Japan Banknotes: History, Notable Notes & Collecting Guide
Japan's paper money runs from the large-size government and National Bank notes of the early Meiji period to a 2024 Bank of Japan series with 3D holographic portraits. This reference traces the yen's history, the most collectible Japanese notes, and how to start a collection.
Last updated: July 2026
The Japanese yen has been Japan's official currency since the New Currency Act of 1871, and its banknotes span more than 150 years of history, from oversized Meiji-era government and National Bank notes to the Bank of Japan's modern high-security series. Japanese notes are collected for their fine engraving, their historical figures and cultural imagery, and for one of the most affordable entry points in world paper money: the occupation currency Japan issued across Asia during the Second World War. This hub covers the yen's history, the notes worth knowing, and how to start.
What is the history of the Japanese yen?
The yen was established by the New Currency Act of 1871, early in the Meiji period, replacing the complex Tokugawa-era system of mon, ryo, and other units with a single decimal currency in which one yen equaled 100 sen or 1,000 rin. The first paper money came from the government, not a central bank: the Dajokan notes of the late 1860s, then the Meiji Tsuho notes, printed in Germany by Dondorf and Naumann. National banks issued their own notes too, some printed by the Continental Bank Note Company of New York.
In 1881 the government issued paper notes carrying a portrait of the legendary Empress Jingu, engraved by the Italian artist Edoardo Chiossone. It was the first portrait to appear on a Japanese banknote. The Bank of Japan was founded in 1882 and issued its own notes from 1885, beginning with a 1 yen note depicting Daikokuten, one of the seven gods of fortune. These early issues are the large-size notes collectors prize today, physically bigger than modern currency and rich with engraving. The sen and rin units left circulation at the end of 1953, leaving the yen alone.
Japan also weathered sharp inflation just after the Second World War, when a 1946 currency changeover reissued the yen and froze bank deposits, before stabilization pegged the yen at 360 to the US dollar in 1949 under the Dodge Line. That never approached the record hyperinflations in the Hanke-Krus World Hyperinflation Table (Cato Institute); see how the true collapses rank in our guide to every hyperinflation ranked.
What are Japanese military and occupation notes?
These are the wartime notes Japan issued outside its home islands during the Second World War: military yen for its own forces, and the occupation currency often called Japanese invasion money.
Military yen, or gunpyo, were issued for Japanese troops, including in occupied Hong Kong. The far larger category is the occupation money the Japanese government issued across Southeast Asia and the Pacific, inscribed The Japanese Government and denominated in local units such as pesos, dollars, and rupees rather than yen. It circulated in the Philippines, Malaya, Burma, the Netherlands East Indies, and Oceania, and when the war ended the currency was repudiated and became worthless overnight, which is why so much survives. That abundance makes it one of the most affordable ways to hold genuine wartime history, and a popular entry point for collectors.
Which Japanese banknotes are most collectible?
Collector interest spans the whole timeline, from the birth of the yen to the newest series. The table below groups the major eras and the notes and figures that define them. It stays general: we assign no catalog numbers or prices, both of which depend on the note and change over time.
| Era or series | Notable notes and figures | Why collectors seek them |
|---|---|---|
| Early Meiji issues (1870s) | Dajokan government notes; Meiji Tsuho notes printed in Germany; national bank notes, some printed in New York | Foundational large-size notes from the birth of the yen. |
| Government notes (1881) | Empress Jingu portrait, engraved by Edoardo Chiossone | The first portrait ever placed on a Japanese banknote. |
| Early Bank of Japan notes (from 1885) | The Daikokuten 10 yen and other convertible notes | Japan's first central-bank paper money. |
| Prince Shotoku designs (20th century) | Shotoku Taishi across several denominations, including the 10,000 yen | Long-running, widely recognized classic notes. |
| WWII invasion and military money | Japanese Government occupation notes; military yen (gunpyo) | Abundant, affordable, and rich in wartime history. |
| Modern Bank of Japan series | Fukuzawa Yukichi 10,000 yen (1984 to 2024); the 2000 yen Okinawa commemorative | Accessible modern notes with strong cultural themes. |
| 2024 series | Shibusawa Eiichi, Tsuda Umeko, and Kitasato Shibasaburo | 3D holographic portraits, a world first per Japan's National Printing Bureau. |
Higuchi Ichiyo, featured on the 2004 5000 yen note, was the first woman shown in a Japanese banknote's main portrait since Empress Jingu in the nineteenth century, after Murasaki Shikibu appeared on the reverse of the 2000 yen note in 2000, and the 2000 yen commemorative for the Okinawa summit remains a curiosity even inside Japan.
