Bank of Japan 200 Yen "Specimen" Banknote, Showa 20 (1945), PMG Choice About Uncirculated 58 EPQ | Pick #43As3, Small "Specimen" Overprint, Rare Post-War Japanese Official Specimen Note with Regular S/N | GoldSilverJapan

 The 200 yen "Specimen" banknote, produced by the Bank of Japan in 1945 for post-war financial system management and internal management, education, and verification purposes, is an official sample note that holds an extremely important position in the history of modern Japanese banknotes. This banknote is registered as Pick #43As3 in the International Banknote Catalog and is not a banknote issued for general circulation, but a special banknote produced as a sample and reference material for the Bank of Japan, the Printing Bureau, and related financial institutions. As such, the number of banknotes produced is incomparably smaller than that of regular circulation notes, and the number of copies released into the market is extremely limited. The copy we are presenting here has received a high rating of Choice About Uncirculated 58 EPQ from the Paper Money Guaranty (PMG), and the label clearly states **"Ovpt. Small 'Mi-hon'・Regular S/N". This means that it is a standard serial number note with a small red "Specimen" overprint that has been officially applied, and it has been certified as an official Bank of Japan sample note by a third-party appraisal organization. Furthermore, the EPQ (Exceptional Paper Quality) designation guarantees that the banknote is in perfect original condition, with the original paper quality intact. According to PMG's population data, there are only 8 banknotes certified as 58EPQ, and only 6** higher grade banknotes**, making this particular note an extremely rare specimen that ranks among the very best in the world. GoldSilverJapan showcases historical banknotes from around the world, but this banknote is of extremely high value from the perspectives of a Bank of Japan sample note, Japanese financial history, post-war history, and world banknote collections.

 The obverse design features a refined and dignified aesthetic characteristic of post-war Japanese banknotes. On the right side, instead of the widely known ancient Chinese philosopher Sugawara no Michizane, a portrait of the Confucian scholar Confucius is depicted, expressing respect for Eastern thought that greatly influenced Japanese culture. The portrait was created using precise intaglio printing, and even the long beard and the fine lines of the clothing are beautifully reproduced. The characters "200 yen" are prominently placed in the center, surrounded by intricate guilloché patterns and plant motifs, showcasing the high level of printing technology typical of Japanese banknotes. Furthermore, the entire banknote is overprinted with the word "sample" in red, and the word "sample" in red is also placed on the left and right sides. As indicated on the PMG label, this particular banknote is a Small "Mi-hon" type, and because it has different specifications from the large overprinted version, it is popular among collectors who collect the finer variations among Japanese banknote sample notes. Furthermore, the central section features a punch cancellation, a characteristic unique to sample bills, confirming that this is an official measure to prevent their diversion into general circulation. These features, which are not present in normally circulating bills, are important elements that demonstrate the authenticity of the sample bill and serve as historical evidence that conveys the Bank of Japan's management system to this day.

 The reverse side features an extremely striking monochrome red design, boasting exceptional decorative qualities even among Bank of Japan notes. Large red "Sample" lettering is prominently overprinted in the center, surrounded by elegant arabesque and geometric patterns arranged symmetrically. The English text "200 YEN" is located at the bottom, reflecting an international focus for easy identification abroad. The red overprinting on both sides indicates that the Bank of Japan officially managed this as a sample note, clearly distinguishing it from circulating banknotes. Punch cancellation marks are also visible on both sides, confirming its official specification as a sample note. This particular note has been assigned **Exceptional Paper Quality (EPQ)** by the PMG, meaning no artificial processing such as cleaning or restoration has been observed, and the original paper quality remains intact. The Choice About Uncirculated rating of 58 indicates a near-mint condition, reflecting high praise for its vibrant printing, natural paper color, excellent margins, and minimal creases or damage. Since these sample tickets were not originally intended for circulation, some are in good condition. However, very few have been preserved with their EPQs attached even after nearly 80 years since the end of the war, and they are highly valued in the international market.

