5 Ryō Dajōkan-satsu

The Dajōkan-satsu were Japan's first government-issued paper currency under the Meiji restoration — printed hastily to finance the military campaign against the Tokugawa shogunate while the new government held almost no metallic reserves. The 5 Ryō denomination represented a substantial sum, roughly equivalent to several months of wages for a laborer, which made actual hand-to-hand circulation unlikely for most holders.

Convertibility was promised but never reliably delivered. Public confidence collapsed quickly, and by 1872 the notes were absorbed into the new yen system at heavily depreciated rates. Excessive moisture absorption is a known preservation issue with this series — the mulberry-fiber paper used is prone to edge fraying and toning that even lightly circulated examples rarely escape.