1 Yen

Dai-Ichi Ginko — formally the First National Bank — operated in Korea under Japanese authority before the Bank of Korea existed, effectively functioning as a colonial monetary institution. These notes circulated in Korea, not Japan, issued to support Japanese commercial interests on the peninsula during the Russo-Japanese War buildup and its immediate aftermath.

The series was eventually demonetized when the Bank of Korea was established in 1909, at which point Dai-Ichi Ginko's note-issuing privileges were transferred. Short circulation window, foreign market — survivorship is lower than the print run would suggest.