1 yen 1946

Common. eBay market data shows consistent sales in the $3-$6 range for VF-grade examples, with catalog values listed at $12 for VF condition (2016). The presence of multiple graded population records in PMG's database and regular appearance in the secondary market at modest prices indicates this was produced in substantial quantities. Allied Military Currency 1 Yen notes were issued in large volumes during the occupation period, making them readily available to collectors. The note is not scarce in VF condition.

This note was issued by Allied Military Command in 1946 as an experimental military payment certificate following Japan's surrender and the beginning of the American occupation. The bilingual inscriptions in both English and Japanese ('MILITARY CURRENCY' and Japanese characters reading 'issued pursuant to military proclamation') reflect the transitional administrative period when Allied forces established occupation currency systems. The ornate baroque-style ornamentation and meticulous engraving typical of currency from this era demonstrate the technical standards maintained even for temporary military scrip.

The obverse features a sophisticated security design with an ornate rectangular border adorned with decorative scrollwork flourishes in all four corners. The background consists of fine parallel wavy lines in blue and green tones creating a complex security pattern resistant to counterfeiting. A prominent circular medallion on the left side contains a Japanese character (likely a government seal or authority mark). The denomination '1' and Japanese character '圓' (yen) are displayed prominently in green ink in the center and upper portions. The reverse presents an elaborate engraved composition in brown ink dominated by baroque-style ornamentation with intricate scrollwork, floral elements, and meticulous cross-hatching throughout the field. The fine line engraving and complex parallel line patterns serve as anti-counterfeiting measures typical of Allied occupation-era currency. No portraits or geographical landmarks are depicted; instead, the design relies on ornamental and symbolic elements to establish authority and security.

OBVERSE: 'MILITARY CURRENCY' (English, top center); 'ONE YEN' (English); '圓' (Japanese, yen symbol); '1' (numeral denomination); '甲' (Japanese, character meaning 'Type A' or 'First type'); Serial number 'A0640554Z2A' (indicating 'A' variant underprint). REVERSE: 'ISSUED PURSUANT TO' (English, upper area); 'MILITARY PROCLAMATION' (English); '軍票基に告布事軍' (Japanese, translating to 'Issued pursuant to military proclamation').

Intaglio (engraved) printing on both sides. The fine line work, detailed cross-hatching patterns, and the precision of the ornamental scrollwork visible in the visual analysis are characteristic of high-quality intaglio production. The security patterns of fine wavy lines and the crisp border definition indicate professional security printer work typical of Allied military currency production during 1946. The printer for this series was the U.S. Bureau of Engraving and Printing, though some sources indicate involvement of commercial security printers contracted for the occupation currency program.

This is the P-66 variant, specifically identified by the 'A' in the underprint (visible in the serial number notation). The PMG population report indicates a P-66s variant also exists with 'A' in underprint, and a related P-67 exists with 'B' in underprint, representing experimental military payment certificates. The serial number 'A0640554Z2A' confirms the 'A' series designation. This variety distinction (A vs. B underprint) is cataloged separately and represents experimental differences in the military currency issuance during the initial occupation phase of 1946.