the circulation of great amounts of counterfeit money (including bad money issued by the government ) made the prices destabilize and gave a bad influence on the economy . 大量の贋貨（政府発行の悪貨を含む）の流通は物価を不安定化させ経済にも悪影響を与えた。
the meiji government refused to admit the fact that they coined bad money until the end for the sake of appearance , but they did admit the fact that several domains had coined counterfeit money . 明治政府は最後まで体面上悪貨鋳造の事実を認めることを拒否したが、複数の藩が贋貨を鋳造していた事実を認めた。
based on the gresham ' s law , however , the amount of mintage of koban , which was good money , was decreased and nominal coins such as nishu kin gold and ichibu-gin silver coins , which were bad money , prevailed in the market , so a great amount of premium was demanded for an exchange of ichibu-gin coins into koban . しかし、グレシャムの法則が働き良貨である小判の鋳造量は衰退し、市場では悪貨である二朱金および一分銀のような名目貨幣が凌駕するような状態であったため、一分銀から小判への両替には大幅な増歩が要求された。
meanwhile , as nishu gin silver coins contained about four thirds of silver in spite that its face value was half of ichibu-gin silver , the bakufu decided to limit the use of those coins to international trade because it could not emit a large quantity of good money , accustomed to emitting bad money for the purpose of acquiring marginal gain . 一方、二朱銀については一分銀の半分の額面にもかかわらず、約4/3倍の含有銀量であり、出目獲得を目的とした悪貨の発行に慣れた幕府にとって良貨は多量に発行できるものでなかったため、貿易取引に限定するものとした。
having the background of cooperating with the formation of the meiji government by supporting the satsuma and choshu domain , parkes realized that the meiji government was breaking the kaizeiyakusho and secretly coining bad money , but thought that leaving this matter alone would go against the profit of english merchants who were trading with japan . パークスは薩摩藩・長州藩を支援して明治政府の成立に協力していた経緯があるだけに、政府が極秘で改税約書に違反した悪貨を鋳造していることに気づいていたが、これを放置しておくことは日本と貿易を行うイギリス商人の利益に反することであると考えていた。
