10 Sen Japanese Military Occupation

Japan's military scrip for occupied territories in the late 1930s was deliberately kept simple and cheap to produce — the Cabinet Printing Bureau turned these out at volume to fund operations across China and Southeast Asia without drawing on the home currency supply. The 10 Sen denomination sat at the lowest practical end of the scrip range, used primarily for small transactions in occupied markets where local populations had little choice but to accept it.

P#M11 is sometimes confused with later Philippine and Dutch East Indies occupation issues, but this series predates those campaigns entirely, tied to the China theater.