5 Sen

The Taiwan Government General — the Japanese colonial administration in Taiwan — began issuing its own low-denomination paper currency in 1918 partly to address a chronic shortage of small coin in circulation. These fractional notes circulated alongside Bank of Taiwan issues but were a distinct administrative instrument, reflecting the Governor-General's broad fiscal autonomy under Japanese colonial governance.

The watermark is worth noting on a note of this denomination and period — it places this issue above the emergency scrip quality typical of wartime fractional paper elsewhere in the Japanese empire at the time.