shikken (regent) of the Kamakura shogunate. This dynasty ruled from 1203 to 1333.

The Kamakura shogunate introduced New Buddhism, which emphasized rationalism, social engagement, and mindfulness. Also, new schools of thought to teach New Buddhism were established, and they expanded these teachings. The period from 1333 to 1336 is known as the Kenmu Restoration Period. During this time, Emperor Go-Daigo took rule away from the shogunate, with the assistance of a defecting Kamakura general named Ashikaga Takauji. Ashikaga is also known as one of Japan’s Three Great Villains throughout history. The Emperor returned to a civilian-based government, which had been on hiatus for a period of 148 years after the shogunate took over Japan.

The Imperial Seal, a 16-petal yellow or orange chrysanthemum emblem that was used during the Kenmu Restoration period is still used within Japanese coinage today. By 1336, the military class (samurai) did not agree with Emperor Go-Daigo’s policies. The former Kamakura general Ashikaga, who assisted the emperor to overthrow the Kamakura shogunate, now decided to overthrow the emperor, and he succeeded. The new shogunate ruling clan became the Askikaga shogunate also known as the Muromachi shogunate, which ruled from 1336 to 1573.

During the Ashikaga rule, the Iwami Ginzan silver mine was discovered within the city of Oda in 1526. A wealthy Japanese merchant named Kamiya Jutei founded this mine, and in 1533 he introduced haifukiho, which is a smelting method to extract pure silver efficiently. Kamiya invited two individuals from Korea to demonstrate the refining process they were using in their country. The Iwami Ginzan mines have more than 600 tunnels and demand for high-quality silver by merchants was insatiable. In 1543, the Japanese started to trade with the Portuguese which introduced armor, cannons, and firearms. The Portuguese also brought goods from China, which were restricted from being exported to Japan because of conflict and ongoing embargoes. European trade had also increased because of the discovery of the Iwami Ginzan mines. The legend of these mines being rich with silver rivaled that of the Cerro Rico mines found in Potosi, Bolivia, by the Spanish. However, between the 16th and 18th centuries, Cerro Rico (Rich Mountain) mines produced about 80% of global silver which was sent to Spain. Gold would play a more important role within the Japanese economy about 50 years later.

In 1573, Japan entered the final phase of civil wars within the country which had been fought for centuries. This timeframe is referred to as the Azuchi-Momoyama period, and Oda Nobunaga was a Japanese samurai and daimyo at this time. He had been involved in civil wars before 1573 and this was the year he overthrew the Ashikaga shogunate. Nobunaga is regarded as the “great unifier” of Japan, and he was unfortunately ambushed by another samurai in 1582. The Battle of Kamaki and Nugakute involved a series of wars pitting Toyotomi Hideyoshi forces against Oda Nobukatsu and Tokugawa Ieyasu on the other side.

Hideyoshi was triumphant, then Tokugawa was invited to pay his respects to him in Osaka Castle, he went, and ended up joining his opponent. This decision eventually led to the development of the Tokugawa becoming shogun in the years to follow. Oda Nobunaga’s predecessor was Toyotomi Hideyoshi and he finalized Oda Nobunaga’s unification from 1585-1592. In late 1591, Tokugawa Ieyasu sought out Goto Shozaburo who headed gold mining during this time. Ieyasu wanted to establish an institution like a bank to mint gold coins for the Tokugawa clan’s government.

Toyotomi Hideyoshi was not only one of the unifiers of Japan, he also introduced the oban as did the Edo shogunate. An oban, or 10 ryo, measured about 14 to 17 centimeters in length, they were made of 70-76% gold, some silver, and weighed approximately 165 grams. Oban’s are signed in black calligraphy, which denoted the weight, gold, content, and value. Finally, the piece is stamped with a paulownia crest (Go-shichi no Kiri). The crest was the official seal of Toyotomi Hideyoshi which has three leaves with three flower stalks, arranged with five flowers on the left or seven in the center, and five on the right. These variations are denoted by 5-3 or 5-7. This large gold hand-hammered object was not intended for circulation but given as an award or a gift, it was used for ceremonial, and presentation purposes.

According to the public relations office of the government of Japan, “Toyotomi Hideyoshi had Goto Tokujo, the fifthgeneration head of the Goto family which had been making sword fittings as a family business for generations, create the Tensho Oban in 1588. This coin determined the format for later oban coins.” Each gold oban was signed by a Goto family member.

PCGS Japan MS60 nd(1573-91) Oban JNDA 09-1 Tensho-Hishi Click image to enlarge.

