500 yen coin
The 500 yen coin is the largest denomination of Japanese yen issued in coinage. These coins were first struck in 1982 as the vending machine industry needed a higher valued coin for use in their machines. The denomination had previously been issued as paper currency which co-circulated with the new coins until 1994. Originally the 500 yen coin was made up of cupronickel, but was later changed to nickel brass, and then to bi-metallic to deter counterfeiting. This illegal practice has been a constant issue since the coin was first released as 500 yen coins are usually the highest valued in the world depending on exchange rates. New bi-metallic coins are scheduled to be issued sometime in 2021 to further address the issue. With a history spanning 3 imperial eras, 500 yen coins are also collected by hobbyists and as mementos.
History
- Note: The history of 500 yen commemorative coins are discussed in another article.
Cupronickel yen
Nickel-brass yen
The 2nd design for the 500 yen coin currently used today was first minted in 2000 with new anti-counterfeiting devices. Nickel brass was used as a replacement for cupronickel giving the coins a slightly golden appearance in comparison. This metallic change made it easier for vending machines to tell the difference between genuine versus counterfeit coins. The weight of the 500 yen coin was lowered from 7.2g to 7, and the thickness from 1.85 to 1.81 mm. Changes also effected the edge as the inscriptions of "NIPPON 500" were replaced with a helically reeded edge. The overall design was not changed but enhanced with anti-counterfeiting technology which include microprinting, and features viewed only at certain angles. This design later won the Mint Directors Conference award in 2002 as the "Most Innovative Coin Concept". It proved not enough to be a match against counterfeiters though, as they switched to using raw materials to get around the new security features. In April 2019 the Ministry of Finance announced that the 500 yen coin would be redesigned for issuance sometime in early FY2021. There continues to be a strong demand for 500 yen coins, and they are unlikely to be affected by electronic money.Bi-metallic yen
In April 2019, it was announced by the Bank of Japan that a new version of the 500 yen coin is set to be issued in 2021. These coins have a bi-metallic three-layer structure which is already used for European coinage. One major difference are the edges of the coins, which use contour edging that utilize helical ridges with varied shaping. Two different colors are visible when looking at the coin giving it the name "bicolor clad". The center of the coin is made up of a silvery cupronickel, while the outer ring is golden nickel-brass. Aside from an increase in weight of 0.1g the coin's diameter remains the same as it has been since 1982. The overall design will also be the same except for a missing bamboo leaf under "500" which is replaced by the date. Enhanced features such as "JAPAN" and "500YEN" will be applied to the edge of the coin along with microprinting and angled features already present on the previous issue.Redesigning the 500 yen coin will require the refurbishment of cash handling equipment, the costs associated are estimated to be 490 billion yen. All of the old 500 yen cupronickel coins are still considered legal tender. While these coins are still in circulation, vending machines may no longer accept them due to their metallic signature.
Designs
Counterfeiting issues
When the 500 yen coin debuted it was and still is the highest valued coin in the world depending on exchange rates. In comparison the coin's purchase power was about double that of a two-pound coin in 2012. These reasons have made 500 yen coins a prime choice for counterfeiters ever since they were first minted in 1982. Problems arose that year as South Korea introduced a coin worth 500 won valued at about one tenth of the value of the 500 yen coin. Both coins are made up of the same cupronickel alloy and have the same 26.5 mm diameter. It didn't take long before these coins were easily modified to be the exact weight of the 500 yen coin for use in vending machines. Counterfeiters would use them as slugs by drilling small holes on the surface of the coin to reduce their weight and fool vending machines which relied on weight to identify the coins. The large gap in value between the two coins meant that these thieves could make a good profit.By the 1990's vending machines full of these foreign coins had became a serious issue which dealt losses to the vending machine businesses and beyond. By the end of the decade 70% of the 5.5 million vending machines in Japan had stopped taking the coin. This did not deter counterfeits as between January and October 1999 police found 657,000 altered coins. The Japan Mint responded to these incidents beginning in 2000 with a new nickel brass based 500 yen coin featuring anti-counterfeiting devices. When viewed at different angles "500円" is either printed vertically in each zero, or a bar can be seen running down the inside of each zero. Microprinting reading "Nippon" is also found on both the obverse and reverse of the coin. Vending machines were then adapted to reject the old cupronickel 500 yen coins. This was done by having the machines only recognize the conductivity given off by the nickel brass used in the new coins. These second generation nickel brass coins were soon counterfeited as well by using raw materials. In 2005, an article in The Japan Times reported that the perpetrators deposited the coins in an account using an ATM, the money was then withdrawn in the form of banknotes. The coins involved were made up of the same alloy as genuine coins but the percentage of the alloys used were different.
