Japan's first banknotes, called Yamada Hagaki (山田羽書), were issued around 1600 by Shinto priests also working as merchants in the Ise-Yamada (modern Mie Prefecture), in exchange for silver.
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Following the condemnation and death of the daimyo Asano Naganori, for example, Ōishi Yoshio, a house elder in the Akō Domain (and later the leader of the Forty-seven Ronin), ordered the redemption of scrip at 60% of face value.
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