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JAPANESE INVASION of CHINA Military Yen Banknotes – Set of Three

Following the Japanese invasion of China on July 7, 1937 ( Marco Polo Bridge incident ), the new Prime Minister Prince Fumimaro Konoye embarked on an undeclared war that would continue until 1945. Like dominoes, the important cultural & financial cities of China fell to the Japanese, including ; Beijing on July 28, Tientsin July 29, Shanghai November 8, Nanjing December 13, and Hanchow December 24. Initially Bank of Japan Yen notes were used to pay the troops and to buy local material in their newly conquered territory, these were at a par with the then circulating Chinese Yuan. The extensive military operations led to high inflation in China and forced Japanese Yen back into the homeland economy, which had a disastrous effect. The following year they put into circulation money called ‘military yen’, which was not convertible into ‘homeland yen’ and cost the Japanese nothing.

On mainland China, these were eventually replaced with Reserve Bank and Central Reserve Bank issues, in fact produced by the Japanese from the captured printing facilities, but in Hong Kong & Hainan these Military Yen ‘were used until the end of hostilities in 1945. Featured here is a set of three notes; 50 Sen, 5 & 10 Military Yen notes ( produced in 1938 ) showing a dragons & cocks