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5 Yen
| Issuer | Bank of Japan |
|---|---|
| Year | 1916 |
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| Shape | Rectangular |
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| Reverse description | A central medallion bearing the kanji 五圓 (Five Yen) is flanked by two confronting dragons rendered in fine intaglio engraving, all set within an intricate guilloche underprint. The bilingual inscriptions 'NIPPON GINKO' and 'PROMISES TO PAY THE BEARER ON DEMAND FIVE YEN IN GOLD' are lettered above and below the central motif, with a circular Bank of Japan seal in red at lower centre. |
| Reverse lettering | 日本銀行兌換券 NIPPON GINKO PROMISES TO PAY THE BEARER ON DEMAND FIVE YEN IN GOLD |
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| Comments |
This note belongs to the Convertible Note series introduced after Japan's return to the gold standard in 1897 following the Sino-Japanese War indemnity. The Bank of Japan used those Chinese silver reparations — roughly 360 million yen — to build its gold reserve and formally peg the yen, giving these notes actual convertibility backing. By 1916, however, Japan was quietly accumulating gold through World War I trade surpluses rather than defending the peg through active redemption, and convertibility was effectively suspended in 1917.
P#35 is among the scarcer denominations in the series to survive in decent condition, partly because the 5 Yen value saw heavy commercial use.