Society

Minting of new 500-yen coins begins

Jun 22 () - The Japan Mint has started making new 500-yen coins featuring cutting-edge technology designed to prevent counterfeiting.

Production began on Monday with a ceremony attended by Finance Minister Aso Taro.

The new coins have the same size and basic design as the current ones that entered circulation in 2000, but have two colors and are made with three types of metal.

Mint officials say the only other coins using the technology, known as "bicolor clad," are euro coins.

Some of the lines on the edge of the coins have irregular widths or intervals. The Mint says this is the first time in the world this feature has been used in a coin.

Issuing the new coins has been moved back by two months to November because the coronavirus pandemic caused delays in modifying ATMs.

Aso said trust is of utmost importance for coins and banknotes, so it's crucial to ensure people feel confident that the currency they are using is genuine.

The National Police Agency says 188 fake 500-yen coins were found nationwide last year, although the number of cases has been falling.

The Finance Ministry says about 5 billion 500-yen coins are in circulation and they will remain in use after the new ones are issued.

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