(Japan) | |
---|---|
Value | 2 Japanese yen |
Years of printing | 1872–1880 [lower-alpha 1] |
Obverse | |
Design | Various designs depending on the series. |
Reverse | |
Design | Various designs depending on the series. |
The 2 yen note (2円券) was a denomination of Japanese yen issued in two different overlapping series from 1872 to 1880 for use in commerce. Meiji Tsūhō "two yen" notes were the first to be released as inconvertible government notes in 1872. These notes were produced both domestically, and in Germany using western technology. While they had an elaborate design, the notes eventually suffered in paper quality, and were counterfeited. Two yen Meiji Tsūhō notes were not redesigned with other denominations in response to these issues. The series as a whole was affected by massive inflation that occurred during the aftermath of the Satsuma Rebellion in 1877. Too many non convertible notes had been issued to pay for the expenses incurred. Government notes stopped being issued in 1879, and the Bank of Japan was established in 1882 as a way to redeem old notes for new ones issued by the bank. This redemption period expired when the notes were abolished on December 9, 1899.
National bank notes were first issued in 1873, and circulated concurrently with Meiji Tsūhō notes. These were issued by a system of national banks that was adopted in design from the United States. Two yen national bank notes were convertible to gold coinage until 1876 when the price of the alloy rose. They eventually fell into the same situation as Meiji Tsūhō notes after the Satsuma Rebellion. National bank notes were suspended in 1880, and were also later eligible for redemption for Bank of Japan notes. The national banks themselves were replaced in 1896 by a law which also mandated abolishment of the notes after December 31, 1899. Both of these series are now bought and sold as collector's items depending on condition and series survival rate.
The first "two yen" notes adopted and released by the Japanese government are part of a series known as Meiji Tsūhō (明治通宝). These notes were the first Japanese currency ever to be printed using western printing at "Dondorf and Naumann", which was located in Frankfurt. [1] Meiji Tsuho notes were designed by Edoardo Chiossone sometime in 1870 while he was working for Dondorf Naumann on behalf of The National Bank in the Kingdom of Italy. [2] The process of making Chiossone's proposed design a reality started with the establishment of the "Imperial Printing Bureau of Japan" in 1871 (4th year of Meiji). In order to produce the currency the Japanese government reached out to Dondorf and Naumann to gain access to Western technology. [2] Chiossone had a falling out with Italian Bank as his relationship with them had hit a breaking point. When the company suggested Chiossone for the role as engraver, he quickly accepted the offer. [2] The production of money was handed over to the Imperial Printing Bureau in January 1872 when banknotes began to arrive from Germany. [3] All of these arrivals were purposely left incomplete due to security reasons, as the words "Meiji Tsuho" and the mark of the Minister of Finance were added by the Imperial Printing Bureau. Woodblock printing was eventually employed to save hundreds of people the work of handwriting the characters "Meiji Tsuho" on each individual note. Two yen notes in particular were released in June 1872 (year 5) measuring 111mm x 72 mm in size. [4] These notes feature an elaborate design that was difficult to forge at the time as counterfeiting was previously rampant with clan notes. [5] Eventually enough Western technology was brought over to Japan as the Japanese government produced some two yen Meiji Tsūhō notes domestically. [4] The elaborate design worked against counterfeiters for an unknown period of time before they found a way around it. Unstamped notes sent to Japan from Germany were legally obtained by these thieves. Normally Japanese officials would add stamps to the notes finalizing the process, where in this case the counterfeiters added their own stamps. [6] Another major issue was the Satsuma Rebellion in February 1877, which helped lead to massive inflation due to the amount of inconvertible notes issued for payment. [7] The Japanese government responded by stopping the issuance of government notes in 1879 as a hopeful remedy to the situation. [8] During this time legal tender Meiji Tsuho two yen notes had issues with paper quality, and were circulating with counterfeits. While these problems led the Japanese government to issue redesigned banknotes in 1881, two yen notes were excluded from this process. [9] [10] Additional measures were subsequently put into place which included the establishment of a centralized bank known as the Bank of Japan. All of the remaining Meiji Tsuho notes in circulation that weren't already redeemed were to be retired in favor of either silver coinage or newly printed Bank of Japan notes. This period of exchange lapsed when Meiji Tsuho notes were abolished on December 9, 1899. [11]
