Japan's First Western-Style Banknotes
The Meiji Tsūhō were Japan's first full-scale Western-style banknotes, issued in Meiji 5 (1872). Printed by the German firm Dondorf & Naumann, they are widely known by the nickname "German banknotes" or "German notes." There are seven denominations: 100 yen, 50 yen, 10 yen, 5 yen, 2 yen, 1 yen, and half-yen (50 sen). At the time, Japan was facing a severe problem of declining trust in the Dajōkan bills, as explained in Introduction to Old Bills (Paper Currency). To address this, the Meiji government decided to transition to Western-style printing with modern anti-counterfeiting technology, marking an important step in Japan's modernization.
Background of the German Order
In early Meiji Japan, sophisticated Western-style engraving (intaglio printing) technology had not yet been established. Facing rampant counterfeiting of Dajōkan bills and eroding trust in currency, the Meiji government urgently sought a solution. They approached leading European and American printing companies with the latest anti-counterfeiting technologies. Consequently, they decided to commission the renowned German firm Dondorf & Naumann, which boasted the world's highest standards in banknote printing. This company later became one of the predecessors of Giesecke & Devrient. Master plates and print samples produced in Frankfurt were shipped long distances to Japan. From Meiji 5, circulation finally commenced. This choice strongly reflected the Meiji government's intent towards Japan's modernization, vividly illustrating the "historical background" as one of the Factors Determining the Value of Old Coins.
Meticulous Design and Artistic Value
The greatest appeal of Meiji Tsūhō lies in its overwhelming beauty created through Western-style detailed engraving printing. The surface features meticulously engraved traditional Japanese auspicious motifs such as phoenixes and dragons. Surrounding these are intricate arabesque patterns, emanating an elegant atmosphere throughout the banknotes. The reverse side includes Arabic numerals and English inscriptions, showcasing a forward-thinking design conscious of international usage. Engraving printing transfers ink sculpted into intaglio plates onto paper, creating a raised texture. Thus, even when touched, the fine embossing stands out, achieving a meticulousness unattainable with Japan's traditional woodblock or lithographic printing at the time. This technology astonishes even the naked eye with its fineness. As discussed in the Complete Guide to Identifying Fakes and Altered Pieces, the exquisite design also contributed to anti-counterfeiting. Truly, it is a banknote that can be called a "work of art" with quality that overwhelms viewers.
Innovations in Anti-Counterfeiting Technology
Meiji Tsūhō incorporated multiple cutting-edge anti-counterfeiting technologies of its time. The first is the extraordinarily precise line engraving through intaglio printing. Japan's technology back then could not replicate this finesse. The second is the use of special paper imported from Europe, possessing a unique texture and durability different from Japanese washi. The third is multicolor printing on the surface. The technology to accurately overlay multiple colors was extremely challenging in Japan at that time. Additionally, a serial numbering system printing unique numbers on each banknote and a technique of embedding special fibers into the paper were also introduced. These combinations dramatically reduced the counterfeiting prevalent in Dajōkan bills. Records indicate that counterfeits of Meiji Tsūhō were substantially fewer compared to Dajōkan bills. This greatly contributed to restoring public trust in banknotes.
Rarity by Denomination and Current Market Value
The market value of Meiji Tsūhō varies greatly depending on the denomination and condition. Generally, they trade in a very broad price range from 10,000 yen to over 1,000,000 yen. The most scarce is the 100 yen note, which had the lowest issuance volume. High-quality examples close to unused can fetch high prices exceeding 1,000,000 yen. The 50 yen note is similarly rare, typically valued in the tens of thousands of yen. The 10 yen and 5 yen notes are usually priced between 30,000 yen and 100,000 yen. The 2 yen note is moderately rare, often traded between 20,000 yen and 60,000 yen. The 1 yen note is relatively easier to obtain, available for 10,000 yen to 40,000 yen. The smallest denomination, the half-yen (50 sen) note, also is valued at about 10,000 yen to 30,000 yen due to its low issuance. For all denominations, "superb condition" or "uncirculated" items close to unused are extremely rare. Most circulating on the market are "average condition" or "good condition" with usage wear. Understanding Old Coin Grading Standards allows for more accurate value assessments.
Condition Grades and Proper Preservation Methods
In collecting Meiji Tsūhō, condition evaluation is a very important factor. Evaluation points include "presence of folds." The more vertical and horizontal folds, the more drastically the value of the banknote decreases. Next is "clarity of the print." The clearer the details of the engravings remain, the higher the evaluation. "Degree of discoloration and stains" is also important. Uniform aging discoloration is acceptable, but dirt or oil stains are reasons for devaluation. "Edge condition" should also be checked, focusing on whether the neat edges cut from the master plate are preserved. Proper preservation is essential to maintaining the value of banknotes. Basic methods include enclosing them in neutral paper sleeves or Mylar (polyester) film. To prevent folds, always store them flat, and if stacking, insert neutral paper between them. Refer to Proper Storage Methods for Old Coins to select locations avoiding direct sunlight, humidity, and temperature changes. When framing, archival-quality materials that do not damage the banknote should be used.
Position in the History of Modern Japanese Banknotes
In Japanese old banknote collection, Meiji Tsūhō is positioned as one of the most popular collectibles. At the Bank of Japan Currency Museum (Tokyo, Nihonbashi), each denomination of Meiji Tsūhō is permanently exhibited, allowing direct observation of its intricate design. This indicates its significance in Japan's financial history. It symbolizes the turbulent early Meiji monetary system transition from Dajōkan Bills to National Bank Notes. Many enthusiasts construct "Japanese Modern Banknote Collections" paired with pre-war and post-war old banknotes (Shōtoku Taishi notes, Iwakura Tomomi notes), with Meiji Tsūhō being the oldest and most design-rich. Along with Introduction to Modern Gold and Silver Coins (Meiji-Showa), it is indispensable in discussing the monetary history of modern Japan. While conversion (exit) is somewhat inferior compared to old coins, there is stable trading with dealers or auction houses specializing in Japanese old banknotes.
Legacy of German Banknotes and Self-Sufficiency in Japanese Printing Technology
Meiji Tsūhō (German banknotes) presented an issue despite their high quality—a dependency on German printing. Overseas printing posed risks such as information leaks, transport costs, and time losses. Thus, establishing domestic banknote printing technology was an urgent task for the Meiji government. In Meiji 14 (1881), the government strengthened the Ministry of Home Affairs' Paper Money Bureau (later the Ministry of Finance Printing Bureau, now the National Printing Bureau) to address this issue. They invited foreign technicians skilled in engraving and actively trained domestic technicians. As a result, from Meiji 18 (1885), Japanese banknotes transitioned to domestic printing. This marked Japan's complete independence in banknote printing technology. Meiji Tsūhō is positioned as the "last pinnacle of German production" during this transition to technological self-sufficiency. Its high artistic completion becomes even more evident when compared to banknotes after transitioning to domestic printing. It is a significant banknote symbolizing the progress of Japan's modernization.