1 yen note
The 1 yen note 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.
In 1882, the Bank of Japan was established to deal with the inflation problem. This was remedied by the gradual reduction of notes in circulation for [|notes issued] by the centralized bank. From the time of the first issuance in 1885 to their suspension in 1958, one yen notes from four different series were issued by the bank. Their demise came from the aftermath of World War II due to massive inflation which devalued the yen. The last notes issued were poorly made and outsourced to the private sector for printing and production. All four series were suspended by the Bank of Japan on October 1, 1958, in favor of the one yen aluminum coin. While one yen notes issued by the Bank of Japan remain legal tender today, they are worth much more in the collector's market.
Meiji Tsuho (1872-1879)
The first one yen notes adopted and released by the Japanese government were part of a series known as Meiji Tsūhō. These notes were the first Japanese currency ever to be printed using western printing at Dondorf and Naumann, which was located in Frankfurt. Meiji Tsuho notes were designed by Edoardo Chiossone sometime in 1870 while he was working for Dondorf Naumann on behalf of the National Bank of the Kingdom of Italy. The process of making Chiossone's proposed design a reality started with the establishment of the "Imperial Printing Bureau of Japan" in 1871. In order to produce the currency the Japanese government reached out to Dondorf and Naumann to gain access to Western technology. 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. The production of money was handed over to the Imperial Printing Bureau in January 1872 when banknotes began to arrive from Germany. 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. One yen notes in particular were released in April 1872, with subsidiary notes of 10, 20, and 50 sen. These notes measure 113mm x 71mm in size, and featured an elaborate design that was difficult to forge at the time as counterfeiting was previously rampant with clan notes. Eventually enough Western technology was brought over to Japan as the Japanese government produced some one yen Meiji Tsūhō notes domestically.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. 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. The Japanese government responded by stopping the issuance of government notes in 1879 as a hopeful remedy to the situation. During this time legal tender Meiji Tsuho one yen notes had issues with paper quality, and were circulating with counterfeits. These problems led the Japanese government to issue redesigned banknotes in 1881 to replace Meiji Tsuho notes. 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.
Modified "Jingū" Banknotes (1881-1886)
Previous Meiji Tsūhō one yen notes were printed using western technology which had its disadvantages in terms of quality. Over time these fragile notes became discolored easily due to the climate of Japan. Counterfeiting was another issue as these thieves eventually found a way around the elaborate Meiji Tsūhō design. The Japanese government took action by releasing a new series referred to as modified banknotes. Notes for this particular denomination measure 77mm x 131mm in size, and are commonly referred to as Empress Jingu 1-yen notes because of their design. These notes feature an artist's representation of Empress Jingū that was commissioned by Italian engraver Edoardo Chiossone. This design is notable for being the first portrait on a Japanese banknote, and the only female depicted in the history of Japanese paper currency. Also present on the obverse are counterfeit penalties which were later expanded in the Meiji era. The reverse side meanwhile features inscriptions from the Ministry of Finance, and displays the Treasurer's seal. One yen modified banknotes were released in February 1881, and were intended to be exchanged for old Meiji Tsuho notes. During this time inflation hit an all time high due to the amount of non convertible paper currency in circulation. Measures were put into place which included the establishment of a centralized bank known as the Bank of Japan in 1882. All of the paper money in circulation was to be retired in favor of either silver coinage or newly printed Bank of Japan notes. One yen modified banknotes notes were redeemed for silver starting in January 1886 as production decreased for the series. The Japanese government adopted the gold standard on March 26, 1897 which switched over the redemption of government banknotes from silver to gold. This was followed by a deadline set in June 1898 to prohibit circulation of government notes by the end of the century. Modified one yen "Jingū" banknotes were abolished by the set deadline on December 31, 1899.Modified Convertible Banknotes (1889-1958)
On May 1, 1889 the Bank of Japan printed new one yen silver certificates to replace the old "Daikokuten" notes. This action had to be undertaken to address design flaws which caused the latter series to be eaten and discolored. Modified one yen notes are now officially referred to as former convertible banknotes in relation to events that occurred since their release. This series is broken up into two different varieties called Kanji one yen and Arabic one yen aka Taishō one yen banknotes. Kanji one yen notes were the first variety to be released as the serial numbers are written in kanji. Notes from this series all measure 85mm X 145mm in size, and feature legendary Japanese hero-statesman Takenouchi no Sukune on the obverse. With this legendary figure are inscriptions in three circles that reference the convertible wording, the Dajo-kwan Notification of 1884, and counterfeit penalties. The reverse side of the notes meanwhile feature a contemporary one yen silver coin with the convertible wording written in English. Security features include paulownia [|watermarks], and the words "Silver Standard One Yen Bill" when held up to a light source. Originally these notes were intended to be silver certificates that could be converted through a bank transaction into a one yen silver coin. Problems arose when foreign countries left the silver standard leading to a large increase in worldwide silver production. As the price of silver dropped the value of the silver yen went along with it causing inflation. The Japanese government was now eager to drop the silver standard in favor of something more sustainable.An opportunity for change came in the aftermath of the First Sino-Japanese War as the Japanese government received a large compensation. This compensation was used to mint gold coins as the government switched from a silver standard to a gold standard. Japan officially switched to this adopted gold standard on October 1, 1897 and all of the silver one yen coins were demonetized. Kanji one yen notes were gradually withdrawn afterwards in exchange for subsidiary silver currency. The second variety of notes were issued during Emperor Taishō's reign due to effects caused by World War I. More banknotes were needed during this time as a booming economy caused the demand for Japanese products to increase. Arabic or Taishō one yen notes were issued on August 15, 1916 with no changes other than the Arabic printed serial numbers. These notes were convertible to silver only in practice as no silver was present in the bank's note reserve. The effects of the war caused a silver subsidiary coin shortage which prompted the issuance of fractional currency in denominations of 10, 20, and 50 sen notes. One yen silver coins were "practically nonexistent" by this time as larger sums in yen were negotiated by banknotes. It was recorded on November 17, 1917 that one yen notes in particular were hoarded due to the scarcity of subsidiary coinage. At some point in time these notes were not de facto issued anymore as they were replaced by a new series in 1943. Modified convertible one yen banknotes were ultimately suspended from issuance on October 1, 1958. While these notes are still legal tender today, they remain unused in circulation as their [|collector's value] far exceeds their face value.