Minbusho-satsu is a bank note issued by the Minbusho (Ministry of Popular Affairs) of the Meiji government from November 15, 1869 to the next year. It was a complementary bank note to the Dajokan-satsu issued by the Daijokan (Grand Council of State).
After the Meiji government was established, the 5 kinds (10 ryo, 5 ryo, 1 ryo, 1 bu, 1 shu) of Dajokan-satsu (Kinsatsu, a golden bank note) were issued as an alternative to the currency issued by the Edo bakufu (Japanese feudal government headed by a shogun), but only expensive Kinsatsu were issued in order to complement public finance, and 1 bu or 1 shu were rarely issued, so they could not accommodate public demand. That's why a total of 7.5 million ryo consisted of 4 kinds of bank notes, 2 bu, 1 bu, 2 shu and 1 shu were issued by the Minbusho. This is the Minbusho-satsu. Minbusho-satsu was used as a complement of Dajokan-satsu and for public demand, and 1 ryo of Minbusho-satsu could be exchanged for 1 ryo of Dajokan-satsu. However, it was available only for 5 years, until Dajokan-satsu would be circulated.
But, counterfeit bills of Minbusho-satsu and Dajokan-satsu were forged in various places because the foundation of the Meiji government was not strengthened enough. That made the Meiji government collect both Minbusho-satsu and Dajokan-satsu. Exchange for the new bank note (Meiji Tsuho) issued in 1871 was started, and when the regulation of Kinsatsu exchange government securities was issued on March 30, 1873, Minbusho-satsu and Dajokan-satsu were renovated in exchange for the public bond bearing 6% interest a year as a general rule, they were started to be collected properly. After that, on June 30, 1876, Okura-sho (Ministry of the Treasury) notified that acceptance and exchange of Minbusho-satsu would be halted, but it took a long time to collect, finally, a deadline was set on September 30, 1878, and the acceptance and exchange was halted. The collection was almost completed including the liquidation by the following year, 1879.