🔗 Japanese Invasion Money

🔗 Military history 🔗 Numismatics 🔗 Military history/World War II 🔗 Indonesia 🔗 Japan 🔗 Military history/Asian military history 🔗 Military history/Japanese military history

Japanese invasion money, officially known as Southern Development Bank Notes (Japanese: 大東亜戦争軍票 Dai Tō-A Sensō gunpyō, "Greater East Asia War military scrip"), was currency issued by the Japanese Military Authority, as a replacement for local currency after the conquest of colonies and other states in World War II. In February 1942 in Japan, laws were passed establishing the Wartime Finance Bank and the Southern Development Bank. Both institutions issued bonds to raise funds. The former loaned money primarily to military industries, but also to a wide range of other ventures, including hydroelectric generators, electric power companies, shipbuilding and petroleum. The latter provided financial services in areas occupied by the Japanese military, and Southern Development Bank notes were in fact used as de facto military scrip. In December 1942, the outstanding balance of Southern Development Bank notes stood at more than 470 million; in March 1945, more than 13 billion.

Already engaged in war with China, in 1940 the Japanese expanded the scope of their military operations in Asia and finally entered the Second World War in late 1941 with the attack on Pearl Harbor. Japan invaded various Asian countries, occupying vast territories and setting up military administrations.

Beginning with the capture of the Philippines, the Japanese military confiscated all hard currency, both on a federal and individual level, replacing it with locally printed notes bearing a proclamation of military issue. All notes bore the name of the Imperial Japanese government, and some notes proclaimed the "promises to pay the bearer on demand". Called “Mickey Mouse Money" by local Filipinos, it was valueless after the overthrow of the Japanese, and tons of it were burned. Japanese troops were ordered to destroy bank records and any remaining currency prior to capitulation.

With the end of World War II, the currency circulated bearing the Japanese name immediately lost any value it once possessed and was discarded en masse. Money that was issued included the Philippines, Burma (now Myanmar), Malaya, North Borneo and Sarawak (now Malaysia), Singapore, Brunei, the Dutch East Indies (now Indonesia) and some areas of Oceania (New Guinea and the Solomon and Gilbert islands). Large amounts of the currency were obtained by Allied forces and civilians at the end of the war; many were kept as wartime souvenirs, and are now in both private and museum collections.