A currency is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. A more general definition is that a currency is a system of money in common use within a specific environment over time, especially for people in a nation state. Under this definition, the British Pound sterling (£), euros (€), Japanese yen (¥), and U.S. dollars (US$) are examples of (government-issued) fiat currencies. Currencies may act as stores of value and be traded between nations in foreign exchange markets, which determine the relative values of the different currencies. Currencies in this sense are either chosen by users or decreed by governments, and each type has limited boundaries of acceptance; i.e., legal tender laws may require a particular unit of account for payments to government agencies.
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.
The Korean won or Korean Empire won, was the official currency of the Korean Empire between 1900 and 1910. It was subdivided into 100 jeon.
Shibusawa Eiichi, 1st Viscount Shibusawa was a Japanese industrialist widely known today as the "father of Japanese capitalism", having introduced Western capitalism to Japan after the Meiji Restoration. He introduced many economic reforms including use of double-entry accounting, joint-stock corporations and modern note-issuing banks.
The yen was the currency of Korea, Empire of Japan between 1910 and 1945. It was equivalent to the Japanese yen and consisted of Japanese currency and banknotes issued specifically for Korea. The yen was subdivided into 100 sen. It replaced the Korean won at par and was replaced by the South Korean won and the North Korean won at par.
The Bank of Chōsen or Bank of Joseon, known in 1909-1911 as the Bank of Korea, was a colonial bank that served as bank of issue for Korea under Japanese rule as well as being a commercial bank, with significant operations beyond Korea. Formed in 1909 by transfer of the former Korean operations of Japan's Dai-Ichi Bank, it issued the Korean yen from 1910 to 1945. Its seat was initially established in Seoul, relocated to Tokyo in May 1924, and subsequently relocated back to Keijō.
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.
A bank of issue, also referred to as a note-issuing bank or issuing authority, is a financial institution that issues banknotes.
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.
Yoshihara Shigetoshi was a Japanese diplomat and first Governor of the Bank of Japan (BOJ).
The Dai-Ichi Bank, known from its establishment in 1873 to 1896 as Dai-Ichi Kokuritsu Bank was a major Japanese bank headquartered in Tokyo. Founded and developed for several decades by Shibusawa Eiichi, it expanded into Korea as early as 1878, and became that country's dominant bank as well as its bank of issue in the early 1900s, before handing over that role to the newly established Bank of Chōsen in 1909. It remained one of the main Japanese banks together with Mitsubishi Bank, Mitsui Bank, Sumitomo Bank, and Yasuda / Fuji Bank.
The 50 sen coin (五十銭硬貨) was a Japanese coin worth half of a Japanese yen, as 100 sen equalled 1 yen. These coins circulated from the late 19th century to the early 1950s, when Japan adopted a single currency unit and this coin was demonetized.
The paper money of the Qing dynasty was periodically used alongside a bimetallic coinage system of copper-alloy cash coins and silver sycees; paper money was used during different periods of Chinese history under the Qing dynasty, having acquired experiences from the prior Song, Jin, Yuan, and Ming dynasties which adopted paper money but where uncontrolled printing led to hyperinflation. During the youngest days of the Qing dynasty paper money was used but this was quickly abolished as the government sought not to repeat history for a fourth time; however, under the reign of the Xianfeng Emperor, due to several large wars and rebellions, the Qing government was forced to issue paper money again.
The Great Qing Treasure Note or Da-Qing Baochao refers to a series of Qing dynasty banknotes issued under the reign of the Xianfeng Emperor issued between the years 1853 and 1859. These banknotes were all denominated in wén and were usually introduced to the general market through the salaries of soldiers and government officials.
The Hubu Guanpiao is the name of two series of banknotes produced by the Qing dynasty, the first series was known as the Chaoguan (鈔官) and was introduced under the Shunzhi Emperor during the Qing conquest of the Ming dynasty but was quickly abandoned after this war ended, it was introduced amid residual ethnic Han resistance to the Manchu invaders. It was produced on a small scale, amounting to 120,000 strings of cash coins annually, and only lasted between 1651 and 1661. After the death of the Shunzhi Emperor in the year 1661, calls for resumption of banknote issuance weakened, although they never completely disappeared.
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 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.
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.
