Author Topic: Japan: No 1 Yen Coins Anymore?  (Read 3575 times)

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Offline Verify-12

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Re: Japan: No 1 Yen Coins Anymore?
« Reply #15 on: February 04, 2019, 10:56:15 PM »
A question for those who know:  Do consumers still receive 1-Yen coins in change anymore?  Are goods and services still priced to the nearest ONE yen?   

If so, then maybe there's still a reason for it to circulate.

The prices for some things (albeit increasingly diminishing) are still priced to the nearest 10 won in South Korea, so that's why their little copper-coated aluminum 10-Won coin is still around.

Prices for somethings are still priced to the nearest cent in the USA, hence the continued use of that coin (in addition to the efforts of the zinc lobby in Washington).


Offline chrisild

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Re: Japan: No 1 Yen Coins Anymore?
« Reply #16 on: February 05, 2019, 12:49:06 AM »
Cannot answer your question about the 1 yen coin, but you can of course have prices ending in .49 or .98 for example without having .01 or .02 coins. That is what cash rounding rules are for. :)

Christian

Offline FosseWay

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Re: Japan: No 1 Yen Coins Anymore?
« Reply #17 on: February 05, 2019, 12:24:51 PM »
Cannot answer your question about the 1 yen coin, but you can of course have prices ending in .49 or .98 for example without having .01 or .02 coins. That is what cash rounding rules are for. :)

You "can" in the sense that it is physically and arithmetically possible, as much of the eurozone and Scandinavia demonstrate. But whether it is culturally acceptable is another matter. In some countries, including the US and UK, and in my experience also Germany, it is presumed that transactions will be completed to the precise cent/penny stated on the bill. Historically (in the UK at least) officialdom's answer to coins rendered more or less worthless by inflation has mostly been to withdraw both the denomination and the ability to price at that point. Hence when the halfpenny was withdrawn in 1984, not only did the coins disappear but so did prices including odd halfpennies.

Offline chrisild

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Re: Japan: No 1 Yen Coins Anymore?
« Reply #18 on: February 05, 2019, 01:10:30 PM »
In some countries, including the US and UK, and in my experience also Germany, it is presumed that transactions will be completed to the precise cent/penny stated on the bill.

True because there are no rounding rules in these countries. Now it may be equally difficult in Japan to introduce them, but my only point was that the concept of "there are prices ending in x.y9, so you have to have a .01 coin" is flawed. ;)

Christian

Offline Verify-12

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Re: Japan: No 1 Yen Coins Anymore?
« Reply #19 on: February 05, 2019, 01:31:06 PM »
I'm not asking whether a certain "logic is flawed."

I'm asking if 1-Yen coins are given as change in the Japanese marketplace.


Offline FosseWay

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Re: Japan: No 1 Yen Coins Anymore?
« Reply #20 on: February 05, 2019, 01:57:41 PM »
I'm asking if 1-Yen coins are given as change in the Japanese marketplace.

I don't know the answer to that. If they are not used, they can be scrapped - this is, I would have thought, uncontroversial. But if they are used in normal transactions, that doesn't necessarily mean they are "needed" because of the cultural effect I mentioned above. People in the UK pay and give change to the nearest penny because penny coins exist, rather than because there is something inherently useful about having a denomination worth 1/100th of a pound. This is implied by the fact that far more people say when asked that the 1p and 2p coins should be scrapped than say that they habitually round to the nearest 5p when paying or giving change. The proportion who do the latter is more or less non-existent I would imagine - because 1p and 2p coins exist.

So you cannot rely on the fact that a given denomination is used as 100% evidence that it is "necessary" or beneficial to the economy.

Offline Verify-12

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Re: Japan: No 1 Yen Coins Anymore?
« Reply #21 on: February 05, 2019, 02:15:35 PM »
Good points.

But not just cultural, but possibly legal reasons, also?

In other words, exact change must be provided (at least upon demand)?

I'm not sure about the legal, cultural, or actual use of the 1-Yen coin in Japan! 
I'll try more research...

Offline redlock

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Re: Japan: No 1 Yen Coins Anymore?
« Reply #22 on: February 05, 2019, 08:38:51 PM »
A question for those who know:  Do consumers still receive 1-Yen coins in change anymore?

Yes, they do.
Last year, my brother and his wife visited Japan.
See the picture for the 1 Yen coins he got in change and gave me when he returned to Germany.

Offline Pabitra

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Re: Japan: No 1 Yen Coins Anymore?
« Reply #23 on: February 05, 2019, 09:04:15 PM »
Regarding 1 Yen coin, the new set with new Emperor name is due after April.
Let us see if 1 Yen coin still forms part of the new set.
Countries like Thailand, Philippines, Saudi Arabia had new series in last two years and 1 Satang, 1 Sentimo and 1 Halala still appeared in the new sets though they are never released in to circulation, very much like 1 Cent in Finland, Belgium, Netherlands( and now from Ireland and Italy).

In UK, 1 Penny and 2 Pence do not form a part in the set.

Each country has its own sovereign law regarding definition and minting of circulation coins and their issue.

Offline FosseWay

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Re: Japan: No 1 Yen Coins Anymore?
« Reply #24 on: February 05, 2019, 10:48:35 PM »
In UK, 1 Penny and 2 Pence do not form a part in the set.

Quite the reverse - in the current design (since 2008), all the pence denominations form a part of the jigsaw motif, so if any of the coins are withdrawn, the whole point of the design is lost.

I see that as one of a number of arguments against the jigsaw design, as it happens. But more generally, bureaucratic arguments should not stand in the way of reforms of circulating coinage if those reforms are both recommended/desired by the government and interested business/professional groups, and acceptable to the public.

Offline Pabitra

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Re: Japan: No 1 Yen Coins Anymore?
« Reply #25 on: February 06, 2019, 03:17:37 AM »
Quite the reverse - in the current design (since 2008), all the pence denominations form a part of the jigsaw motif, so if any of the coins are withdrawn, the whole point of the design is lost.

Wasn't 1 Pound, which showed the full Coat of Arms, an integral part of the Mathew Dent's jigsaw puzzle design?

Offline chrisild

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Re: Japan: No 1 Yen Coins Anymore?
« Reply #26 on: February 06, 2019, 09:50:54 AM »
Going OT ;) but no. In terms of the heraldic theme, the £1 coin was part of the set, but only the penny/pence coins are puzzle pieces: http://www.worldofcoins.eu/forum/index.php/topic,39893.0.html

Offline Pabitra

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Re: Japan: No 1 Yen Coins Anymore?
« Reply #27 on: September 25, 2019, 10:28:45 AM »
1 Yen may vanish again due to falling demand

See

Presence of One-Yen Coins Seen Fading with Tax Hike | Nippon.com