The idea for national bank notes (国立銀行紙幣) in Japan came from Itō Hirobumi when he was studying the United States in 1871. [12] During this time the Meiji government was working to establish a gold-backed monetary system based on Hirobumi's recommendation. The Japanese government accepted Hirobumi's proposal for national bank notes in 1872 by establishing the "National Bank Act" which organized a decentralized "U.S.-style" system of national banks. [12] Each of these banks was chartered by the state to issue notes exchangeable for gold from reserves held by the banks. [12] [13] Permission was eventually given to these private banks allowing national bank notes to be issued in August 1873. [14] [15] The first bank notes issued are also referred to as old national bank notes (旧国立銀行券). [16] Two yen national bank notes in particular measure 80 mm x 190 mm in size, and are modeled after their counterparts in the United States. The obverse features clan leaders Nitta Yoshisada and Kojima Takanori with bank seals, while the reverse depicts the Tokyo Imperial Palace. [16] [17] These circulated as convertible notes for roughly three years before the rising price of gold became an issue. As a response, an amendment to the National Bank Act was adopted in August 1876 making the notes inconvertible. [13] [18] [19] Under this amendment there was no limit on the amount of paper money that could be issued. [18] This action also allowed private banks to redeem national bank notes for government issued inconvertible Meiji Tsuho notes rather than for gold. [19] Negative effects from this amendment in the form of inflation were greatly amplified by the Satsuma Rebellion in February 1877. While the rebellion was quickly resolved, the Japanese government had to print a large amount of fiat notes as payment. [7] [20] As two yen notes were never printed as fiat notes, they continued to circulate while a series of events changed Japan's banking system. In July 1877 then prime minister Ōkuma Shigenobu realized that keeping Japan on a gold standard was pointless given the low price of silver. The silver one yen coin was thus brought into domestic commerce on May 27, 1878, switching Japan to a de facto silver standard. [19] This did little good for fiat currency as it continued to lose its value against silver coinage. The issuance of national bank notes was ultimately suspended in 1880 by then prime minister Matsukata Masayoshi. [8] [21]
During this time Matsukata introduced a policy of fiscal restraint that resulted in what has come to be called the "Matsukata Deflation". The most significant of these policies established a centralized banking system through the "Bank of Japan Regulation" on June 27, 1882, by proclamation No. 32. [13] [21] In order to decrease inflation all of the old notes were to be collected and exchanged by notes from the central bank. [22] The first step of this process came with an amendment to the regulation in May 1883, which provided the redemption and retirement of national bank notes. [23] [24] As the amount of paper currency in circulation decreased, the amount of silver reserves increased. This drove up the value of paper currency until it was about equal to that of silver coins by the end of 1885. [24] The National Bank Act was amended again in March 1896, providing for the dissolution of the national banks on the expiration of their charters. [23] This amendment also prohibited national bank notes from circulating after December 31, 1899. [11] The ongoing redemption process took additional time as national bank notes were not fully removed from circulation until 1904. [23]
The value of any given banknote is determined by survivability rate and condition as collectors in general prefer original notes with bright rich coloring. In contrast to this are notes with ink stains, missing pieces, and evidence of repairs which can all impact their value. Exceptions to this include extremely rare banknotes where there are few surviving examples (ex: National Gold Bank Note). The oldest fifty sen notes (aka half yen notes) include the Meiji Tsūhō series which were first issued in 1872 and later abolished in 1899. Their print run includes 2,695,298 notes made in Germany, and 9,792,989 made in Japan. [4] More of these notes are in better condition than one yen notes of the same series as more were made domestically. [6] While the survivability rate is high, the value of these notes in average condition is still substantial with prices in the multiple tens of thousands of yen (~$400+ USD). [25] [26] Professional grading is recommended for this series as "many" counterfeit notes exist on the market. [6] The only other series of two yen include national bank notes which are now rare due to events surrounding the aftermath of the Satsuma Rebellion. In order to pay for this event a large amount of banknotes were printed and released into circulation as a way to ease the economic situation. This wound up having a negative effect in the form of rampant inflation which caused national bank notes to be actively collected by officials. [27] These are now popular banknotes among collectors which are rarely seen on the marketplace. [16] [28] When they are up for the sale, two yen national bank notes sell in the multiple hundreds of thousands of yen (~$5,000+ USD) in average condition. [28]
The yen is the official currency of Japan. It is the third-most traded currency in the foreign exchange market, after the United States dollar and the euro. It is also widely used as a third reserve currency after the US dollar and the euro.
