The last one. It's of the highest value. No Japanese coin (except for some commemorative coins) can beat it. Because of its high monetary value, there is a risk of forgery. Forging cheaper coins wouldn't make economic sense. The coin has several forgery prevention tricks. One of them is a technique called ''latent image''. Looking from some angle, you find other letters of 500円(yen) in the zeros of the 500 on the coin.
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