---
title: "Background and Specifications of Non-convertible Paper Money Daijōkansatsu Issued by the Meiji Government"
url: "https://ittendo.com/en/article/news-jp-1413-cf4f6e24"
site: "ITTENDO"
type: "article"
category: "古札"
published: "2026-10-14T22:38:04Z"
source: "一点堂編集部"
source_url: "https://ittendo.com/"
lang: "en"
---
# Background and Specifications of Non-convertible Paper Money Daijōkansatsu Issued by the Meiji Government

> Daijōkansatsu are non-convertible paper money issued by the Meiji government in 1868, with five denominations ranging from 10 Ryō to 1 Shu. The issuance was driven by military financing and the consolidation of han-satsu. Although initially promised to be convertible to gold, they circulated as non-convertible paper money. The total issued amount reached approximately 48 million Ryō, leading to a rapid depreciation of the paper money.

The Daijōkansatsu was non-convertible paper money issued in the first year of the Meiji era (1868), amidst the financial difficulties of the Meiji government and the consolidation of han-satsu. The total issued amount reached approximately 48 million Ryō.

---

## What is Daijōkansatsu

Daijōkansatsu (太政官札) is non-convertible paper money issued by the newly established Meiji government in the first year of the Meiji era (1868). This paper money, also known as "金札", was initially promised to be exchanged for gold, but in practice, it circulated as non-convertible paper money. There were five denominations: 10 Ryō, 5 Ryō, 1 Ryō, 1 Bu, and 1 Shu, and the total issued amount reached approximately 48 million Ryō. This was a massive amount compared to the national budget at the time, and issuing such a large quantity when the new government's credit was not yet established resulted in a significant depreciation in the market.

The Meiji government faced two urgent tasks: financing the Boshin War (1868–69) and consolidating the diverse han-satsu issued by the former shogunate. The new government lacked gold and silver reserves, making the securing of financial resources urgent, leading to the issuance of paper money. Military expenses were enormous, and loans from wealthy merchants had their limitations, leading to the conception of Daijōkansatsu.

Initially, the government promised to exchange Daijōkansatsu for gold, but due to insufficient gold reserves, they were inevitably circulated as non-convertible paper money. As a result, the value of the paper money plummeted, causing significant disruption to the economy and people's lives at the time. This is an example of how the value of banknotes is heavily influenced by the credit of the issuing authority.

Daijōkansatsu, along with han-satsu, was exchanged for new paper money and small denomination coins by 1879. Detailed information about this exchange is recorded in the catalog of the Currency Museum. The gold 1 Ryō note issued by the Meiji government is published. For more detailed information on Daijōkansatsu, please refer to [Daijōkansatsu](/coinpedia/kosatsu-003-dajokan).

## Background of Daijōkansatsu Issuance

Daijōkansatsu was issued against the backdrop of the Meiji Restoration. Notably, it was manufactured using traditional Japanese paper and woodblock printing to adapt to the rapidly changing economic environment. This included the printed words "太政官" and denominations, with vivid red stamps applied to the reverse side. This simple design, while lacking sophistication compared to the later Western-style printed [Meiji Tsuho](/coinpedia/kosatsu-004-meiji-tsuho), starkly reflects the situation of the time.

Among them, the 1 Bu and 1 Shu notes were used for everyday small transactions and were thus highly circulated. However, due to heavy circulation at the time of issuance, those that exist today in mint condition are extremely rare.

Regarding the issuance period of Daijōkansatsu, since no specific Western year is marked in the material, confirmation through market records and historical documents is necessary. Other paper money from the Meiji era, such as [Han-satsu](/coinpedia/kosatsu-002-hansatsu), also exists, but the specific institutional position of Daijōkansatsu and their direct relationship with other currencies are not recorded in the material.

## Confirmed Specifications and Sources of Daijōkansatsu

Daijōkansatsu is known as Ryō-denominated paper money issued by the Meiji government. This paper money, along with han-satsu, was to be exchanged for new paper money and small denomination coins. According to the 'Permanent Exhibition Catalog of the Currency Museum', a gold 1 Ryō note is specifically listed.

This exchange process occurred by 1879. The 'Permanent Exhibition Catalog of the Currency Museum' also records this exchange by the Meiji government. The exchange of Daijōkansatsu is an important example showing the transition of the currency system at the time, forming the foundation for subsequent monetary systems.

