SCAPIN-8/1: LEGAL TENDER
GENERAL HEADQUARTERS
SUPREME COMMANDER FOR THE ALLIED POWERS
APO 500
3 July 1948
AG 123
(6 Sept 45)
ESS/FIN
(SCAPIN 8/1)
| MEMORANDUM FOR | Japanese Government |
|---|---|
| SUBJECT | Legal Tender |
1. Reference is Memorandum for Japanese Government from General Headquarters, Supreme Commander for the Allied Powers, file AG 123 (6 Sep. 45) MG, SCAPIN 8, 6 September 1945, subject: Legal Tender.
2. Effective 15 July 1948, paragraphs 1a and 1b of reference memorandum are rescinded.
3. Any amounts of supplemental yen (Type “B”) turned in to the Japanese Government from time to time by the General Headquarters, Supreme Commander for the Allied Powers, will be exchanged for Bank of Japan notes on a one for one basis.
FOR THE SUPREME COMMANDER:
/s/ R.M. Levy
/t/ R.M. LEVY
Colonel, A.G.D.,
Adjutant General
MEMO FOR RECORD: (SCAPIN8/1)
WKL/TEB/ah
24 June 1948
1. Memo for the Japanese Government, file AG 123, 6 September 1945, SCAPIN 8, subject: Legal Tender, directs the JG to effect immediately as a law, decree or other appropriate measure that:
a. Supplemental Military Yen Currency marked "B" issued by the Military Occupation Forces is legal tender in Japan in payment of all yen debts, public or private.
b. Supplemental Type "B" yen currency shall be equivalent in all respects and of interchangeable face value for Bank of Japan and Japanese state notes and coins.
2. In accordance with this directive, the JG took appropriate steps and Type"B" yen currency has been legal tender in Japan. It is now proposed to establish a distinct Ryukus currency by approximately 15 July 1948. It is proposed to withdraw all Bank of Japan notes from circulation in the Ryukus and to replace them with Type "B" yen notes. In order to make this program effective, it is necessary to rescind that portion of reference memorandum which directs that Type "B" yen be legal tender in Japan.
3. In order to continue the obligation of the JG with respect to all Type "B" yen which has been issued by the Occupation authorities, an additional paragrah is considered necessary which requires the JG to exchange Type "B" yen upon demand for Bank of Japan yen on a one for one basis.
4. The interests of Korea are not affected.
5. Concurrences: FD (Col. H.S. Ruth) See attached C/N.
6. Surveillance by Eighth Army unnecessary.
W.K.L.
