The History and Significance of Koban, Japan's Small Change

Koban (小判, "small change") was a type of Japanese paper money used during the Edo period (1603-1867). It was introduced in 1685 as a substitute for copper coins, which were in short supply at the time. The koban was issued by the government and was used as a medium of exchange for small transactions, such as buying everyday goods and services.

The koban was printed on paper and had a standardized design, with a circular shape and a border featuring the crest of the Tokugawa shogunate, which ruled Japan during the Edo period. The notes were available in denominations ranging from 10 to 100 mon (a unit of Japanese currency), with the smallest denomination being the most widely used.

Koban played an important role in the Japanese economy during the Edo period, as it helped to facilitate trade and commerce. However, due to inflation and other economic factors, the value of the koban depreciated over time, and it was eventually replaced by other forms of currency in the late 19th century. Today, koban is a rare and highly sought-after collector's item, with many examples being sold at auction for high prices.