10 Yen

Japanese military yen were issued as occupation currency during the Second Sino-Japanese War — functionally convertible with regular yen at par, but deliberately separated from the domestic monetary system to prevent inflationary pressure from flowing back into Japan proper. In practice, the separation was imperfect, and military yen circulated alongside Bank of Japan notes in occupied territories with little distinction made at street level.

The M26 series was printed by the Cabinet Printing Bureau in Tokyo, the same facility responsible for civilian government securities. That institutional continuity is part of why these notes often get misattributed as standard Bank of Japan issues by less experienced collectors.