2 yen note

The 2 yen note (2円券) was a denomination of Japanese yen issued in two different overlapping series from 1872 to 1880 for use in commerce. Meiji Tsūhō "two yen" notes were the first to be released as inconvertible government notes in 1872. These notes were produced both domestically, and in Germany using western technology. While they had an elaborate design, the notes eventually suffered in paper quality, and were counterfeited. Two yen Meiji Tsūhō notes were not redesigned with other denominations in response to these issues. The series as a whole was affected by massive inflation that occurred during the aftermath of the Satsuma Rebellion in 1877. Too many non convertible notes had been issued to pay for the expenses incurred. Government notes stopped being issued in 1879, and the Bank of Japan was established in 1882 as a way to redeem old notes for new ones issued by the bank. This redemption period expired when the notes were abolished on December 9, 1899.

National bank notes were first issued in 1873, and circulated concurrently with Meiji Tsūhō notes. These were issued by a system of national banks that was adopted in design from the United States. Two yen national bank notes were convertible to gold coinage until 1876 when the price of the alloy rose. They eventually fell into the same situation as Meiji Tsūhō notes after the Satsuma Rebellion. National bank notes were suspended in 1880, and were also later eligible for redemption for Bank of Japan notes. The national banks themselves were replaced in 1896 by a law which also mandated abolishment of the notes after December 31, 1899. Both of these series are now bought and sold as collector's items depending on condition and series survival rate.
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