Banana money
Encyclopedia
Currency
In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...
issued by Imperial Japan during the Japanese occupation of Singapore
Japanese Occupation of Singapore
The Japanese occupation of Singapore in World War II occurred between about 1942 and 1945 after the fall of Singapore on 15 February 1942. Military forces of the Empire of Japan occupied Singapore after defeating the combined Australian, British, Indian and Malayan garrison in the Battle of Singapore...
, Malaya, North Borneo, Sarawak
Japanese occupation of Malaya, North Borneo and Sarawak
Throughout much of World War II, British Malaya, North Borneo and Sarawak were under Japanese occupation.The Japanese Empire commenced the Pacific War with the invasion of Kota Bahru in Kelantan on 8 December 1941 at 00:25, about 90 minutes before the Attack on Pearl Harbor in Hawaii at 07:48 on 7...
, and Brunei
Brunei
Brunei , officially the State of Brunei Darussalam or the Nation of Brunei, the Abode of Peace , is a sovereign state located on the north coast of the island of Borneo, in Southeast Asia...
between 1942 and 1945. The currency was also referred informally (and with more than a trace of contempt) as banana money (Malay
Malay language
Malay is a major language of the Austronesian family. It is the official language of Malaysia , Indonesia , Brunei and Singapore...
: duit pisang), named as such because of the motif
Motif (art)
In art, a motif is an element of a pattern, an image or part of one, or a theme. A motif may be repeated in a design or composition, often many times, or may just occur once in a work. A motif may be an element in the iconography of a particular subject or type of subject that is seen in other...
s of banana
Banana
Banana is the common name for herbaceous plants of the genus Musa and for the fruit they produce. Bananas come in a variety of sizes and colors when ripe, including yellow, purple, and red....
trees on 10 dollar banknote
Banknote
A banknote is a kind of negotiable instrument, a promissory note made by a bank payable to the bearer on demand, used as money, and in many jurisdictions is legal tender. In addition to coins, banknotes make up the cash or bearer forms of all modern fiat money...
s. The Japanese dollar was in widespread use within the occupied territories where the previous currency became a scarcity. The currency were referred to as "dollars" and "cents" like its predecessors, the Straits dollar
Straits dollar
The Straits dollar was the currency of the Straits Settlements from 1904 until 1939. At the same time, it was also used in the Federated Malay States, the Unfederated Malay States, Sarawak, Brunei, and British North Borneo.-History:...
and Malayan dollar
Malayan dollar
The dollar was the currency of the British colonies and protectorates in Malaya and Brunei until 1953. It was introduced in 1939, replacing the Straits dollar at par, with 1 dollar = two shillings four pence sterling .-Board of Commissioners of Currency, Malaya formed:The Malayan dollar was issued...
.
The Japanese dollar was one of several forms of Japanese invasion money
Japanese invasion money
Japanese Invasion Money, officially known as Southern Development Bank Notes, 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...
issued throughout the then newly expanded Empire of Japan
Empire of Japan
The Empire of Japan is the name of the state of Japan that existed from the Meiji Restoration on 3 January 1868 to the enactment of the post-World War II Constitution of...
. Similar currencies were issued in Japanese-occupied Burma
Japanese occupation of Burma
The Japanese occupation of Burma refers to the period between 1942 and 1945 during World War II, when Burma was a part of the Empire of Japan. The Japanese had assisted formation of the Burma Independence Army, and trained the Thirty Comrades, who were the founders of the modern Armed Forces...
(as the Japanese rupee
Burmese rupee
The rupee was the currency of Burma between 1852 and 1952, except for the years 1943-1945.-History:When Burma was conquered by the British, the Indian rupee replaced the kyat at par. From 1897, the government of India issued notes in Rangoon of the same general type as were issued in India but...
), the Dutch East Indies
Japanese Occupation of Indonesia
The Japanese Empire occupied Indonesia, known then as the Dutch East Indies, during World War II from March 1942 until after the end of War in 1945...
(as the Japanese guilder) and the Philippines
Second Philippine Republic
The Second Philippine Republic, officially known as the Republic of the Philippines , was a state in the Philippines established on October 14, 1943 under Japanese occupation....
(as the Japanese peso
Japanese government-issued Philippine fiat peso
During World War II in the Philippines, the occupying Japanese government issued fiat currency in several denominations; this is known as the Japanese government-issued Philippine fiat peso. The Japanese-sponsored Second Philippine Republic under Jose P...
).
History
Following the fall of SingaporeBattle of Singapore
The Battle of Singapore was fought in the South-East Asian theatre of the Second World War when the Empire of Japan invaded the Allied stronghold of Singapore. Singapore was the major British military base in Southeast Asia and nicknamed the "Gibraltar of the East"...
into the hands of Imperial Japan on 15 February 1942, the Japanese introduced new currencies as a replacement of those previously in use in the occupied territories of Malaya
British Malaya
British Malaya loosely described a set of states on the Malay Peninsula and the Island of Singapore that were brought under British control between the 18th and the 20th centuries...
