Kokuritsu Ginko Shihei (National paper currency) (国立銀行紙幣)
Kokuritsu Ginko Shihei was paper currency issued by the National Bank in the early Meiji Period.
Historical backdrop and summery
Currencies such as Meiji Tsuho (government note in Meiji Period) which was issued after the Meiji Restoration were inconvertible paper currency (paper currency which was not assured an exchange with standard money, such as gold and silver), and at that time, gold standard system was an international trend, so Japan also needed to issue convertible currency (paper currency which was assured an exchange with standard money). The Meiji Government left an establishment of the gold standard system to the private sector, and enacted a regulation of national bank in 1872, (to establish issue banks with private capital, and oblige them to issue convertible currency). Four national banks (in Meiji Period) were built and convertible Kokuritsu Ginko Shihei was issued since 1873. But they ran into financial difficulty due to the lack of gold coins, and since the regulation of national bank was forced to be amended to permit issuance of inconvertible currency, the number of banks increased abruptly and new Kokuritsu Ginko Shihei (inconvertible currency) was issued.
Characteristics
Being issued by each bank, names of issuers varied by banks, but the face value and the forms were unified. In addition, convertible currency was printed in the United States.
Convertible currency
Production of each currency was outsourced to the United States.
One yen
Face Tajimamori (ancient Japanese figure and also worshiped as a god of sweets) and a ship for wars
Back Mongol invasion attempts against Japan
Issued on August 20, 1873
Abolished on December 31, 1899.
Measurement 80 mm by 190 mm
Two yen
Face Yoshisada NITTA and Takanori KOJIMA
Back Imperial Palace
Issued on August 20, 1873
Abolished on December 31, 1899
Measurement 80 mm by 190 mm
Five yen
Face rice planting and rice reaping
Back Mt. Fuji seen from Nihonbashi (Chuo Ward Tokyo)
Issued on August 20, 1873
Abolished on December 31, 1899
Measurement 80 mm by 190 mm
Ten yen
Face gagaku (ancient Japanese court dance and music) performance
Back Empress Jingu's conquest of Korea
Issued on August 20, 1873
Abolished on December 31, 1899
Measurement 80 mm by 190 mm
Twenty yen
Face Susano (Deity in Japanese Mythology) and Yamatanoorochi(eight-forked-snake)
Back a scene from Japanese Mythology
Issued on August 20, 1873
Abolished on December 31, 1899
Measurement 80 mm by 190 mm
Inconvertible currency
Shiheiryo (paper money office) was renamed to National Printing Bureau which started to produce domestically by western printing.
One yen
Face two sailors
Back Ebisu (god of fishing and commerce)
Issued in December, 1877
Abolished on December 31, 1899
Measurement 74 mm by 156 mm
Five yen
Face a smith
Back Ebisu
Issued in July, 1878
Abolished on December 31, 1899
Measurement 89 mm by 174 mm
Later
Due to the establishment of the Bank of Japan, they became uncurrent as well as Kaizo Shihei (convertible currency issed by the Meiji government), in December, 1899.