Japanese currency has a history covering the period from the 8th century CE to the present. After the traditional usage of rice as a currency medium, Japan adopted currency systems and designs from China before developing a separate system of its own.
The 500 yen coin is the largest denomination of Japanese yen coin issued for circulation. These coins were first struck in 1982 as the vending machine industry needed a higher valued coin for use in their machines. The denomination had previously been issued as paper currency which co-circulated with the new coins until 1994. 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. With a history spanning 3 imperial eras, 500 yen coins are also collectibles.
Banknotes of the Japanese yen are the banknotes of Japan, denominated in Japanese yen (¥). These are all released by a centralized bank which was established in 1882, known as the Bank of Japan. The first notes to be printed were released between 1885 and 1887 in denominations of 1 to 100 yen. Throughout their history, the denominations have ranged from 0.05 yen to 10,000 yen. Banknotes under 1 yen were abolished in 1953, and those under 500 yen were discontinued by 1984. Higher end notes of 1000 yen and more made their appearance in the 1950s. These continue to be issued to the present in ¥1000, ¥2000, ¥5000, and ¥10,000 denominations. The formerly used notes of 1 to 500 yen from 1946 to the 1980s, while discontinued, continue to be valid. These are, however, worth more than their face value on the collector's market.
The 1 yen note (1円券) was a denomination of Japanese yen in seven different series from 1872 to 1946 for use in commerce. These circulated with the 1 yen coin until 1914, and briefly again before the notes were suspended in 1958. Notes from the Japanese government, known as "government notes," were the first to be issued through a company in Germany. Because they were being counterfeited, they were replaced by a new series which included the first portrait on a Japanese banknote. Almost concurrently, the government established a series of national banks modeled after the system in the United States. These national banks were private entities that also released their own notes which were later convertible into gold and silver. All three of these series came to an end due to massive inflation from the Satsuma Rebellion in 1877. National bank notes were re-issued as fiat currency before the national banks themselves were abolished. Both national bank and government one yen notes were gradually redeemed for Bank of Japan note starting in 1885. This redemption process lasted until all three series were abolished in 1899.
The 50 yen coin is a denomination of Japanese yen. These coins were first minted in 1955, and concurrently circulated alongside a banknote denomination of the same amount. 50 yen notes were eventually pulled from circulation shortly before the center of the 50 yen coin was holed. The first yen coins were made of pure nickel and slightly larger than the ones used today. Changes to the 50 yen coin were made in response to events surrounding the 100 yen coin. The public wanted a different looking 50 yen coin while the mint wanted to stay consistent with the material used to make the coins. The current design was first minted in 1967 using Cupronickel rather than pure nickel. The 50 yen coin continues to be minted for commerce, and is a collectible among hobbyists.
The 10 sen coin (十銭硬貨) was a Japanese coin worth one tenth of a Japanese yen, as 100 sen equalled 1 yen. These coins were minted from the late 19th century up until the end of World War II.
