1 Yen in Silver

The Bank of Taiwan was established in 1899 specifically as a colonial financial institution following Japan's acquisition of Taiwan under the Treaty of Shimonoseki in 1895. This note belongs to the bank's inaugural series — the very first paper currency issued under the new colonial banking authority, which was granted monopoly powers over Taiwan's currency and also operated extensively in southern China and Southeast Asia as Japan's commercial foothold in the region.

The silver convertibility promise on this note was real but short-lived. Specie redemption became increasingly nominal as the bank's operations expanded well beyond any reasonable silver reserve base.