100 Silver Yen

The convertible silver note series, of which this is part, was issued under the Bank of Japan's early years following its 1882 founding — a period when the bank was still building credibility against the older National Bank notes it was systematically replacing. Convertibility into silver was a genuine legal obligation at issue, not decorative language, backed by the silver standard Japan maintained until 1897 when it switched to gold following the indemnity windfall from the First Sino-Japanese War.

High-denomination notes in this series saw heavy institutional use and relatively little retail circulation. Survivors in any condition are uncommon.