5 yen 1934
Market Prices
About This Note
This is a VF-graded 5 Yen banknote issued by the Bank of Taiwan in 1944, featuring an ornate traditional Asian architectural gateway on the obverse and an eagle emblem over a coastal landscape on the reverse. The note displays the characteristic fine-line engraving and multi-color printing typical of high-security currency of the era, with visible age-related patina, foxing, and moderate circulation wear consistent with its historical provenance and VF grade.
Common. The eBay price tracking data shows this note selling regularly across a range of condition grades (CIRC at $7.95-$8.00, F at $5.99, VF at $185.95-$370.00, AU at $49.99, UNC at catalogue value ~$150), indicating robust circulation and availability in the secondary market. While VF specimens command higher prices ($185-$370 USD range), the consistent appearance of multiple examples at various grades suggests reasonable availability. This was a regular issue of the Bank of Taiwan during occupation, likely produced in moderate quantities, with no evidence of short print runs or recalls.
Issued during the final year of Japanese occupation of Taiwan (1944), this banknote reflects the Bank of Taiwan's role as a colonial financial institution under Japanese military administration. The depicted architectural gateway likely represents a significant Taiwanese shrine or colonial administrative building, while the eagle emblem on the reverse symbolizes Japanese imperial authority—imagery typical of occupation-era currency designed to reinforce Japanese sovereignty over the territory.
The obverse features an ornate black and gray engraved design with a traditional Asian pavilion or shrine gate (the 'pillared portico' referenced in catalog descriptions) positioned at the left with landscaping elements, rendered in classical intaglio style. The reverse displays a red/brown-toned landscape composition showing agricultural or coastal terrain with a pagoda or watchtower structure in the distance on the left, and a large circular emblem on the right containing a spread-winged eagle rendered in radiating fine lines—a symbol of Japanese imperial authority. Both sides are framed by elaborate corner ornaments with geometric and floral patterns characteristic of early-20th-century security printing. The denomination is prominently displayed in large Chinese characters with numerical indicators.
Front side: '臺灣銀行' (Bank of Taiwan), '五' (Five), '圓' (Yen/Yuan), '日本銀行券印刷局製造' (Manufactured by the Bank of Japan Note Printing Bureau), serial number '537603', and plate/series indicator '{4}'. Back side: '臺灣銀行' (Bank of Taiwan), denomination indicator '八' (Eight, likely part of series notation), '圓' (Yen/Yuan), and plate/series indicator '{5}'. Serial number repeated: '537603'.
Multi-color intaglio (engraved) printing on multiple color plates. The front exhibits black/gray primary engraving with purple and brown underprinting; the reverse uses red/brown as the dominant color with green underprinting visible in the observed images. The note was manufactured by the Bank of Japan Note Printing Bureau (日本銀行券印刷局), as stated in the inscriptions. The fine-line complexity, layered color separation, and detailed rendering of architectural and symbolic elements are consistent with Japanese security printing standards of the 1940s era.
Serial number 537603 with plate indicator '{4}' on front and '{5}' on reverse. The S/M catalog number is T70-42 (from reference data). No major varieties are noted in available references; however, the specific serial number and plate combination shown represents one of many standard production variants from the 1944 issuance. No overprints, color variants, or signature varieties are apparent in the visual analysis.
