Your Next Visit to Japan will be with The New Banknotes!

Japan’s redesigned banknotes have been in circulation since July 3rd! This change in the design is the first time in 20 years. Major banks in Japan begin offering exchanges for the new banknotes on July 3 or 4. The dimensions of the new notes remain unchanged from the previous banknotes. This will ensure an easier transition to new notes, as less adaptation is required to accept new designs. 

Based on previous experiences with new note introductions, the Bank of Japan estimates that approximately 60% of banknotes in circulation will be replaced with new designs within about a year. However, there is no expiration date for the current banknotes. Japanese law grants them “unlimited forced circulation,” meaning they will remain legal indefinitely unless specific legislative measures are taken.

Rare Serial Numbers and its Value for Collectors

Coin and currency expert, Mitsuhiro Takeuchi of Ginza Coin, has identified several serial number configurations that could make certain new banknotes particularly valuable to collectors. The rarest combinations include matching letters at the beginning and end with repeating numbers in between (e.g., AA111111AA) or numbers below 100 with matching letters. Other sought-after patterns include sequential numbers.

In the past, rare serial numbers have commanded significant premiums. For instance, a 5,000 yen note with the serial number A888888A was auctioned for 820,000 yen, representing a 164-fold increase over its face value.

This currency update marks a significant moment for Japan’s economy, blending technological advancements with traditional elements in its new banknote designs. While the transition may take some time, both new and old notes will coexist in circulation, ensuring a smooth adaptation for the public.

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