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In 1946, following the Second World War, Japan removed the old currency (旧円券) and introduced the "New Yen" (新円券). [1] Meanwhile, American occupation forces used a parallel system, called B yen, from 1945 to 1958. Since then, together with the economic expansion of Japan, the yen has become one of the major currencies of the world. [9]
Japan's first formal currency system was the Kōchōsen (Japanese: 皇朝銭, "Imperial currency"). It was exemplified by the adoption of Japan's first official coin type, the Wadōkaichin . [ 11 ] [ 12 ] It was first minted in 708 CE on order of Empress Genmei , Japan's 43rd Imperial ruler. [ 11 ] "
Many Japanese domains produced their own currency, which happened chaotically, so that the nation's money supply expanded by 2.5 times between 1859 and 1869, leading to crumbling money values and soaring prices.
Coins from this period all begin with the Japanese symbol 大正 (Taishō). This was the final year one yen coins were minted in silver, and is a one year type. Inscriptions on Japanese coins from this period are read clockwise from right to left: "Year" ← Number representing year of reign ← Emperor's name (Ex: 年 ← 三十 ← 正大)
The following is a list of Japanese pattern coins from the yen based currency system started under the Meiji Restoration. [1] The first patterns of the yen based system were made from 1869 to 1870 as presentation pieces to the Emperor. The new currency system was eventually adopted by the Meiji government in an Act signed on June 27, 1871. [1]
The wadōkaichin was first produced following the discovery of large copper deposits in Japan during the early 8th century. [6] The coins, which are round with a square hole in the center, remained in circulation until 958 CE. [7] These were the first of a series of coins collectively called jūnizeni or kōchō jūnisen (皇朝十二銭). [8]
The Japanese government established a convertible bank note system by Dajo-kwan Notification No. 18 in May 1884. [36] Concurrently, the amount of old paper currency in circulation decreased allowing the amount of silver reserves to grow. This drove up the value of paper currency until it was about equal to that of silver coins by the end of 1885.
The Japanese government later adopted the gold standard on March 26, 1897, which switched over the redemption of Bank of Japan notes from silver to gold. [33] Redemption of old silver coins for new gold coins at par began on October 1, 1897, and lasted until its closure on July 31, 1898. [23]