|Calendar||Japanese – Meiji era|
|Value||1 Yen (1 JPY)|
Dragon within beaded circle, legends above, written value below
年 六 十 二 治 明 · 本 日 大
· 416·ONE YEN·900
Great Japan · Meiji Year 26
· 416·ONE YEN·900 ·
Denomination (in Japanese kanji text) surrounded by wreath and stylized chrysanthemum flower (Imperial Seal of Japan).
Silver (in Japanese kanji text) in circle countermarked on the left side of denomination
Translation: Silver 1 Yen
Existance of the countermarking due to Japan adopting gold standard in March of Meiji year 30 (1987), which resulted in price drop in silver, enabling oversea merchants exchange for gold from the government, leading to huge outflow of gold and inflow of silver.
By applying countermarks, the silver yen were able to export to Taiwan, Korea and southern Manchuria (in which at that time under Japanese control) for circulation,or sold as bullion in Shanghai or Hong Kong. At the same time, preventing countermarked silver yens returning Japan for further gold exchange.
Such measure enacted October 1897 but was cancelled in March the following year due to market confusion.