1 yen 1945

Common. Despite its historical significance as occupation-era currency, this note remains common in the collector market. eBay pricing data shows most sales occurring in the $1-5 range across various conditions (VF through UNC), with even AU/UNC examples rarely exceeding $10 except for exceptional cases. The 2016 catalogue value of $4.50 for UNC reinforces common status. The note was issued in sufficient quantities for circulation, and many examples survive today. Only premium grades or exceptional specimens command significantly higher prices.

This military currency was issued by the Allied Military Command following Japan's surrender in 1945, during the American occupation period. The note's dual-language presentation (English and Japanese, right-to-left reading reflecting pre-war Japanese convention) and explicit reference to 'MILITARY PROCLAMATION' reflects the transitional nature of Japan's governance during occupation. The ornate engraving style and baroque design elements were characteristic of high-security currency from this era, designed to prevent counterfeiting during a period of economic and administrative reconstruction.

The obverse features a meticulously engraved design with a dominant blue-green underprint composed of intricate wavy line patterns and fine cross-hatching throughout. On the left is a circular medallion containing a green Japanese character or symbol, while the right side displays the denomination '1' enclosed in a circle. Green overprints with Japanese characters appear at the top center. The reverse showcases elaborate baroque-style decorative engraving in brown/maroon, featuring ornamental scrollwork, acanthus leaf flourishes, and detailed line work characteristic of high-security currency design. The left edge displays a repetitive ornamental border pattern. Both sides utilize fine line engraving and cross-hatching as primary security features, with no portraits or recognizable landmarks—the design emphasizes decorative authority and security rather than figurative imagery.

OBVERSE: 'MILITARY CURRENCY' (English, top center); 'ONE YEN' (English, right side); 'A23650548A' (Serial number, alphanumeric); '日本国' (Nihon-koku, 'Japan', Japanese); '円' (En, 'Yen', Japanese). REVERSE: '率軍基に告布事率' (Japanese text reading right to left, referring to military proclamation authority); 'ISSUED PURSUANT TO MILITARY PROCLAMATION' (English, bottom center).

Intaglio (engraved) printing on both obverse and reverse, utilizing detailed line engraving and cross-hatching patterns typical of high-security currency production. The blue-green and brown color separations are cleanly executed, and the crisp detail visible in the AU condition specimen indicates production by a government or contract security printer with advanced engraving capabilities. This printing method was standard for Allied Military Currency issued during the 1945 occupation period.

This note is identified as Pick P-67a, distinguished by the 'B' in the underprint (as catalogued in both external references). The PMG population report confirms P-67a as a distinct variant with 'B' in underprint, with P-67d as an alternate catalogued variety for the same base Pick number. The observed serial number prefix-suffix format 'A-A' (as noted in realbanknotes.com reference) is consistent with documented P-67a specimens. No alternate dates, signatures, or significant overprint variations are apparent in this example.