5 yen 1940

Common. While Japanese military currency from 1940 commands collector interest, the 5 Yen denomination was issued in substantial quantities for use across occupied territories. The Pick M17 designation indicates this is a documented, regularly encountered variety in the standard catalogs. The UNC grade is more notable than the denomination itself; most surviving examples show circulation wear. No evidence suggests restricted print runs or early recall, and the note does not command premium prices typical of rare issues.

Issued by the Japanese Military Government in 1940, this note represents currency issued during Japan's imperial expansion and wartime period. The prominent imperial chrysanthemum seal and inscription 'Government of the Empire of Japan' (大日本帝國政府) underscore the state authority behind the issuance, while the phoenix imagery—traditionally symbolizing renewal and imperial power in East Asian culture—reflects the propagandistic design philosophy of Japanese military occupation currency. The bilingual inscriptions (Japanese and English) indicate this note's use in Japanese-occupied territories where English-speaking populations were present.

The note features a classical Japanese military design aesthetic. The obverse showcases two phoenix birds (鳳凰) in mirror-image flight across the center field, symbolizing imperial majesty and renewal. These are framed by a large red circular seal bearing the imperial chrysanthemum (菊花紋) in the center-left, the primary heraldic symbol of the Japanese throne. Denomination numerals appear in tan-beige in the upper corners, with 'Five Yen' (五圓) prominently displayed in large black characters. The entire design is enclosed within an ornate scalloped border with fine floral and geometric patterns typical of pre-war Japanese currency. The reverse maintains a coordinated teal-blue color scheme with the denomination and regulatory text arranged in traditional column format, reflecting classical Japanese typography conventions.

FRONT: '大日本帝國政府' (Government of the Empire of Japan) | '五圓' (Five Yen) | Serial number: 454313 | BACK: '圓八' displayed as '8圓' (Eight Yen — likely a printing anomaly or variant notation) | '5YEN' (Five Yen in English/Arabic numerals) | '此票到印日換正面所開' (This note when presented should be exchanged at the place indicated on the front) | '有偽造或倣造知認重罰責僚應情行造' (Counterfeiting or forgery will be subject to severe penalties as appropriate)

This note was produced using intaglio (engraved) printing, evidenced by the fine line work, precise border detail, and sharp character definition visible throughout both sides. The depth of the chrysanthemum seal impression and the delicate floral patterns in the border frame indicate steel plate engraving. This was standard for high-security Japanese military currency of the period, likely produced by the Imperial Japanese Government Printing Bureau or contracted security printers.

The catalog indicates variant P-M17a exists; the observed note appears consistent with standard M17 characteristics. A minor printing inconsistency is noted on the reverse where '8' appears alongside '圓' (Eight Yen notation), while the obverse and English reverse both indicate '5 Yen' — this may represent a known printing quirk of the series or a cataloged variety distinguishing different printing runs. Serial number 454313 in red is characteristic of this issue. No overprints or date variations are evident.