10 Ryō Dajōkan-satsu

The Dajōkan-satsu were emergency government notes issued by the newly installed Meiji administration to finance the Boshin War — the civil conflict that ended Tokugawa rule. The regime had almost no specie reserves and no established central bank, so these notes were essentially issued on the authority of a government that had not yet consolidated control over the country it claimed to lead.

Redemption was promised in gold or silver, a guarantee the new government was in no position to honor immediately. Unsurprisingly, the notes circulated at a discount and public confidence remained low for years.