Dajōkansatsu
Dajōkansatsu were the first paper money issued by Japan’s government in the early Meiji era. They circulated from 1868 to 1869 as non-convertible fiat currency and were later replaced by the Meiji Tsuho notes.
During the Meiji Restoration, Japan fought the Boshin War and needed money quickly for the military. In January 1868, government officials met and Yuri Kimimasa proposed raising funds from wealthy people and printing 30 million ryō in banknotes. The Dajōkansatsu notes were issued as government bonds, with repayment over 13 years: 10% interest each year, and principal paid off over the first 10 years.
The issuance was announced to the public on April 19, 1868. The notes were printed on copper plates that wore out when produced in large quantities, so each note was carved by hand. They officially went into circulation on May 25, 1868, after rain delays.
People did not welcome the notes, and it was very hard to replace existing domain currencies. To curb the problem, a Meiji government decree on May 28, 1869 limited the issue to 32.5 million ryō. They shortened the circulation to five years and promised 6% interest in one year if replacements were not completed by the deadline. This plan was controversial, but seen as the only option at the time.
By June 1869, about 48 million ryō of these non-convertible notes had been issued to fund the military. In 1869, Ōkuma Shigenobu became Vice-Minister of Finance and pushed toward standardizing the national currency, favoring a round, metric-based design.
When the han system (domain system) was abolished in 1871, the yen replaced the ryō as the currency unit. The new currency began replacing old clan notes with Meiji Tsuho yen notes. The Dajōkansatsu gold notes were withdrawn and exchanged for Meiji Tsuho in 1872.
This page was last edited on 2 February 2026, at 21:48 (CET).