From this background, Daijōkansatsu is taken up in numerous research materials as carrying meaning beyond just being paper money. For further detailed information, refer to the [Daijōkansatsu](/coinpedia/kosatsu-003-dajokan) article.

This information is based on the 'Permanent Exhibition Catalog of the Currency Museum', which is considered critical material for understanding the transformation of the monetary system in the Meiji era. Through confirmed facts about the issuance and exchange of Daijōkansatsu, we can catch a glimpse of the economic background and government intent of the time.

## Identification Features of Daijōkansatsu

Daijōkansatsu is a paper bill made of Japanese paper issued by the Meiji government, characterized by its rough paper quality, prone to aging and damage. Especially since more than 150 years have passed since issuance, those in good preservation conditions are considered extremely rare.

Furthermore, according to the 'Permanent Exhibition Catalog of the Currency Museum', Daijōkansatsu was issued as Ryō-denominated paper money, with a gold 1 Ryō note included in the catalog. Such specifications indicate its position as part of the paper money system of the Meiji era.

The market price of Daijōkansatsu largely depends on its denomination and condition. Bills with many folds or paper loss tend to be valued lower. These identification points serve as clues for authenticity judgment, but for ultimate determination, it is crucial to consider multiple characteristics comprehensively.

Detailed information on the classification and preservation conditions of old coins is thoroughly explained in [Varieties and Classification Systems of Old Coins](/guide/varieties) and [Grading Standards and How to Read Old Coins](/guide/grading). By referring to these guidelines, you can aid in the identification and evaluation of Daijōkansatsu.

## Relation of Daijōkansatsu with Other Currency Types

Daijōkansatsu was a paper bill circulated from the late Edo to early Meiji period, occupying an important position in the transition of Japan's currency system. In relation, "Han-satsu", issued independently by each feudal domain, was also in circulation at the same time. Han-satsu utilized different designs and materials depending on the region. In contrast, Daijōkansatsu was issued by the central government, with unified specifications nationwide. This difference indicates that Daijōkansatsu symbolized the transition to a centrally unified currency system. Refer to [Han-satsu](/coinpedia/kosatsu-002-hansatsu) as well.

In 1872, the "Meiji Tsuho" was issued as the new paper money succeeding Daijōkansatsu. Meiji Tsuho, with different designs and specifications, was part of establishing a modern currency system. Between Daijōkansatsu and Meiji Tsuho, evolution in banknote design and production technology can be seen, reflecting each era's background and technological advancements. This flow shows the economic and monetary revolution of the Meiji era and narrates the evolution of the banknotes themselves. Please also see [Meiji Tsuho](/coinpedia/kosatsu-004-meiji-tsuho).

Understanding the relationship between Daijōkansatsu and other banknotes necessitates careful attention to authenticity identification. Daijōkansatsu includes recent reproductions or confusions with private products of the time, so care is required in identification. Particularly, the texture of the Japanese paper, the tone of the red stamps, and woodblock printing characteristics are identification clues. Understanding these features enables more accurate judgment of Daijōkansatsu's authenticity. Detailed identification methods can be confirmed in the [Complete Guide on Identifying Counterfeits and Altered Pieces](/coinpedia/basics-004-fakes).

Thus, Daijōkansatsu is a crucial element in understanding the transition of the currency system during the Meiji era concerning other currency types. By comparing features and historical backgrounds, a deeper understanding of the currency system's overall picture at the time can be achieved.

## Significance of Daijōkansatsu and Guide to Records

Daijōkansatsu is highly valued as a historical document reflecting the financial difficulties during the Meiji Restoration. Particularly, well-preserved high-value notes are extremely rare banknotes. The issuance of this paper money prompted the Meiji government to review its monetary system and was a step in building the foundation of Japan’s modern financial system. This transformation process beginning with Daijōkansatsu linked to the establishment of the Bank of Japan, shaping the predecessor of today's Bank of Japan notes.

Daijōkansatsu's positioning is highly regarded as a "point of mistakes and lessons learned" indicating the starting point of Japan's modern financial history. Understanding these historical facts is an indispensable element in capturing the evolution of Japan's financial system as a chronological narrative. This process can be learned in detail in [Introduction to Old Banknotes](/coinpedia/kosatsu-001-overview).

Market records for Daijōkansatsu have not been confirmed, nor is there specific information about auction prices or transaction numbers. However, those interested can check market trends in the [Auction History List](/auctions).