Japan's monetary system is based on the yen. The yen was introduced to Japan in 1871. The term "yen" means round in Japanese. This was because the Japanese coins were round. Yen have been issued as coins and bank notes. In 1885, bank notes were issued by the Bank of Japan.
There are different types of Japanese bank notes. There is the 1,000 sen-en bank note, which is worth approximately 11.25 U.S. Dollars. The pre-2004 1,000 yen note has featured the writer, Natsume Soseki, and the post-2004 1,000 yen note features the bacteriologist, Noguchi Hideyo. There is also a 5,000 yen note, which is worth approximately 56.26 U.S. Dollars. The pre-2004 5,000 yen note has featured the Meiji/Taisho Period educatior Nitobe Inazo. The post-2004 5,000 yen note features female novelist, Higuchi Hideyo. Finally, there is the 10,000 yen note that is worth approximately 112.52 U.S. Dollars. Both the pre-2004 and the post-2004 10,000 yen note features the Meiji Period educator Fukuzawa Yukichi. Besides these 3 different types of yen notes, the Japan government issued the 2,000 yen note to spark the economy in 2000. The 2,000 yen note is worth approximately 22.50 U.S. Dollars. However, it is rare to see these notes in action. This is similar to the U.S. $2 bill. It was issued, and you can spend it; however, no one really uses it.
The thing that is fascinating about the Japanese Yen notes, is that it is similar, but different to the United States dollar. What is similar about it is the 1000 bank note is similar to the U.S. $10 bill, the 5000 note is similar to the U.S. $50 bill, and the 10000 note is similar to the U.S. $100 bill, however these Japanese notes are worth more than those bills. Also, the Japanese notes do not have the presidents on them, like the United States. The Japanese have their educators and their scientists on their bank notes, which says something about the Japanese. We have our war heroes and our presidents on ours.
The Japanese has the same amount of coins as the United States does. The United States has the penny, nickel, dime, quarter, half-dollar, and dollar coins, whereas the Japanese have the 1, 5, 10, 50, 100, and 500 yen coins. The 1 yen coin is made of aluminum, and is pictured on the far right. The 1 yen coin is worth a little bit more than 1 American penny. The 5 yen coin is made of copper, and is the fifth coin pictured. The 5 yen coin is worth almost 6 American cents. The 10 yen coin is made of bronze (the fourth on the picture above), and is worth 11 American cents. The 50, 100, and 500 yen are all made of nickel, and they are also worth more than their American counterpart. The 50 yen is worth 56 American cents, the 100 yen is worth $1.12 in United States dollars and the 500 yen is worth $5.62 U.S. dollars. These values are very interesting, because when you start comparing the U.S. Dollar to the Japanese Yen, the Yen is actually worth more. Also the Yen starts at 1 where as the USD starts at .01. That also fools people in thinking that the U.S. Dollar is worth more than the Yen.
Well, thank you for reading my post. Stay tuned for next week!
Sources:
Japan-Zone (http://www.japan-zone.com/new/money.shtml
XE:The World's Favorite Currency Site (http://xe.com)
Nice post! I enjoyed reading this and I was fooled by the different numbering of the yen! I always thought because 1000 yen was only 100 something dollars that our money was more vauble, but I never knew the yen starts at 1 compared to our .01 can't wait to read th next post!
ReplyDeleteGood post! It was very interesting. I did not know that Japan has the same amount of coins as we do.
ReplyDeleteInteresting post! That was a good little trivia fact about what the word "yen" means and how it came about for the name of Japan's currency. You included alot of good information about Japan's monetary system!
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