‘Maboroshi’ is a Japanese term to describe these coins and translates as the phantom. These small ceramic coins are undoubtedly mysterious, and like a ghost in the night, as soon as they appeared, they were gone. Mystery surrounds their existence, use and destruction at war’s end.

This Japanese clay coin book tells the story – the trials and tribulations of these coins from their concept to production and destruction.

This work is a culmination of years of research and draws on information pieced together from an unpublished, hand-written manuscript; video recordings of first-hand accounts; information provided by coin dealers, ceramic specialists and experts in Japanese numismatics; records and information provided by Japan Mint, Osaka.