The 20 sen coin (二十銭銀貨) was a Japanese coin worth one fifth of a Japanese yen, as 100 sen equalled 1 yen. These coins were all minted in silver during the Meiji era from 1870 to 1911.
The Ryukyuan mon was the currency used in the Ryukyu Islands. The Ryukyuan monetary system was based on that of China, like those of many nations in the Sinosphere, with the mon serving as the basic unit, just as with the Japanese mon, Vietnamese văn, and Korean mun. Like Japan had also done for centuries, the Ryukyuans often made use of the already-existing Chinese cash coins when physical currency was needed.
The 2 sen coin (二銭硬貨) was a Japanese coin worth one-fiftieth of a Japanese yen, as 100 sen equalled 1 yen. Two sen coins were minted during the Meiji period, and are made from nearly pure copper. Priority was initially given to silver coins when the new yen currency system was adopted in 1871 as copper coins could not be produced yet. Aside from a design change and a two year lapse, two sen coins were made from 1873 to 1884. The two sen coin was then discontinued and eventually demonetized in the mid-20th century. These coins are now sought after as collectors items which bring premium amounts depending on the date and condition.
The 50 yen note (五十円紙幣) was a denomination of Japanese yen that was issued from 1872 to 1958 (non-consecutively) in paper form. The first two issues for this denomination are rare for various reasons, including the latter of the two not being released for circulation. The final issue was short-lived as it was only issued from 1951 to 1958. Eventually a "stop payment" order was given causing the old 50 yen bills to be pulled from circulation in favor of the 50 yen coin. While "B series" notes continue to retain their legal tender status, they are now worth more as collectables.
The 5 sen note (五銭紙幣) was a denomination of Japanese yen that was issued nonconsecutively from 1944 to 1948 in paper form. Five sen notes were worth one-twentieth of a yen, making them the lowest subsidiary yen banknote ever made. These notes were broken up into two types, which were issued before and after World War II. Those issued before the war filled a void left when 5 sen coin production became difficult. The second and final issue came after the war when the Japanese government tried unsuccessfully to curb inflation. Neither of these notes are currently legal tender as the "sen" was abolished in 1953 when the yen system was modified to exclude the old fractional currency. These banknotes are now easily collectable and affordable as they were issued in large amounts.
The 10 sen note (十銭紙幣) was a denomination of Japanese yen issued in four different series from 1872 to 1947 for use in commerce. Meiji Tsūhō notes are the first modern banknotes issued after Japanese officials studied western culture. There circulated alongside ten sen coins until their withdrawal in 1887. The other three series of ten sen notes issued are in some way tied to the impacts of World War I and World War II. Taishō fractional ten sen notes were issued as a response to a coin shortage that was caused by the first of these wars. They were eventually suspended in the early 1920s when things had settled down, and were later demonetized in 1948. The last two series of ten sen notes were issued by the Bank of Japan rather than the treasury. First series notes were issued as ten sen coins could no longer be produced, while the A series was released after the war in a futile attempt to curb inflation. These last two issues were demonetized at the end of 1953 when the Japanese government passed a law abolishing subsidiary notes in favor of the yen. Ten sen notes are now bought and sold as collectors items depending on condition.
The 20 sen note (二十銭紙幣) was a denomination of Japanese yen in three different government issued series from 1872 to 1919 for use in commerce. Meiji Tsūhō notes are the first modern banknotes issued after Japanese officials studied western culture. These notes were replaced due to counterfeting by a redesigned series called "Ōkura-kyō" for "sen" denominations. Both of these series were officially abolished in 1899 in favor of notes issued by the Bank of Japan. Government issued notes only returned during the Taishō era in the form of an emergency issue due to a coin shortage. These were only issued between 1917 and 1919 before they were finally abolished in 1948. Twenty sen notes are now bought and sold as collectors items depending on condition.
