Bank of Japan 200 Yen "SPECIMEN" Banknote, Showa 20 (1945), PMG Choice Uncirculated 64 | Pick #43As3, Small "Specimen" Overprint, Official Bank of Japan Sample Note with Regular S/N | GoldSilverJapan

 The 200 yen "SPECIMEN" banknote produced by the Bank of Japan in 1945, shortly after the end of World War II, is an official sample note that possesses both exceptional rarity and historical significance in the history of Japanese banknotes. This banknote is registered as Pick #43As3 in the Standard Catalog of World Paper Money and was not intended for general circulation. Instead, it was an official sample note used by the Bank of Japan, the Ministry of Finance, the Printing Bureau, and financial institutions for the purpose of identifying, educating, managing, and verifying the authenticity of banknotes. Unlike regular circulating banknotes, only a very limited number were produced, so very few examples remain today and are highly valued by collectors worldwide. The example presented here has received a high rating of Choice Uncirculated 64 from the Paper Money Guarantee (PMG). The label reads **"Ovpt. Small 'Mi-hon'・Regular S/N", confirming that it is an official Bank of Japan sample note with a small red "specimen" overprint and that it has a regular serial number. This particular banknote has serial number 622738, and according to PMG's publicly available data, only two banknotes in the world have a rating of 64, and only four have a higher grade**, making it extremely rare. In other words, this banknote is an official sample note in the highest class of preservation among Pick #43As3 banknotes existing on the global market, and holds an important position not only in Japanese banknote collections but also in global banknote collections. GoldSilverJapan carefully selects and introduces rare banknotes like this one, which possess both historical value and international acclaim.

 The obverse design is a sophisticated design representative of the Bank of Japan's post-war banknote series. On the right side is a portrait of Confucius, the ancient Chinese philosopher, chosen as a figure who greatly influenced Japanese culture and educational thought. The portrait, created using precise intaglio printing, is meticulously engraved, from his long beard and clothing to his facial expression, symbolizing the advanced printing technology of Bank of Japan notes. The characters "200 yen" are prominently placed in the center, surrounded by complex guilloché patterns and decorative motifs, which also serve as a sophisticated anti-counterfeiting technique. Furthermore, the most distinctive feature of this particular banknote is the red "sample" overprint applied to the entire banknote, with the red "sample" text also printed on the left and right sides. This specification is the Small "Mi-hon" type, as indicated on the PMG label, and indicates that it is an officially produced sample banknote by the Bank of Japan. In addition, a Punch Cancel (invalidation perforation) is made in the center, a hole made as a formal procedure to prevent general circulation. This punch cancellation is a unique feature of this sample note and a crucial element that clearly distinguishes it from circulating banknotes. The combination of red overprinting and perforation, which is not seen on regular banknotes, gives this banknote not merely the value of a banknote, but also historical material that supported the operation of the Bank of Japan's system.

 The reverse side features a beautiful design based on a single red color, with the word "Specimen" prominently displayed in the center. Symmetrical arabesque and plant motifs are precisely arranged around it, highlighting the high level of artistry characteristic of Bank of Japan banknotes. "200 YEN" is printed in English at the bottom, making it easily identifiable internationally. The red "Specimen" overprint is present on both sides, and the matching Punch Cancel clearly indicates its authenticity as a SPECIMEN note. The PMG's "Choice Uncirculated 64" rating signifies virtually unused condition, reflecting the exceptionally high praise for the overall crisp printing, natural paper color, sharp corners, and beautiful margins. While there is no EPQ designation, the 64 uncirculated grade itself is highly valued in the market, placing this Bank of Japan sample note in among the world's best-preserved condition. Even nearly 80 years after the war, such well-preserved examples are extremely rare, attracting considerable attention in the auction market. It is also valued as an excellent cultural document that conveys to the present day the technical capabilities of the Printing Bureau and the quality of Bank of Japan banknotes.

