Ryo Gold

The Daijō-kan notes of 1868 were among the first paper currency instruments issued by the new Meiji government, appearing almost simultaneously with the restoration itself. The administration desperately needed to finance military campaigns against Tokugawa holdouts while the old sankin-kōtai economy was still collapsing around it. These notes were backed by a nominal gold standard that the government had neither the reserves nor the institutional machinery to enforce.

Domestic printing meant quality varied considerably across the run. Forgery was an immediate problem — without sophisticated intaglio work or complex security printing, official seals were essentially the only barrier, and they were widely copied.