Manchukuo yuan

Initially banknotes and coins were produced and minted by the Bank of Japan, but were later issued from the mint of the Central Bank of Manchou in the Manchukuo capital of Hsinking (now Changchun) with branch offices in Harbin, Mukden, Kirin (Jilin), and Tsitsihar. The Central Bank of Manchou was opened on 1 July 1932 with a ceremony attended by the Emperor of Manchukuo in person, the new central bank acquired the assets and continued the responsibilities of the previous four banknote issuing banks in the region of Manchuria.

The currency that circulated in Manchuria prior to the introduction of the Manchukuo yuan consisted of the banknotes of various provincial banks as well as commercial banks, silver smelting shops (known as yinchang), and pawn shops. Types of old banknotes recovered and later destroyed included high denomination banknotes, banknotes denominated in copper coins, official provincial notes issued by the banks of the provincial government, small denomination coin notes, tiao/diào denominated notes, Chiao/jiǎo denominated notes and others. The 15 different types of currency that circulated in Manchuria prior to the introduction of the Manchukuo yuan were allowed to be exchanged for the new currency by degree for a period of three years, using this method ninety-five point four percent of all previous Manchurian currency that was still in circulation, and the destruction of these old banknotes was handled by officials from the Department of Finance of the government of Manchukuo. The old banknotes were first shredded by machines and then burned, but the number of banknotes that had to be destroyed proved so numerous and new hearths would have to be constructed to burn all the old paper money.[1]

Due to worldwide fluctuations in the price of silver during the 1930s, Manchukuo took the yuan off the silver standard in 1935 and subsequently pegged the yuan to, and later reached approximate exchange parity with, the Japanese yen. In 1940 the Manchukuo yuan was being used to measure Manchukuo exports and imports to countries that included America,[2] Germany and Japan.[3]

Throughout this period about half the value of the issued notes was backed by specie reserves. The notes issued were in five denominations, one hundred, ten, five and one yuan and five chiao (one-half yuan), and typically depicted Qing dynasty rulers of China on the obverse. To keep up with the inflationary pressures typically experienced by Japanese-controlled areas towards the end of World War II, a 1,000 yuan note was issued in 1944.

The Yuan was subdivided into 10 chiao (角), 100 fen (分) or 1000 li (釐). Coins were issued in denominations of 5 li up to 10 fen.

In 1944 and 1945, Manchukuo issued coins (1 and 5 fen) made of what the Standard Catalog of World Coins describes as "red or brown fiber", resembling cardboard. These are a rare example of non-metallic coins.

As a matter of policy, the United States prevented any trading in the currency. This made it more difficult for the nation to access the American credit market.[4]

In 1948, after the end of World War II, approximately 12 billion yuan of Central Bank of Manchou notes were redeemed by the Tung Pei Bank.

Initially banknotes were printed by the Japanese but also by the Manchu Imperial Printing Bureau after the old Chinese mint in the city of Mukden was repaired.

Banknotes of the Manchukuo yuan (1932-1933 issue)
Image		Value	Main Color	Description		Date of issue
Obverse	Reverse			Obverse	Reverse
		50 fen (5 chiao)	Dark blue and ochre	Denomination in Chinese
		1 yuan	Blue and yellow	Flag of Manchukuo; building	Denomination	1932-1933
		5 yuan	Dark brown and tan	Flag of Manchukuo; building	Denomination	1933
		10 yuan	Blue and orange	Flag of Manchukuo; building	Denomination	1932
		100 yuan	Blue and yellow-orange	Flag of Manchukuo; building	Denomination	1933

Banknotes of the Manchukuo yuan (1935-1938 issue)
Image		Value	Main Color	Description		Date of issue
Obverse	Reverse			Obverse	Reverse
		5 chiao (50 fen)	Brown, green and lilac	Marshal Chao Kung Ming ("God of Wealth")	Pavilion	1935
		1 yuan	Black, green and yellow	T'ien Ming	Imperial Palace, Hsinking	1937
		5 yuan	Black and brown	Bearded man	Building complex, Hsingking	1938
		10 yuan	Black and brown	Marshal Chao Kung Ming ("God of Wealth")	Headquarters of the Central Bank of Manchou, Hsingking	1937
		100 yuan	Black and green	Ta Ch'eng Tien building, Confucius	Sheep	1938

Banknotes of the Manchukuo yuan (1944 issue)
Image		Value	Main Color	Description		Date of issue
Obverse	Reverse			Obverse	Reverse
		5 chiao (50 fen)	Blue-green and pale blue	Ta Ch'eng Tien building	Chinese dragon	1944
		1 yuan	Black, green and violet	T'ien Ming	Denomination in Chinese and Mongolian	1944
		5 yuan	Black and orange	Bearded man	Building complex, Hsingking	1944
		10 yuan	Black and green	Marshal Chao Kung Ming ("God of Wealth")	Headquarters of the Central Bank of Manchou, Hsingking	1944
		100 yuan	Black and blue	Ta Ch'eng Tien building, Confucius	Silos	1944

Banknotes of the Manchukuo yuan (1941-1945 issue)
Image		Value	Main Color	Description		Date of issue
Obverse	Reverse			Obverse	Reverse
		5 fen	Blue-green	Imperial Seal of Manchukuo; denomination	Tower	1945
		1 chiao	Yellow-orange	Imperial Seal of Manchukuo	House	1944
		5 chiao (50 fen)	Green, pink and orange	Marshal Chao Kung Ming ("God of Wealth")	Pavilion	1941
		100 yuan	Black and blue	Ta Ch'eng Tien building, Confucius	Silos	1945
		1,000 yuan	Dark brown and violet	Ta Ch'eng Tien building, Confucius	Headquarters of the Central Bank of Manchou, Hsingking	1944

• Central Bank of Manchou
• Paper money of the Qing dynasty
• Qing dynasty coinage

• Krause, Chester L.; Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed.). Krause Publications. ISBN 0873411501.
• Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN 0-87341-207-9.