500 yen coin

The 500 yen coin (五百円硬貨, Gohyaku-en kōka) is the largest coin denomination of the Japanese yen. Depending on fluctuations in exchange rates it is often the highest valued regularly used coin in the world. As of October 5, 2015, it is valued at US$4.16, €3.69, £2.73, C$5.45, CHF4.04, A$5.87, NZ$6.39. As of October 5, 2015, the United Kingdom's largest coin (£2 coin) is worth ¥365, the Swiss 5 franc coin is worth ¥618, the Cook Islands $5 coin (which is pegged to the New Zealand Dollar) is worth ¥391. These numbers will necessarily not reflect spending power, especially since one of the other coins mentioned would match out the rest.

History

The 500 yen coin was first minted in 1982 to replace the 500 yen note, which continued to be used alongside it until April 1, 1994. Soon, it became the victim of counterfeiting, as the South Korean 500 won coin could be easily modified to the exact weight of the ¥500 coin. As the ₩500 coin was roughly one-tenth the value of the ¥500 coin, these modified coins could be used at vending machines to produce a profit. The ₩500 coin was slightly heavier than the ¥500 coin, whilst having exactly the same diameter and metal alloy, meaning that counterfeiters would drill small holes in the coin to reduce its weight, and fool vending machines which relied on weight to identify coins.