 1945 marked a historic turning point for Japan with the end of the war, and the financial system also underwent a major transformation. The Bank of Japan distributed sample banknotes to various financial institutions and government agencies to establish a new post-war currency management system, which were used for banknote identification, education, operational training, and authenticity determination. These sample banknotes were not intended for the general public but were used only as internal documents for a limited number of institutions, so the number distributed was very small, and it is believed that most were later recalled and destroyed. As a result, the number of surviving banknotes is extremely limited, and today they are important historical documents housed in prestigious collectors, museums, art galleries, and research institutions around the world. In particular, Bank of Japan SPECIMEN banknotes from around 1945 are highly valued both domestically and internationally as historical documents that tell the story not only of Japanese financial history but also of post-war reconstruction, printing technology, and administrative history. Banknote collectors around the world, including in Japan, the United States, Europe, China, Hong Kong, and Singapore, are interested in them, and in recent years, prices have continued to rise at international auctions. Unlike regular circulating banknotes, official sample banknotes have an extremely limited supply, making them a category that attracts great interest whenever they appear on the market.

 The greatest appeal of this particular banknote lies in its excellent condition and international rarity. According to PMG public population data, only two of these banknotes in the world have been certified as Choice Uncirculated 64, and even fewer as higher grades, totaling an extremely small number. In other words, this banknote boasts one of the finest condition among all Pick #43As3 banknotes in the world. Its Regular S/N specification with serial number 622738, the presence of a small "sample" overprint, its status as an official Bank of Japan SPECIMEN, and its third-party authentication by PMG all greatly enhance its credibility in the international market. In recent years, overseas demand for Bank of Japan SPECIMEN banknotes has been rapidly expanding, and high-grade PMG-certified banknotes, in particular, tend to fetch high prices worldwide. GoldSilverJapan provides accurate information not only on the historical background of Japanese banknotes but also on their rarity and collectible value in the international market, offering valuable resources for long-term collection building. This banknote is a world-class collector's item, possessing multiple appealing features: it is an official Bank of Japan sample note, a piece of modern Japanese currency, a history of Japanese finance, a PMG-certified banknote, and a SPECIMEN notebook.

 FAQ

 Q. Is this a 200 yen bill that was in general circulation?
 A. No. These are official SPECIMEN banknotes produced by the Bank of Japan for educational, administrative, and identification purposes.

 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 Uncirculated 64.

 Q. What is "Ovpt. Small “Mi-hon”"?
 A. This refers to the specifications of an official Bank of Japan sample banknote with a small red "sample" overprint.

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

 Q. What is Punch Cancel?
 A. These are invalidation perforations made by the Bank of Japan on official sample banknotes to prevent them from being circulated.

 Q. Who is the person depicted on the surface?
 A. Confucius is depicted.

 Q. Is this banknote rare?
 A. Yes. It is an official sample banknote from the Bank of Japan, and is a rare banknote with very few existing copies.

 Q. How rare is it in the PMG population?
 A. Only two PMG64 certified cards exist worldwide, and even fewer, only four with a higher grade.

 Q. Is it a popular investment target?
 A. Yes. Bank of Japan SPECIMEN banknotes are highly popular in the international market and attract attention due to their rarity.

 Q. Is it popular among overseas collectors as well?
 A. They are very popular. PMG-certified Bank of Japan sample banknotes are in demand worldwide.

 Q. What is the serial number?
 A. The individual shown on this page has serial number 622738.

 Q. What types of banknotes does GoldSilverJapan handle?
 A. We specialize in handling Bank of Japan sample notes, PMG/PCGS graded banknotes, rare banknotes from around the world, and historical banknotes.

 The following are valid: Japan Bank of Japan 200 Yen Specimen, Pick 43As3, PMG 64, SPECIMEN Note, Bank of Japan Sample Note, 200 Yen Banknote, Showa 20 Banknote, Confucius Banknote, PMG Certified Banknote, GoldSilverJapan, etc.