The 1885 Daikoku 1 yen note is still legal tender in Japan. Its face value is 1 yen, and at 158.00 yen per US dollar (the rate on 16 October 2026), that is less than one US cent. Dealers list the same 140-year-old note for hundreds of dollars, and top-grade copies for thousands. Most old yen bills sit somewhere between those two prices. Where yours lands depends first on whether Japan still accepts it as money, then on what a collector will pay above face.
Are old yen bills still valid?
Most of them are. Under Japanese law, a Bank of Japan note stays legal tender once it has been issued, unless a special measure under the law voids it. The bank has issued 56 kinds of banknotes since 1885. Today 25 of them are valid and 31 are not.
So a 10,000 yen note with Shotoku Taishi on it, last issued in January 1986, still counts as 10,000 yen. The same goes for the 1984 notes with Fukuzawa, Nitobe and Natsume, which stopped being issued on 2 April 2007, and for the 2004 Fukuzawa, Higuchi and Noguchi notes. The newest notes came out on 3 July 2024, with Shibusawa Eiichi on the 10,000 yen, Tsuda Umeko on the 5,000 yen and Kitasato Shibasaburo on the 1,000 yen. For the full set of notes in use now, see our guide to yen denominations.
Which old Japanese notes are no longer legal tender?
The 31 void kinds lost their status in three steps. The first was a special conversion in 1927, after the Great Kanto Earthquake of 1923. The second was the “new yen” conversion of 1946. The third came in 1953, when all currency under 1 yen was voided, which took every sen note out of legal use.
A surprising number of older notes came through all three. The valid list still includes the 1 yen notes of 1885, 1889 and 1916, the 1943 1 yen note with Takenouchi, and the 1 yen note with Ninomiya. Post-war notes on the list include the 10 yen Diet Building note (issued 1946 to 1955), the 50 yen with Takahashi, the 100 yen with Itagaki (1953 to 1974) and the 500 yen with Iwakura Tomomi in both its 1951 and 1969 types.
The 100 yen Shotoku Taishi note of 1946 to 1956 needs a closer look, because it is valid only if it carries the red mark. The version without it is not legal tender.
How do you exchange old yen notes at the Bank of Japan?
You can exchange a valid but discontinued note at the Bank of Japan Head Office in Tokyo or at one of its branches across Japan. The bank asks you to contact it by email before you bring notes in, and the address is on its FAQ page (listed in the sources below).
The exchange is always at face value. A Shotoku 10,000 yen note comes back as 10,000 yen, about US$63.29 at the October 2026 rate. A 1946 10 yen note comes back as 10 yen. If a note has any collector appeal, the bank counter pays the lowest price you will find for it.
What is an old yen bill worth at today’s exchange rate?
In dollars, face value is small, because the yen is weak against the dollar. The Federal Reserve rate for 16 October 2026 was 158.00 yen per US dollar. Across that week the daily rate ran from 158.00 to 158.84. Rates move every day, so check the rate on the day you sell or exchange.
|
Face value |
In US dollars at 158.00 yen |
|
1 yen |
US$0.0063 |
|
10 yen |
US$0.063 |
|
1,000 yen |
US$6.33 |
|
2,000 yen |
US$12.66 |
|
5,000 yen |
US$31.65 |
|
10,000 yen |
US$63.29 |
For a longer view, the rate was fixed at 360 yen per dollar under the US occupation. A 10,000 yen note bought far more in dollars back then.
Why does the exchange rate only set the floor?
A valid note can always go back to the Bank of Japan for its face value, so face value at the day’s rate is the least it is worth. Collectors price the note itself: its series, its serial number and its condition. Our own Japan listings show the gap even on ordinary modern notes:
· 2024 1,000 yen, uncirculated: face US$6.33, listed at US$11.86
· 2000 2,000 yen, uncirculated: face US$12.66, listed at US$23.99
· 2004 10,000 yen, uncirculated: face US$63.29, listed at US$99.99
· 1946 10 yen, graded PMG 66 EPQ: face about US$0.06, listed at US$49.89
These are our asking prices, not sale records, and stock changes.
When is an old yen bill worth more than its face value?
A yen note earns a premium when it has something buyers look for: a special serial number, a high grade, a printing error, or an early date.