, North Borneo
North Borneo
North Borneo was a British protectorate under the sovereign North Borneo Chartered Company from 1882 to 1946. After the war it became a crown colony of Great Britain from 1946 to 1963, known in this time as British North Borneo. It is located on the northeastern end of the island of Borneo. It is...
, Sarawak
Sarawak
Sarawak is one of two Malaysian states on the island of Borneo. Known as Bumi Kenyalang , Sarawak is situated on the north-west of the island. It is the largest state in Malaysia followed by Sabah, the second largest state located to the North- East.The administrative capital is Kuching, which...
and Brunei
Brunei
Brunei , officially the State of Brunei Darussalam or the Nation of Brunei, the Abode of Peace , is a sovereign state located on the north coast of the island of Borneo, in Southeast Asia...
. The new currency in Malaya and Singapore were issued with the same value as the Malayan dollar
Malayan dollar
The dollar was the currency of the British colonies and protectorates in Malaya and Brunei until 1953. It was introduced in 1939, replacing the Straits dollar at par, with 1 dollar = two shillings four pence sterling .-Board of Commissioners of Currency, Malaya formed:The Malayan dollar was issued...
, and first entered circulation in 1942. As with other currencies issued by Japan in occupied territories, local residents were forced to adopt this type of currency, while existing coins were allowed until a shortage of coins required the Japanese administration release issued notes for cents.
To supply the authorities with money whenever they required it, they simply printed more notes. This resulted in hyperinflation
Hyperinflation
In economics, hyperinflation is inflation that is very high or out of control. While the real values of the specific economic items generally stay the same in terms of relatively stable foreign currencies, in hyperinflationary conditions the general price level within a specific economy increases...
and a severe depreciation
Depreciation
Depreciation refers to two very different but related concepts:# the decrease in value of assets , and# the allocation of the cost of assets to periods in which the assets are used ....
in value of the banana note. Moreover, counterfeit
Counterfeit
To counterfeit means to illegally imitate something. Counterfeit products are often produced with the intent to take advantage of the superior value of the imitated product...
ing was rampant due to its lack of a serial number on many notes. Increasing inflation coupled with Allied disruption of Japan's economy forced the Japanese administration to issue banknotes of larger denominations and increase the amount of money in circulation. Sharp drops in the currency's value and increased price of goods frequently occurred following a Japanese defeat in battle abroad.
Surrender of Japan
The surrender of Japan in 1945 brought hostilities of World War II to a close. By the end of July 1945, the Imperial Japanese Navy was incapable of conducting operations and an Allied invasion of Japan was imminent...
, the currency became entirely worthless, and to this day the Japanese government has refused to exchange these currencies. Some locals managed to escape poverty because they had hidden Straits dollar
Straits dollar
The Straits dollar was the currency of the Straits Settlements from 1904 until 1939. At the same time, it was also used in the Federated Malay States, the Unfederated Malay States, Sarawak, Brunei, and British North Borneo.-History:...
s and Malayan dollar
Malayan dollar
The dollar was the currency of the British colonies and protectorates in Malaya and Brunei until 1953. It was introduced in 1939, replacing the Straits dollar at par, with 1 dollar = two shillings four pence sterling .-Board of Commissioners of Currency, Malaya formed:The Malayan dollar was issued...
s, the previous currencies before the Japanese invaded. Those with hidden stashes of the old dollars were thus able to use them the moment the British resumed control of Singapore and surrounding colonies, when they became valid again. A number of surviving banknotes were stamped as war souvenirs, while its use as printing paper for rudimentary calendars for 1946 was also recorded.
The present value of the currency as a collector's item remains mixed depending on their condition, the presence of serial numbers, the use of woven paper, and their use as specimens
Specimen banknote
A specimen banknote is printed to as a way of checking to see whether or not the design is suitable for putting into full production as a currency issue....
. Common notes lacking serial numbers are still worth below their printed value, while rarer versions are worth slightly over or several times their printed value. Notes stamped as war souvenirs are currently rare, while notes with 1946 calendar overprints fetch about RM
Malaysian ringgit
The Malaysian ringgit is the currency of Malaysia. It is divided into 100 sen...
3,000 (as of September 2006).
Ten dollar-sized leaflets reprinting the ten dollar note's obverse were also airdropped by British air forces during the Japanese occupation as a warning to the population on the potential worthlessness of the currency in the event of Japanese defeat. Fear among the population of possessing the leaflet lead to the their rarity and present high value (at an estimated RM3,000 as of September 2006).