On April 2, 2021, Stack’s Bowers Galleries offered a PCGS MS60 Japan Tensho-Hishi Oban JNDA 09-1 No Date (1588) as part of The Pinnacle Collection. The “JNDA” stands for the Japanese Numismatic Dealers Association, which issues a catalog with numbers that identify banknotes and coins. Only six surviving examples exist, the piece weighs 165.53 grams, and the Oban sold for a record $1,920,000! Here are some comments from the original description: “The hammer marks appear to be randomly applied, slowly working from one end to the other. The three Kiri stamps on the obverse, one at the top and two at the bottom, are deeply applied with good definition. Due to the crude nature of manufacture, a ‘Y’ shaped planchet crack has formed on the obverse and is the result of a lamination on the reverse; both of which add character to this incredible early Japanese gold issue.”

Toyotomi Hideyoshi began invading Korea in 1592 and it was during this time period that Tokugawa Ieyasu participated in several campaigns with him which were unsuccessful. Soon after, Hideyoshi became erratic in his behaviors and he had several of his family members executed. Toyotomi’s health began to fail in the middle of 1598. He called an assembly of five of his most trusted members called the Council of Elders, which included Tokugawa Ieyasu. Hideyoshi died in September 1598. Tokugawa Ieyasu had been designated to take over and he would soon become the Shogun of the Tokugawa shogunate. The Iwami Ginzan silver mines in Oda were always on the minds of the shogunates since they had first been discovered in 1526. Commerce had increased with Europe because of silver and the shogunates over the decades had taken notice. After the Battle of Sekigahara in 1600, the silver in Iwami Ginzan were forcefully taken over by the Tokugawa shogunate.

In 1599, the first rectangular shogunate gold coin produced was in the region of Edo (Tokyo), denominated as a Bu or Ichibu (denomination), and the coin bears no date. I watched a video by numismatic researcher Lianna Spurrier titled Solving the Mysteries of the Gaku Ichibu (NNP - Newman Numismatic Portal Symposium) 2021. In this video, Spurrier thoroughly explores the origin of the specifics of this coin and much more. According to Spurrier’s impressive numismatic sleuthing, this coin was minted as a prototype for a future national coinage system by Tokugawa Ieysu, the purity of the gold is 84.3%, and the mintage is unknown. The coin is identified as JNDA 09-30 Gaku and is the first coin of the PCGS Japanese Shogunate Gold Set, Circulation Strikes (1599-1869). This coinage is also referred to as Japanese Bar Money. Several denominations exist within this set, approximate weights are noted for the Bu (4.47- 4.51 grams), 2 Bu (3.0-3.1 grams), Shu (1.4 grams), 2 Shu (1.64 grams).

PCGS Japan MS62 nd(1599) Bu JNDA 09-30 Gaku Click image to enlarge.

In July 2023, I received an email from PCGS Director of World Grading Mike Sargent. He said that he received an email from a member who is requesting PCGS put together two sets in addition to our Japanese Shogunate sets we currently have listed. The member was Spurrier, who gave us remarkable insight about the Gake Ichibu mentioned above. Sargent forwarded Spurrier’s email to me, she had requested two sets from the shogunate era, and one was the gold set listed above. Her other request was the Japanese Shogunate Silver Set, Circulation Strikes (1772- 1869). Spurrier provided many of the coins that should be in the set and helped properly organize some of the other coins listed within the sets.

PCGS’s Set Registry has five categories within the country of Japan. The category with the most sets is “Japanese Shogunate Coinage.” Spurrier has helped boost this category in the past few years with her set requests. In addition, her passion for shogunate or bar money coinage is out of this world. She has been kind enough to link PCGS Set Registry through her website rectanglecoins.com, which is nothing short of amazing, and check it out if you have a chance. PCGS wants to thank Spurrier for her set requests, promotion of shogunate sets, and her assistance with the organization of these sets.

Spurrier has a passion for the arts, is a renowned scholar, and seems to really enjoy coins. At the end of 2025, Spurrier released a book titled, Untangled: A Die Study of Keicho Ichibu. This book is described in her own words, “this book represents the first comprehensive study of die study of the Keicho Ichibu, a rectangular Japanese gold coin minted from 1601 to 1695.” Tokugawa Ieyasu became Shogun in 1603, and he is credited with developing the currency system within Japan. The beginning of the Tokugawa shogunate or pre-Meiji period began in 1603 and ended in 1868. The shogunate system would rule Japan with military might for a little over 675 years. Edo Castle, which was built in 1457 by Ota Dokan, became part of the Tokyo Imperial Palace which was the home of the Emperor of Japan. Remnants of the building still stand today as a memory of the shogunate. As do their beautiful coins.