1 Yen

The Bank of Chosen was technically a private institution but functioned as the central bank of colonial Korea under Japanese oversight, and its notes circulated not only in Korea but also across Manchuria and parts of northern China — particularly after 1931, when the Japanese military's expansion into Manchukuo pushed Chosen Bank notes into territories well beyond the issuer's nominal jurisdiction. This gave the series an unusual dual function: domestic colonial currency and de facto occupation scrip simultaneously.

The 1932 start date coincides with a design revision prompted partly by counterfeiting concerns. Worn examples are common; the thin wartime paper used toward the end of the print run deteriorated quickly in humid circulation conditions, and survivors from the 1943–44 period frequently show stress along the horizontal folds.