Japan introduces its first modern paper currency, the Meiji Tsuho notes (1872–1882)

Meiji Tsuho notes were Japan's first Western-style paper currency, issued by the Imperial government in the early Meiji era. Designed by Italian engraver Edoardo Chiossone, these notes were initially produced abroad before domestic production began. The currency faced issues with counterfeiting and inflation, leading to its eventual replacement by Bank of Japan notes in the late 19th century.

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Background and detail

Background. Following the Meiji Restoration, the Japanese government sought to improve its currency system. After the 'yen' was adopted in 1871, Japan looked to Western technology for paper currency. The Imperial Printing Bureau was established in 1871, marking a shift towards modern financial administration.

Design and Production. Italian engraver Edoardo Chiossone designed six yen and three sen denominations for the Meiji Tsuho notes. Initial production involved banknotes arriving from Germany, which were left incomplete for security reasons. The Imperial Printing Bureau in Japan added the 'Meiji Tsuho' text and the Minister of Finance's mark to finalize the notes.

Issues and Replacement. Meiji Tsuho notes suffered from poor paper quality and widespread counterfeiting. Inflation rose following the Satsuma Rebellion, contributing to the currency's demise. The government issued redesigned banknotes in 1882, and remaining Meiji Tsuho notes were retired in favor of gold coinage or Bank of Japan notes before being abolished in 1899.

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