Manchukuo yuan
Encyclopedia
The Manchukuo
yuan (滿洲國圓) was the official unit of currency
of the Empire of Manchukuo
, from June 1932 - August 1945.
The monetary unit was based on one basic pure silver
patron of 23.91 grammes. It replaced the Chinese Haikwan tael, the local monetary system in common and regular use in Manchuria
before the Mukden incident
, as legal tender
.
s were produced mint
ed 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
). 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, Germany and Japan.
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 inflation
ary 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). Coin
s 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.
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.
Manchukuo
Manchukuo or Manshū-koku was a puppet state in Manchuria and eastern Inner Mongolia, governed under a form of constitutional monarchy. The region was the historical homeland of the Manchus, who founded the Qing Empire in China...
yuan (滿洲國圓) was the official unit of currency
Currency
In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...
of the Empire of Manchukuo
Manchukuo
Manchukuo or Manshū-koku was a puppet state in Manchuria and eastern Inner Mongolia, governed under a form of constitutional monarchy. The region was the historical homeland of the Manchus, who founded the Qing Empire in China...
, from June 1932 - August 1945.
The monetary unit was based on one basic pure silver
Silver
Silver is a metallic chemical element with the chemical symbol Ag and atomic number 47. A soft, white, lustrous transition metal, it has the highest electrical conductivity of any element and the highest thermal conductivity of any metal...
patron of 23.91 grammes. It replaced the Chinese Haikwan tael, the local monetary system in common and regular use in Manchuria
Manchuria
Manchuria is a historical name given to a large geographic region in northeast Asia. Depending on the definition of its extent, Manchuria usually falls entirely within the People's Republic of China, or is sometimes divided between China and Russia. The region is commonly referred to as Northeast...
before the Mukden incident
Mukden Incident
The Mukden Incident, also known as the Manchurian Incident, was a staged event that was engineered by Japanese military personnel as a pretext for invading the northern part of China known as Manchuria in 1931....
, as legal tender
Legal tender
Legal tender is a medium of payment allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Paper currency is a common form of legal tender in many countries....
.
History
Initially bank notes and coinCoin
A coin is a piece of hard material that is standardized in weight, is produced in large quantities in order to facilitate trade, and primarily can be used as a legal tender token for commerce in the designated country, region, or territory....
s were produced mint
Mint (coin)
A mint is an industrial facility which manufactures coins for currency.The history of mints correlates closely with the history of coins. One difference is that the history of the mint is usually closely tied to the political situation of an era...
ed by the Bank of Japan
Bank of Japan
is the central bank of Japan. The Bank is often called for short. It has its headquarters in Chuo, Tokyo.-History:Like most modern Japanese institutions, the Bank of Japan was founded after the Meiji Restoration...
, but were later issued from the mint of the Central Bank of Manchou in the Manchukuo capital of Hsinking (now Changchun
Changchun
Changchun is the capital and largest city of Jilin province, located in the northeast of the People's Republic of China, in the center of the Songliao Plain. It is administered as a sub-provincial city with a population of 7,677,089 at the 2010 census under its jurisdiction, including counties and...
). Due to worldwide fluctuations in the price of silver during the 1930s, Manchukuo took the yuan off the silver standard
Silver standard
The silver standard is a monetary system in which the standard economic unit of account is a fixed weight of silver. The silver specie standard was widespread from the fall of the Byzantine Empire until the 19th century...
in 1935 and subsequently pegged
Fixed exchange rate
A fixed exchange rate, sometimes called a pegged exchange rate, is a type of exchange rate regime wherein a currency's value is matched to the value of another single currency or to a basket of other currencies, or to another measure of value, such as gold.A fixed exchange rate is usually used to...
the yuan to, and later reached approximate exchange parity with, the Japanese yen
Japanese yen
The is the official currency of Japan. It is the third most traded currency in the foreign exchange market after the United States dollar and the euro. It is also widely used as a reserve currency after the U.S. dollar, the euro and the pound sterling...
. In 1940 the Manchukuo yuan was being used to measure Manchukuo exports and imports to countries that included America, Germany and Japan.
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
Qing Dynasty
The Qing Dynasty was the last dynasty of China, ruling from 1644 to 1912 with a brief, abortive restoration in 1917. It was preceded by the Ming Dynasty and followed by the Republic of China....
rulers of China on the obverse. To keep up with the inflation
Inflation
In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the purchasing power of money – a...
ary pressures typically experienced by Japanese-controlled areas towards the end of World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
, a 1,000 yuan note was issued in 1944.
The Yuan was subdivided into 10 chiao
Jiao (currency)
Jiao , or Hou in Cantonese, is a unit of currency used in Greater China, including People's Republic of China , Republic of China , Hong Kong and Macao...
(角), 100 fen (分) or 1000 li (釐). Coin
Coin
A coin is a piece of hard material that is standardized in weight, is produced in large quantities in order to facilitate trade, and primarily can be used as a legal tender token for commerce in the designated country, region, or territory....
s 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
Standard Catalog of World Coins
The Standard Catalog of World Coins is a series of numismatic catalogs commonly known as the Krause catalogs in the numismatic hobby. They are published by Krause Publications, a division of F+W Publications.-Overview:...
" describes as "red or brown fiber", resembling cardboard. These are a rare example of non-metallic coins.
In 1948, after the end of World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
, approximately 12 billion yuan of Central Bank of Manchou notes were redeemed by the Tung Pei Bank.