5 Yen

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.