NNP

Japan Wartime Patriotic 5-yen bond, issued April 1942. Schwan-Boling 362. Jospeh Boling collection.

Issued by the Hypothec Bank of Japan (Nippon Kangyo Ginko). This bank held a quasi-governmental status and forwarded proceeds of bond sales, which were substantial, to the Japanese Finance Ministry in return for government bonds. This note sold for 5-yen in 1942 and could be redeemed for 5-yen in 1952. Bondholders reserved rights to receive an additional distribution based on a lottery, for which detailed rules are described on the back. Although high prizes attracted more people to purchase these bonds, top prizes were rarely won, and bonds were ridiculed as "protecting holders against bullets that never hit them."