By 2012, the counterfeit coins used were described as "extremely well crafted", again the perpetrators in another unrelated incident had used the fake 500 yen coins in ATM deposits. These high quality counterfeit coins were also realistic enough to trick the meters in coin-operated parking lots. In this incident the coins were thought to be connected to counterfeit Disney tickets which surfaced around the same time. The place of origin either places the counterfeit 500 yen coins in China or South Korea. Any person found guilty of knowingly using counterfeit currency is subject to imprisonment that ranges from three years to an "indefinite period". Newly designed 500 yen coins are expected to debut in 2021 featuring modern anti-counterfeiting technology.
Circulation figures
Shōwa
The following are circulation dates which cover Emperor Hirohito's reign. The dates below correspond with the 57th to the 64th year of his reign. Coins for this period will all begin with the Japanese symbol 昭和.- Japanese coins are read with a left to right format:
| Year of reign | Japanese date | Gregorian date | Mintage |
| 57th | 五十七 | 1982 | 300,000,000 |
| 58th | 五十八 | 1983 | 240,000,000 |
| 59th | 五十九 | 1984 | 342,850,000 |
| 60th | 六十 | 1985 | 97,150,000 |
| 61st | 六十一 | 1986 | 49,960,000 |
| 62nd | 六十二 | 1987 | 2,775,000 |
| 63rd | 六十三 | 1988 | 148,218,000 |
| 64th | 六十四 | 1989 | 16,042,000 |
Heisei
The following are circulation dates in the reign of Emperor Akihito, who was crowned in 1989. Coins for this period all begin with the Japanese symbol 平成.- Japanese coins are read with a left to right format:
| Year of reign | Japanese date | Gregorian date | Mintage |
| 1st | 元 | 1989 | 192,852,000 |
| 2nd | 二 | 1990 | 159,953,000 |
| 3rd | 三 | 1991 | 170,120,000 |
| 4th | 四 | 1992 | 88,130,000 |
| 5th | 五 | 1993 | 132,240,000 |
| 6th | 六 | 1994 | 105,772,000 |
| 7th | 七 | 1995 | 182,869,000 |
| 8th | 八 | 1996 | 99,213,000 |
| 9th | 九 | 1997 | 173,090,000 |
| 10th | 十 | 1998 | 214,608,000 |
| 11th | 十一 | 1999 | 165,120,000 |
| 12th | 十二 | 2000 | 595,969,000 |
| 13th | 十三 | 2001 | 608,051,000 |
| 14th | 十四 | 2002 | 504,661,000 |
| 15th | 十五 | 2003 | 438,405,000 |
| 16th | 十六 | 2004 | 356,903,000 |
| 17th | 十七 | 2005 | 345,030,000 |
| 18th | 十八 | 2006 | 381,593,000 |
| 19th | 十九 | 2007 | 409,903,000 |
| 20th | 二十 | 2008 | 432,811,000 |
| 21st | 二十一 | 2009 | 343,003,000 |
| 22nd | 二十二 | 2010 | 406,905,000 |
| 23rd | 二十三 | 2011 | 301,936,000 |
| 24h | 二十四 | 2012 | 267,211,000 |
| 25th | 二十五 | 2013 | 137,892,000 |
| 26th | 二十六 | 2014 | 167,013,000 |
| 27th | 二十七 | 2015 | 143,004,000 |
| 28th | 二十八 | 2016 | 221,064,000 |
| 29th | 二十九 | 2017 | 426,327,000 |
| 30th | 三十 | 2018 | 286,192,000 |
| 31st | 三十一 | 2019 | 126,164,000 |
Reiwa
The following are circulation dates in the reign of the current Emperor. Naruhito's accession to the Crysanthemum Throne took place on May 1, 2019 and he was formally enthroned on October 22, 2019. Coins for this period all begin with the Japanese symbol 令和. The inaugural year coin was marked 元 and debuted during the summer of that year.| Year of reign | Japanese date | Gregorian date | Mintage |
| 1st | 元 | 2019 | 76,956,000 |
| 2nd | 二 | 2020 | TBD |