Originally the 500 yen coin was made up of cupronickel, but was later changed to nickel brass, and then to bi-metallic to deter counterfeiting.

This illegal practice has been a constant issue since the coin was first released due to its high purchase value.

[2] The obverse of the cupronickel based 500 yen coin features a paulownia crest, while the reverse is designed with bamboo and Tachibana.

These elements were chosen as they are regarded as symbols of good luck and people were already familiar with seeing them on the 500 yen notes.

[4] As with other denominations created in the post World War II era, the newly issued coins circulated concurrently with their paper money counterparts.

[6][7][a] Towards the end of Emperor Shōwa's (Hirohito's) reign mintage figures fell for the 500 yen coin.

Nickel-brass was used as a replacement for cupronickel giving the coins a slightly golden appearance in comparison.

This metallic change made it easier for vending machines to tell the difference between genuine versus counterfeit coins.

The overall design was not changed but enhanced with anti-counterfeiting technology which include microprinting, and features viewed only at certain angles.

[13][14] The most recent 500 yen coins feature a bi-metallic three-layer structure that is also used for European coinage.

The center of the coin is made up of a silvery cupronickel, while the outer ring is golden nickel-brass.

[26] The Japan Mint responded to these incidents beginning in 2000 with a new nickel brass based 500 yen coin featuring anti-counterfeiting devices.

In 2005, an article in The Japan Times reported that the perpetrators deposited the coins in an account using an ATM, the money was then withdrawn in the form of banknotes.

[21] These high quality counterfeit coins were also realistic enough to trick the meters in coin-operated parking lots.

In Japan, any person found guilty of knowingly using counterfeit currency is subject to imprisonment that ranges from three years to an "indefinite period".

[31] Most 500 yen coins made for circulation are worth only their face value due to high mintage figures throughout their history.

[32][33] Notable exceptions occurred during the end of Emperor Shōwa's (Hirohito's) reign when these figures fell.