5 yen note
The 5 yen note 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 Tsuho (1872-1879)
The first five yen notes adopted and released by the Japanese government are 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 in 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. Five yen notes in particular were released on June 25, 1872 measuring 137mm x 89mm in size. These notes feature an elaborate design that was difficult to forge at the time as counterfeiting was previously rampant with clan notes. While the Japanese later produced some Meiji Tsuho notes domestically, the entire production for this denomination was done in Germany.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 halting the issuance of government notes in 1879 as a hopeful remedy to the situation. During this time legal tender Meiji Tsuho five yen notes had issues with paper quality, and were circulating with counterfeits. These problems led the Japanese government to issue redesigned five yen banknotes in 1882 to replace the old 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 gold 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 (1882-1886)
Previous Meiji Tsūhō five 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. Five yen notes measure 83mm x 146mm in size, and are commonly referred to as Empress Jingu 5-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. These notes are also watermarked which was considered a major feature to aid against counterfeiting. Five yen modified banknotes were released in July 1882, 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. Five 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. Redemption of old silver coins for new gold coins at par began on October 1, 1897, and lasted until its closure on July 31, 1898. Around the same time, a deadline was set in June 1898 to prohibit circulation of government notes by the end of the century. Modified five yen "Jingū" banknotes were abolished by the set deadline on December 31, 1899.Modified Convertible Banknotes (1888-1939)
On December 3, 1888 the Bank of Japan printed new five 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 five yen notes are commonly called weight 5 yen in relation to their design. Officially they are referred to as former convertible banknotes in relation to events that occurred since their release. Notes from this series all measure 95mm X 159mm in size, and feature Heian era scholar, poet, and politician Sugawara no Michizane on the obverse. The nickname weight is given to the design next to the portrait which resembles a fundō weight, which was used by merchants in the Edo period. The reverse side of the notes meanwhile feature convertible wording in English noting the notes redemption status for silver. Security features include character watermarks which read "Silver Standard Five 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 silver coinage. 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. 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 starting in October 1897 as the government switched from a silver standard to a gold standard. Redemption of old silver coins for new gold coins at par began on October 1, 1897, and lasted until its closure on July 31, 1898. Eventually [|another five yen series] was issued in 1899 which reflected the transition from the silver standard to the gold standard. Weight five yen notes continued to be redeemable in gold until September 1917, due to a gold embargo that lasted until January 1930. They were ultimately abolished on March 31, 1939 as a new convertible banking law came into effect.First issue series (1943-1946)
The "Bank of Japan Act" empowered the Bank of Japan to release a replacement series of nonconvertible notes as fiat currency. These five yen notes are part of the First issue series, which is a collective term for notes issued after the Bank of Japan was re-organized in 1942. They are also known as 3rd Five Yen as this is the third out of four consecutive series with the same obverse design. Five yen notes from this series measure 76mm X 132mm in size, and feature Heian era scholar, poet, and politician Sugawara no Michizane on the obverse with Kitano Tenmangū. Notability, any previous mention of convertibility on the obverse was removed to reflect their new status as fiat currency. The reverse side of the note meanwhile has an ornate design with a colorized pattern. Security features were also added to the notes which include birds as watermarks to help aid against counterfeiting. First issue five yen notes were released into circulation on December 25, 1943. Budget cuts in particular made in preparation for the war caused all of these notes to be manufactured in poor condition. Changes to production involved the simplification of printing, raw materials, and design patterns as personnel and materials were in short supply. The issuance of fiat currency was strongly criticized by the public at the time as the Japanese government abandoned its promise to convert paper money to gold. As the war intensified the Japanese government tried drastically to reduce costs by simplifying the notes even more. This effort created a second variety as the serial numbers were omitted on November 20, 1944 to save labor in printing. Notes from the second variety are virtually identical to the ones issued in 1943 other than a missing serial number. These are also called 4th Five Yen as this is the fourth out of four consecutive series with the same obverse design. Non visible changes involved the printing of the symbols with the bank seals for efficiency. This series eventually met the same fate as the previously issued primary and secondary five yen notes, as new yen switching was implemented by the Shidehara Cabinet after the war ended. By March 9, 1946, it was reported by the International Monetary Fund that all notes previously issued by the Bank of Japan had been surrendered for a one to one conversion into new yen notes.A series (1946-1955)
Notes from the "A series" were the last denomination of "five yen" to be issued as paper currency in Japan. When World War II ended the amount of banknotes issued compared to before the war had more than tripled. This was due to factors such as wartime compensation, payment of retirement allowances to veterans, and refunds due to forced deposits and savings made during the war. All of these things had a negative effect on the Japanese economy due to rampant inflation and the devaluation of the yen. In order to control the situation a process known as new yen switching was implemented by the Shidehara Cabinet. The "A series" acted as renewal currency when banknotes were issued in denominations of 1, 5, 10, and 100 yen throughout 1946. Five yen notes are also referred to as "Saibun 5-yen" as both sides of the banknote feature a colorized pattern. This design had to be approved by the Supreme Commander for the Allied Powers before it was implemented for use. These notes were issued both by the Bank of Japan and the Japanese government in name only, as production and printing was outsourced to the private sector. By March 9, 1946, it was reported by the International Monetary Fund that all notes previously issued by the Bank of Japan had been surrendered for a one to one conversion into these new yen notes.Five yen notes from the "A series" measure 68mm x 132mm in size and were poorly made due to post-war conditions. When the notes were released into circulation on March 5, 1946, they were prone to counterfeiting as there were no protective watermarks. To make matters worse, there were quality differences depending on where the notes were printed and produced which helped forgery to spread. The notes were not in circulation for long before Japanese coinage was reformed in 1948 with the issue of a brass five-yen coin. Inflation was gradually stabilized by a monetary tightening policy called "Dodge Line", which was announced on March 7, 1949. Five yen notes from the "A series" finally suspended from issuance on April 1, 1955. Notes from the "A series" are still legal tender today as they are part of the "new yen" series established after World War II. They now remain unused in circulation as their [|collector's value] exceeds their face value.