After the Japanese successfully defeat the British Army in Malaya, all the local people are required to change their Straits Malaya money to the Japanese Invasion Money(JIM) at 1 Straits dollar for 1 JIM dollar.
If you don't know what is a JIM banknote here is my youtube video :
The reasons the Japanese army forcing all the locals to surrender those straits Malaya money because back than most of the straits Malaya money use by the common folk is silver coin and copper coin which are valuable precious metals for the war effort. Banknotes are only use in office or high ranking government officers. Second, it is common practice to issue own money at your occupied territory as money represent your own power over that area.
Most people surrender their Straits Malaya money because failure to do so will result in getting your head cut if you are caught holding the Straits Malaya money. But Because the Japanese did not control how much JIM banknote to print due to their need to buy our raw material for their war effort, hyperinflation happen. This is why our grandparents tell us how hard life is during the Japanese Occupation.
As the Japanese begin to lose the war, the British begin to drop this $10-note leaflets carried notice in Malay, Jawi and Chinese printed in red on the back and had Malay words written obliquely across the front, which meant "The Japanese invasion currency will perish with the demise of the Japanese ". The tri-language notice meant " The Japanese had been driven out of Burma and their invasion notes had been annulled. When the British return to Malaya, the straits currency will retain its value, but the Japanese currency will perish together with the demise of the Japanese ." At the bottom of the Jawi, test is a serial number SMA/39. The airdrop was made before the Japanese surrendered. As such, the people were afraid to possess the leaflet, resulting in today's rarity.
I was lucky to come across a dealer who agrees to let me use it for my youtube video, the reason I putting it on the youtube video is to show such thing exists. And to make sure it is not forgotten by the future generation.
Here is my youtube video showing this rare propaganda issue:
The purpose of this leaflet is also a warning to people that the Japanese Invasion Money will not be recognized by the British as money. Only those with the Straits Malaya money will be recognized. Many continue to hold on to the Japanese Invasion Money believing the British will exchange it at 1 strait dollar to 1 JIM dollar. People begin to offer their JIM dollar for Straits dollar at $700 JIM dollar for 1 straits dollar.
When the British finally come back to Malaya and it is confirmed that the British will not exchange 1 for 1 , the exchange rate becomes as high as $240,000 JIM dollar for $1 straits dollar. Sometime you will hear older folk talking about how they become rich or poor after the war. To me, it is more like a reward for those loyal to the British Empire. Another reason is the Japanese Invasion Money is almost valueless due to the Japanese printing too much of it. If the British go and exchange money 1 for 1, the British empire economy will be hit hard as the Straits Malaya coin are made with silver and copper but the Japanese Invasion Money is paper money back by nothing.
So those who keep the Straits Malaya money throughout the war instantly become 240,000 times richer than the person who exchanges their money to the JIM dollar. Does it not remind you a bit about bitcoin? LOL.
The lesson from this history is in the future if there is a war regardless of real life or in the market , always diversify your wealth. Always keep some on both sides even if it is risky. If you bang everything on one side and that side loses, you will be in a lot of trouble.
Good article and interesting videos as well. I have never seen JIM money before, although I have read about it. Thumbs up for you!
As an extra plus we can see how we can always learn something from history. Always diversify your assets!