Does the serial number change a yen note’s value?
Yes, especially on new notes. A yen serial has two letters, six digits and one letter. The first notes printed in a series begin with AA. Once the serials run through to ZZ, they start again in a different color. The 2004 notes show this, with brown serials added in 2011 and 2014 and navy blue in 2019.
When the 2024 notes came out, buyers went after AA prefixes and repeated digits straight away. Some new AA-prefix 1,000 yen notes were reported to fetch a markup of 50 to 100 percent over face. A new 10,000 yen note with the same number repeated in its serial was reported sold for 70,000 yen, about US$443 at the October 2026 rate. A 5,000 yen note with the serial AA123456JS was reportedly bid past 200,000 yen, about US$1,200 at the time.
How much do condition and PMG grading matter?
Asking prices for the 1885 Daikoku 1 yen note (Pick 22) show how much. Ungraded copies are listed at US$125 and US$150. Copies graded PMG 25 (Very Fine) are listed at US$600 and US$650. One graded PMG 65 EPQ is listed at US$9,500, and one graded PCGS 58 PPQ at US$10,000. Every one of those notes has the same 1 yen face value. The difference in price comes from the grade.
Are misprinted or error yen notes worth more?
They can be. A 1946 10 yen government note (Pick 87a) with a gutter fold error, graded PMG 25, is listed online at US$299.99. Compare that with our normal 1946 10 yen note in a much higher grade, PMG 66 EPQ, at US$49.89. The error copy is in far worse condition and still asks much more. Keep in mind that a listing is what the seller hopes to get.
Which older series carry the biggest premium?
Among the notes we have prices for, the earliest ones on the valid list ask the most. The 1885 Daikoku 1 yen reaches US$9,500 to US$10,000 in top grades while still being legal tender for less than one US cent.
Collectors often label the post-war series with the letters A to F. Those letters are a collector convention, and the Bank of Japan does not use them. The discontinued 1 to 500 yen notes from 1946 to the 1980s are still valid, and they trade above face on the collector market.
Should you exchange your old yen or keep it?
Start with the face value in dollars. Any note below 500 yen is worth less than a dollar at 158.00, so taking it to the Bank of Japan gets you almost nothing. Keep it, or sell it to a collector.
A larger note is a closer call. A worn Shotoku 10,000 yen or a circulated 1984 Fukuzawa is worth US$63.29 at the bank, which is real money. Before you exchange one, check the serial for an AA prefix or a pattern, and look at the condition. A crisp, uncirculated note or a patterned serial is worth offering to collectors first.
Frequently asked questions
Are old yen bills still valid?
Most are. Of the 56 kinds of banknotes the Bank of Japan has issued since 1885, 25 are still legal tender, including the 1885 1 yen note. The 31 void kinds lost their status in the 1927 and 1946 conversions and the 1953 voiding of currency under 1 yen.
Are old yen bills worth anything?
Every valid note is worth at least its face value, which the Bank of Japan will pay. Many are worth more to collectors. Uncirculated 2004 10,000 yen notes are listed at US$99.99 against a face value of US$63.29, and graded 1885 1 yen notes are listed from US$600 to US$10,000.
How much is a 10,000 yen note worth today?
At face value it is US$63.29 at 158.00 yen per US dollar, the rate on 16 October 2026. Rates move daily, so check on the day. Uncirculated notes and notes with sought-after serials sell for more. A new 10,000 yen note with a repeated-number serial was reported sold for 70,000 yen.
How much is a 2000 yen bill worth?
Its face value is 2,000 yen, or US$12.66 at the October 2026 rate. The note was first issued on 19 July 2000 and is still legal tender. We list uncirculated examples at US$23.99.
How rare is a 2000 yen bill?
For collectors, what makes one 2,000 yen note scarcer than another is its condition and its serial. A circulated copy is worth its face value of US$12.66. Uncirculated copies list at US$23.99, and an AA prefix or patterned serial adds to that, as it does on other modern yen notes.
Is WWII Japanese currency worth anything?
Some of it is still legal tender. The 1943 1 yen note with Takenouchi is on the Bank of Japan list of valid notes, so its floor is 1 yen. Above that, value depends on the note and its condition. Our guide to the value of old Japanese paper money covers older issues.