1 yen note

The 1 yen note (1円券) was a denomination of Japanese yen in seven different series from 1872 to 1946 for use in commerce. These circulated with the 1 yen coin until 1914, and briefly again before the notes were suspended in 1958. Notes from the Japanese government, known as "government notes," were the first to be issued through a company in Germany. Because they were being counterfeited, they were replaced by a new series which included the first portrait on a Japanese banknote. Almost concurrently, the government established a series of national banks modeled after the system in the United States. These national banks were private entities that also released their own notes which were later convertible into gold and silver. All three of these series came to an end due to massive inflation from the Satsuma Rebellion in 1877. National bank notes were re-issued as fiat currency before the national banks themselves were abolished. Both national bank and government one yen notes were gradually redeemed for Bank of Japan note starting in 1885. This redemption process lasted until all three series were abolished in 1899.

In 1882, the Bank of Japan was established to deal with the inflation problem. This was remedied by the gradual reduction of notes in circulation for notes issued by the centralized bank. From the time of the first issuance in 1885 to their suspension in 1958, one yen notes from four different series were issued by the bank. Their demise came from the aftermath of World War II due to massive inflation which devalued the yen. The last notes issued were poorly made and outsourced to the private sector for printing and production. All four series were suspended (de jure) by the Bank of Japan on October 1, 1958, in favor of the one yen aluminum coin. While one yen notes issued by the Bank of Japan remain legal tender today, they are worth much more in the collector's market.
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