Banknotes of denominations below $5 were not allowed to be issued

Banknotes of denominations below $5 were not allowed to be issued

Banknotes of denominations below $5 

were not allowed to be issued

YOKOHAMA ONLY KNOWN NOTE 

KNOWN IN CIRCULATION

Most banknotes in have been issued by commercial banks rather than by a central bank, as

in other places. Regulation of banknote issue in nineteenth-century Japan
and China was loose. The government accepted payments in banknotes for taxes and fees

only from banks incorporated by Royal Charter or under the Colonial
Regulations. But this did not prevent other banks from issuing notes.
Banknotes of denominations below $5 were not allowed to be issued without special

government permission: the aim was to prevent banknotes getting into the hands of
poorer people, who would suffer more in the event of a bank collapse. Three note-issuing

banks did, in fact, collapse in the nineteenth century: the Agra and Master man’s
Bank and the Commercial Bank Corporation of India and the East during the global

financial crisis of 1866, and the Oriental Bank Corporation — one of the main note-issuers
in 1884.
In 1878 the redemption of paper money has increased national debt, the Japanese

government has sold silver worth of 2,300,000 yen in April, In 1880 the government
against sold 6,600,000 yen of silver to increase the value of paper money but they did

not help at all. The government also prohibited the sale of gold and silver when the
stock exchange took up the devaluation of paper money. A new tax was introduced on sike

a breverage made from rice.

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