5 Yen

Dai-Ichi Ginko — Japan's First National Bank — operated in Korea under Japanese imperial patronage from 1878, effectively functioning as a colonial central bank well before formal annexation in 1910. These notes circulated in Korea, not Japan proper, serving as the de facto currency of the peninsula during the protectorate period following the Japan-Korea Treaty of 1905.

Pick 11 is among the more elusive of the Dai-Ichi Ginko Korean issues. The bank's note-issuing authority was transferred to the Bank of Korea in 1909, making this 1908 date one of the last emissions before that institutional handover.