The 50 sen note (五十銭紙幣) was a denomination of Japanese yen in six different government issued series from 1872 to 1948 for use in commerce. Those in the "Meiji Tsūhō" series are the first modern banknotes issued after Japanese officials studied western culture. Counterfeiting eventually became an issue which led to the issuance of "Ōkura-kyō" notes in 1882. These were issued as part of a larger series featuring Empress Jingū on the obverse. Both of these series of fifty sen notes circulated alongside fifty sen coins until their abolishment in 1899. No additional notes were issued for this era as the other four series are tied in some way to the world wars. Fifty sen notes returned during the Taishō era in the form of an emergency issue due to a coin shortage and rising silver prices. These were issued between 1917 and 1922 before the situation settled enough to resume coinage. Silver became an issue again during the Shōwa era in lieu of the Second Sino-Japanese War, which prompted the government to issue "Fuji Sakura" notes in 1938. As the war raged on, the notes were changed in design to be more nationalistic. The "Yasukuni" series was issued from 1942 to 1945 depicting images related to State Shinto. These were allowed to be released again for a final time after the war had ended. Fifty sen notes were last issued in 1948 featuring no references to the Emperor. Pre-war notes were abolished on August 31, 1948, while the last series continued to circulate until the end of 1953. Fifty sen notes are now bought and sold as collectors items depending on condition.
The 200 yen note (二百円紙幣) was a denomination of Japanese yen issued from 1927 to 1946. These issues were broken up into three different designs including one which has two different varieties. For reasons unknown, 200 yen banknotes were not issued when they were first authorized. They were ultimately issued as a hopeful remedy during a financial emergency that took place in 1927. While both the first and second series were printed for the emergency, the latter of these were placed in storage until the end of World War II. After the war, the second series was released with a third. However, by this time things were changing in Japan's monetary system. Currency could no longer be converted into gold coins making the messages on the long unreleased second series notes obsolete. The series ended in 1946, when 200 yen notes were demonetized due to changes in Japan's monetary system. These notes are now regarded as collectables which trade on the marketplace for amounts dependent on condition and rarity.
Japanese military currency (日本軍用手票) is the name given to money used by the Japanese armed forces for the purchase of supplies in occupied territories. It was mainly issued in denominations of yen, and subsidiary currency of sen with the exception of the first Sino-Japanese War series. This particular article covers pre-Shōwa era currency issued from 1894 to 1918 in three different periods. During this time Japan was militarily involved in the First Sino-Japanese War, Russo-Japanese War, and events during World War I such as the Siberian intervention. The military currency issued during these events circulated in Japanese Korea, the Republic of China (Manchuria), and the Russian State. All of the notes issued share a similar design which resembles government issued civilian currency which circulated in Japan from 1872 to 1899. Japanese military currency was exchangeable at the given time for both silver and gold bullion. Most of these events were not long term which impacted the amount of surviving currency in different ways. It was also routine after each event for officials to exchange the military currency issued for bullion or other forms of payment such as banknotes. Unredeemed notes were thus either held by the public as commemorates or eventually lost in the decades that followed. Those that remain today are collected and traded depending on the condition and surviving rate of the series.
The 5 yen note (5円券) was a denomination of Japanese yen in twelve different series from 1872 to 1955 for use in commerce. Only those from the "A series", which was issued from 1946 to 1955 are legal tender today.
Meiji Tsūhō (明治通宝) refers to the first paper currency that was issued by the Imperial Japanese government during the early Meiji era. After the "yen" was officially adopted in 1871, the Japanese looked to the Western world for their improved paper currency technology. An agreement was made with Italian engraver Edoardo Chiossone, who designed 6 denominations of Yen, and 3 denominations of Sen. The Japanese Government's decision to issue these notes as fiat currency ended in disaster as inflation rose following the Satsuma Rebellion. Meiji Tsūhō notes were ultimately demonetized towards the end of the 19th century.
The 10 yen note (10円券) was a denomination of Japanese yen for use in commerce.