mission.japan

Money with holes in it

Thursday, June 29, 2006

Living in Japan requires money—lots of money—so working with yen is one of the first adjustments you make when you arrive.

I seem to remember a Megatokyo strip in which Largo said something about the money in Japan having holes in it, so he didn’t think it was real. I thought it was in the early days of the comic, but I didn’t find it skimming through the first chapter. Anyway, the money in Japan does in fact have holes in it—well, some of it.

The WikiPedia page on the Japanese Yen has a plethora of information on the established currency over here. Unlike America, practically all purchases in Japan are made with cash (not credit cards or checks). Also unlike America, the yen’s denominations are a bit different than the dollar’s. Yen (one yen is more or less equal to a penny, by the way) comes in metallic form in 1-, 5-, 10-, 50-, 100-, and 500-yen versions. (The 5- and 50-yen coins have holes in the middle.) Foldable yen is available in three forms: 1000-, 5000-, and 10000-yen bills.

Coin management is a daily sort of thing in Japan. If you’re lazy and pay for everything with paper, you’ll quickly end up with piles of coinage of all varieties—kipple in monetary format, essentially. One way to fight it is to always carry around a selection of coins and try to account for as many digits as possible on the right-hand side of your purchase totals. (Another method is vending machines, which are both ubquitous and deserving of their own entry—but the machines don’t take anything smaller than 10 yen.)

Perhaps surprisingly the new money requires a bit of adjustment time (although maybe the experience of others differs with mine). American monetary math rotates around the quarter, the 25-cent champion of U.S. coinage. Japan essentially uses a double quarter (the 50-yen coin) and follows that up with what are for all intents and purposes a dollar and five dollars packed into a coin (the 100-yen and 500-yen coins). So counting and adding can be slow for the first couple of weeks in Japan as your mind gets accustomed to the new denominations.

Comments

David Schaab wrote on June 30:

Speaking of money – has your support amount changed appreciably? That paragraph hasn’t changed since before you left.

Derek Schaab wrote on June 30:

No, it hasn’t, not to my knowledge. I occasionally see how things are from TEAM’s records, but last I checked things were still the same. In a month or so David Sedlacek and I will probably look at the financial situation and figure out more accurately how long I can really stay in Japan based on my expenses so far.

Gordon McCleary wrote on July 01:

Over here, it’s pants pockets that have holes in them. That must be why money leaks away so fast. You’re missing out on the strange, colored new currency here, and they’ve announced that the $5 bill, which wasn’t going to be revised (because it isn’t worth counterfeiting, I guess) is going to be redone with more security features. There are so many deals here on credit cards offering rebates that we’re literally encouraged to charge things. This may explain why, for many banks, more than half their profits come from credit cards…even though they have to write off a lot of debt that’s never repaid. Of course, charging 18 or 20 per cent interest on people’s balances helps quite a bit, along with the fees that merchants pay. So much for money.