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10 Sen Russo-Japanese War Issue

Issuer Imperial Japanese Government
Year 1904
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Reference(s) P#M1
Obverse description Black on light red-brown underprint with a vertical symmetrical layout. Two facing phoenixes and dragons flank a central column of vertical Japanese text detailing the denomination and issuing authority. Marginal denomination numerals appear in each corner, with the issuing and printing authority inscriptions running along the lower borders.
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Reverse lettering 경이       이
을手       手
알票  使如此  票
면를  均有票  를
〇혹  應僞一  가
使僞  重造到  〇
用造  罰變卽  오
ㅎ혹  不造換  시
는變  貸仿正  면
〇造   造面  〇
는혹   或所  시
一墓   知開  表
併造   情銀  記
重ㅎ   行錢  흔
罰거       은
에나       〇
處혹       을
홈그       出
 런   大大  給
 〇   臣蔵  홈
(Translation: This note is exchangeable to ten sen in silver upon presentation. Severe punishment will be applied to anyone who counterfeits notes or knowingly brings them into circulation. Finance Minister)
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Comments

Issued in 1904 specifically to finance military expenditure during the Russo-Japanese War, this was among the first Japanese military scrip produced for domestic wartime use rather than for occupied territories. The Imperial Government Printing Bureau produced it under considerable pressure — Japan was simultaneously funding a land war in Manchuria and a naval campaign that would culminate at Tsushima the following year, straining the treasury in ways that conventional banking instruments could not address quickly enough.

The M-series designation reflects its classification as military currency, distinct from the Bank of Japan's civil note issues running concurrently.

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