Imperial Japan Set #1
1 Yen 1885-86 Convertible Silver Note P22

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Note Details

Set Details
Note Description: Japan, Bank of Japan
1 Yen ND (1885)
Grade: VF 35
Country: JAP
Note Number: JAP22
Certification #: 2003800-005  
Owner: RedWolfWhiteEagle
Sets Competing: Imperial Japan Set #1  Score: 439
Imperial Japan 1872-1945 P1-P60  Score: 439
Imperial Japan Convertible Silver P22-P30  Score: 439
Date Added: 12/5/2024
Research: See PMG's Census Report for this Note

Owner's Description

Obverse: The note measure 78mm X 135mm in size and was designed by Italian engraver Edoardo Chiossone (January 21, 1833 – April 11, 1898). In the center depicts a one yen silver coin with the imperial chrysanthemum. Over depicts the Japanese sun with its beams spelling out “one yen” in both Japanese and English. At right, Daikokuten (one of the Seven Gods of Fortune) originated from Mahakala, the Buddhist version of the Hindu deity Shiva, conflated with the native Shinto god Okuninushi, is shown seated on two sacks of rice and a carrying a third one over his left shoulder. In his right hand, the golden mallet called uchide no kozuchi (lit. "tap-appear little mallet", i.e. a mallet that strikes out anything the user desires). Three rats to the left of the rice sack, (mice and rats are a part of Daikokuten's iconography, due to Mahakala's association with Vaisrava?a (Bishamonten in Japanese). The English inscription NIPPON GINKO Promises to Pay the Bearer on Demand One Yen in Silver is printed in the center. On the left is the red seal of the Bank of Japan.
Design flaws with 1 yen Daikoku notes caused the series to only be printed and produced for a brief time. One of these defects involved the addition of "koniac powder" (starch from the konnyaku plant), to increase the strength of the bill. This powder wound up attracting rats and insects which would easily damage the bills by chewing on them. Another issue had to due with the "blue ink" in the watermark that was used to prevent counterfeiting. The ink used was mixed with white lead as a pigment which caused the notes to turn black when they reacted with hydrogen sulfide in hot spring areas. When the Japanese government adopted an official gold standard in 1897, the silver yen was abolished. 1 yen Daikoku notes were gradually withdrawn afterwards in exchange for subsidiary silver currency. The notes though were not suspended from issuance (de jure) until October 1, 1958 (year 33 of Showa). These notes are still legal tender today making them the oldest valid currency in Japan. They remain unused in circulation as their collector's value far exceeds their face value.
Obverse Color: Light and dark slate blue
Reverse: In the center a guilloche pattern with the value written in English, and counterfeit penalties written in Kanji. On the left is the red seal of the Director of the Treasury.
Reverse Color: Ochre orangeyellow
Issuer: Bank of Japan
Date of Issue: "May 1885" with one source specifically pointing to May 9, 1885. Newer sources such as the Bank of Japan website officially give a release date of September 8, 1885.
Security features: "blue ink" in the Japanese character watermark, that reads "Bank of Japan Note"
Printer: Bank of Japan

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