Banknotes
The currency was released solely in the form of banknoteBanknote
A banknote is a kind of negotiable instrument, a promissory note made by a bank payable to the bearer on demand, used as money, and in many jurisdictions is legal tender. In addition to coins, banknotes make up the cash or bearer forms of all modern fiat money...
s, including cents. The notes retain certain features that were common among preceding currencies, such as the use of the dollar and cent currency name, albeit without the use of their respective currency symbols ($ and ¢). However, the languages used on the notes were reduced to English
English language
English is a West Germanic language that arose in the Anglo-Saxon kingdoms of England and spread into what was to become south-east Scotland under the influence of the Anglian medieval kingdom of Northumbria...
, and Japanese
Japanese language
is a language spoken by over 130 million people in Japan and in Japanese emigrant communities. It is a member of the Japonic language family, which has a number of proposed relationships with other languages, none of which has gained wide acceptance among historical linguists .Japanese is an...
at the lower edge of the notes. Each note bears different obverse and reverse designs but retains similar layouts. Intended for circulation in Malaya, Singapore, Brunei, Sarawak and North Borneo, the notes were marked with stamped block letters that begin with "M" for "Malaya".
1, 5 and 10 dollars (1942)
The first series of notes were originally of lower denominations of 1, 5 and 10 dollars, issued in 1942. Each bear different obverse and reverse designs but retain similar layouts, with the obverse illustrating plantation crops. Additional 10 dollar notes were printed in 1944.| First Series | ||||||
|---|---|---|---|---|---|---|
| Image | Value | Main Colour | Description | Date of issue | ||
| Obverse | Reverse | Obverse | Reverse | |||
| $1 | Blue | Bank value in Arabic numerals Arabic numerals Arabic numerals or Hindu numerals or Hindu-Arabic numerals or Indo-Arabic numerals are the ten digits . They are descended from the Hindu-Arabic numeral system developed by Indian mathematicians, in which a sequence of digits such as "975" is read as a numeral... and English; "The Japanese Government" text in English, stamped block letters. |
Bank value in Arabic numerals. | 1942 | ||
| $5 | Brown | Bank value in Arabic numerals and English; "The Japanese Government" text in English, stamped block letters. | Bank value in Arabic numerals. | 1942 | ||
| $10 | Grey | Bank value in Arabic numerals and English; "The Japanese Government" text in English, stamped block letters. | Bank value in Arabic numerals, illustration of the sea from a coastline. | 1942, 1944 | ||
Cents (1942)
In September 1942, non-serialised currency notes were issued in denominations of 1, 5, 10 and 50 cents as a response to a shortage of old coins. The cent notes were of a simpler design, lacking plantation crops on the obverse; the 50 cent note is an exception. The cent notes are noticeably smaller than dollar notes.| First Series | ||||||
|---|---|---|---|---|---|---|
| Image | Value | Main Colour | Description | Date of issue | ||
| Obverse | Reverse | Obverse | Reverse | |||
| 1¢ | Blue | Bank value in Arabic numerals and English; "The Japanese Government" text in English, stamped block letters. | Bank value in Arabic numerals. | September 1942 | ||
| 5¢ | Brown | Bank value in Arabic numerals and English; "The Japanese Government" text in English, stamped block letters. | Bank value in Arabic numerals. | September 1942 | ||
| 10¢ | Grey | Bank value in Arabic numerals and English; "The Japanese Government" text in English, stamped block letters. | Bank value in Arabic numerals. | September 1942 | ||
| 50¢ | Brown | Bank value in Arabic numerals and English; "The Japanese Government" text in English, stamped block letters. | Bank value in Arabic numerals. | September 1942 | ||
100 and 1000 dollars (1944)
Worsened economic conditions in the following years forced the Japanese government to begin printing notes of larger denominations of 100 and 1000 dollars in 1944. The 100 dollar notes were printed in two dramatically different versions, while the 1000 dollar note were available in only one version. Illustration on the notes center more around images of rural life. The 100 and 1000 dollar notes were the last new notes introduced before the surrender of Imperial Japan in August 1945.| First Series | ||||||
|---|---|---|---|---|---|---|
| Image | Value | Main Colour | Description | Date of issue | ||
| Obverse | Reverse | Obverse | Reverse | |||
| $100 | Brown | Bank value in Arabic numerals and English; "The Japanese Government" text in English, illustration of rural life, stamped block letters. | Bank value in Arabic numerals, illustration of rural life. | 1944 | ||
| $100 | Brown obverse, green reverse | Bank value in Arabic numerals and English; "The Japanese Government" text in English, illustration of a rubber estate, stamped block letters. | Bank value in Arabic numerals, illustration of rural life. | 1944 | ||
| $1000 | Brown | Bank value in Arabic numerals and English; "The Japanese Government" text in English, illustration of rural life, stamped block letters. | Bank value in Arabic numerals, illustration of rural life. | 1944 | ||