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5 Yen
| Issuer | Federal Reserve Bank of China |
|---|---|
| Year | 1938 |
| Type | Standard circulation banknote |
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| Obverse description | A vignette of a government building occupies the left portion of the note, while a male portrait is positioned at right. A red overprint is applied across the entire face of the note, superimposed over the underlying design. |
|---|---|
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| Reverse description | The reverse design field carries a bold red overprint applied uniformly across the surface. |
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| Comments |
The Federal Reserve Bank of China was not a Chinese institution in any meaningful sense — it was established in 1938 under direct Japanese military authority following the occupation of northern China, with headquarters in Beijing. Its notes were issued to replace the Nationalist fabi currency as part of a deliberate economic warfare strategy, suppressing the Chongqing government's monetary base while funding Japanese military expenditures through inflationary issue.
The M-prefix Pick designation marks this as a military or occupation issue, which is accurate. Circulation was compulsory in occupied territories, enforced by the occupying administration rather than accepted voluntarily.