100 Silver Yen

Pick 25 is the first banknote issued under the Bank of Japan's convertible note system, established by the 1882 Nippon Ginko Act and fully operational by 1885. The note was redeemable on demand for silver coin — a deliberate policy choice made while Japan was still on a silver standard, before the switch to gold following the Sino-Japanese War indemnity of 1895.

Printed domestically by the Ministry of Finance's own bureau rather than contracted abroad, this was an assertion of technical capability at a time when most Asian central banks were sending their printing work to Europe. High-denomination silver-convertible notes of this vintage rarely survived active use in good order; redemption and withdrawal from circulation were swift once the gold standard took effect.