How do you start collecting Japanese banknotes?
Pick a theme, start with affordable notes, and buy the best condition you can for your budget.
Japanese material rewards a focused approach. Some collectors follow a single figure such as Prince Shotoku across denominations, others assemble a run of modern Bank of Japan series, and many begin with WWII invasion money because it is genuine, historic, and inexpensive. Condition matters as much as rarity: the letter-grade ladder runs UNC, AU, XF, VF, F, VG, G, and independent grading by PMG or PCGS on a 1 to 70 scale settles a note's grade and authenticity. Our banknote grading guide explains those scales, and our guide on how to collect world banknotes covers storage and building a set.
Where can you buy genuine Japanese banknotes?
Buy from a source-first dealer that documents where its notes come from, so you know a note is genuine and correctly described. Planet Banknote sources direct from mints, central banks, and authorized distributors, and every note passes our Planet Banknote Verified inspection before it ships with a free Certificate of Authenticity. Rather than quote collector prices that shift with inventory, we point you to the live listings.
A practical way in: pick a single WWII invasion note for its readable place in history, or a certified example graded by PMG or PCGS if you want the grade and authenticity settled for you. For a checklist on judging any seller, read our guide on where to buy world banknotes and how to vet a dealer.
Frequently asked questions
When was the Japanese yen created?
The yen was established by Japan's New Currency Act of 1871, during the Meiji period, replacing the older system of mon, ryo, and other units. The reform made the currency decimal, so that one yen equaled 100 sen or 1,000 rin. The sen and rin were removed from circulation at the end of 1953, leaving the yen as Japan's sole unit.
Who issues Japanese banknotes?
Japan's banknotes are issued by the Bank of Japan, the country's central bank, which was founded in 1882 and put its first notes into circulation in 1885. Earlier paper money had come from the Meiji government and from a system of national banks. The notes themselves are produced by Japan's National Printing Bureau.
What is Japanese invasion money?
Japanese invasion money is the currency Japan issued for use in the territories it occupied during the Second World War, including the Philippines, Malaya, Burma, and the Netherlands East Indies. Issued by the Japanese government and denominated in local units such as pesos, dollars, and rupees, it lost its value when the war ended. Because so much of it survives, it is one of the most affordable ways to own genuine wartime paper money.
Are Japanese banknotes valuable to collectors?
It depends entirely on the note, its age, and its condition. Common WWII invasion notes and modern circulated yen are inexpensive, while early Meiji large-size notes and scarce, high-grade examples are far more sought after. Rather than quote prices that change with the market, we point collectors to live listings and to certified notes graded by PMG or PCGS for an authenticated assessment.
What is special about Japan's 2024 banknote series?
The series the Bank of Japan introduced in July 2024 features Shibusawa Eiichi on the 10,000 yen, Tsuda Umeko on the 5,000 yen, and Kitasato Shibasaburo on the 1,000 yen. Its most notable feature is a 3D holographic portrait, described by Japan's National Printing Bureau as a world first for banknotes, alongside other advanced anti-counterfeiting measures.
Planet Banknote is a family-owned dealership in Sarasota, Florida, founded in 2021. Every note is sourced direct from mints, central banks, and authorized distributors, inspected through our Planet Banknote Verified process, and ships with a free Certificate of Authenticity. US orders ship free via USPS Priority, and every order includes a free bonus gift.