 1945 (Showa 20) was a historical turning point in Japan, marking the end of World War II and a period of significant political, economic, and financial transformation. The Bank of Japan produced official sample banknotes for internal training, currency identification, authenticity verification, and explanatory materials for financial institutions, in response to the transition to the new financial system. These were not distributed to the general public but only to a limited number of institutions, including government agencies, the Bank of Japan, the Printing Bureau, and designated financial institutions. Therefore, it is believed that many were collected and discarded after their purpose was fulfilled. As a result, very few sample banknotes remain today, and most of the existing examples are held by renowned collectors, museums, and research institutions around the world. In particular, Bank of Japan sample banknotes from around 1945 are considered important historical documents symbolizing Japan's postwar reconstruction and financial reforms, and their value is increasing year by year not only in Japan but also in international markets such as the United States, Europe, China, and Hong Kong. Because sample banknotes differ from regular banknotes in their limited market circulation, official 200-yen banknotes are treated as something exceptional. These banknotes are not merely collectibles; they are also historical documents possessing cultural value, conveying the institutional history of the Bank of Japan, the history of printing technology, and the history of financial administration.

 The PMG Choice About Uncirculated 58 EPQ rating this particular banknote has received is extremely high in the global currency market. A rating of 58 indicates a near-mint condition, meaning that, aside from minor storage marks, it retains almost the same appearance as when it was issued. Furthermore, the EPQ designation guarantees the original paper quality, and a third-party organization has certified that no artificial treatments such as cleaning or repairs have been performed. The greatest appeal of this particular banknote lies in its PMG public population. Only eight banknotes have received the 58 EPQ certification, and only six in the world have a higher grade. This number indicates that this banknote is in the highest class of preservation on the global market, confirming its extreme rarity among Bank of Japan sample banknotes. In recent years, Bank of Japan sample banknotes have seen rising auction prices, and PMG-certified and EPQ-certified banknotes, in particular, are in high demand from collectors worldwide. At GoldSilverJapan, we carefully select and present world-class banknotes that possess rarity, historical significance, artistic merit, and excellent condition. This particular banknote is a masterpiece that we confidently recommend as a representative piece of our collection of modern Japanese banknotes.

 FAQ

 Q. Is this a 200 yen bill that actually went into circulation?
 A. No. These are official sample banknotes produced by the Bank of Japan and are not for general circulation.

 Q. What is the Pick number?
 A. Pick #43As3.

 Q. When was it published?
 This is a sample ticket from A. ND (1945, Showa 20).

 Q. What is the PMG grade?
 A. Choice about Uncirculated 58 EPQ.

 Q. What is EPQ?
 A. This is an abbreviation for Exceptional Paper Quality, and it is a rating given only to banknotes that have maintained their original paper quality.

 Q. What does "Ovpt. Small “Mi-hon”" mean?
 A. This refers to an official sample ticket specification with a small red "sample" overprint.

 Q. What is Regular S/N?
 A. This indicates that it is a sample voucher with a standard printed serial number.

 Q. Why are punch cancel holes made?
 A. This is an official invalidation measure taken by the Bank of Japan on sample banknotes to prevent their use in general circulation.

 Q. Who is depicted on the surface?
 A. A portrait of Confucius is used.

 Q. Are sample tickets rare?
 A. Yes. Distribution was limited, and many were collected and discarded, so very few remain today.

 Q. How rare is it in the PMG population?
 A. There are 8 58EPQ certified boards, and only 6 boards of an even higher grade.

 Q. Is it a popular investment target?
 A. Yes. Official sample banknotes from the Bank of Japan are in high demand in the global market and are attracting attention in the long term.

 Q. Is it popular among overseas collectors as well?
 A. Yes. The Bank of Japan's SPECIMEN banknotes are highly valued by banknote collectors around the world.

 Q. Is the serial number the same as the one in the image?
 A. The individual shown on this page has serial number 622739.

 Q. What types of banknotes does GoldSilverJapan handle?
 A. We offer a carefully selected collection of Bank of Japan sample notes, PMG/PCGS graded banknotes, rare banknotes from around the world, and historical banknotes.

 This includes items such as Japan Bank of Japan 200 Yen Specimen, Pick 43As3, PMG 58 EPQ, Mi-hon Note, Bank of Japan Sample Note, 200 Yen Banknote, Showa 20 Banknote, Bank of Japan Note, PMG Graded Banknote, GoldSilverJapan, etc.