|ISO 4217 code||JUY|
|User(s)||Republic of Surea|
National Statistics Bureau, 2007 June. est.
|Theoretical (not used)|
|Plural||The language(s) of this currency does not have a morphological plural distinction.|
|Coins||¥1, ¥5, ¥10, ¥50, ¥100, ¥500|
|Banknotes||¥1000, ¥5000, ¥10000|
|Central Bank||Bank of Surea|
|Printer||Bureau of Minting and Security Printing|
|Mint||Bureau of Minting and Security Printing|
The yun (圓) (sign: ¥; code: JUY) is the currency of Surea. A single yun is divided into 100 sen, the monetary subunit. The sen is not used any more for everyday transactions, and appear only on foreign exchange rates.
Until 1956, 10 and 50 lyung coins, revalued as 1 and 5 yun, were the only coins in circulation. New coins, denominated in yun, were introduced by the Bank of Surea on January 6, 1956 in denominations of 1, 5 and 10 yun, with the 1 yun struck in brass and the 5 and 10 yun in bronze. These were the first Surean coins to display the date in the Common era, earlier coins having used the Surean calendar. The 10 and 50 lyung coins were demonetized on March 31, 1960.
In 1958, as the intrinsic value of the brass 1 yun coin far surpassed its face value, new aluminium 1 yun coins were issued to replace them. As an attempt to further reduce currency production costs, new 5 yun and 10 yun coins were issued in 1960, struck in brass. Cupro-nickel 100 yun coins were also introduced that year, followed by Cupro-nickel 50 yun in 1962.
In 1976, with inflation and the increasing popularity of vending machines, 500 yun coins were introduced on July 2, 1976. In August 1977, with the purpose of standardizing the coinage, a new series of 1, 5, 10, 50, and 100 yun coins were issued, using the same layout as the 500 yun coins, but conserving the coins old themes.
In 2001, it became a major concern that the Surean yun banknotes were being counterfeited/forged. Notably the 5000 yun note (worth about US$30 at that time), over 50% of the notes were confiscated as counterfeit. This led the government to issue a new series of banknotes, with the 5000 yun note being the first one to be redesigned. Later in 2002, the 10000 yun note was introduced.
Surea boasts one of the most advanced security features on their banknotes, with over 10 security features in each denomination of banknote. The 10000 yun note has 21 security features, the 5000 yun note with 17, and the 1000 yun note with 19 security features. Many modern security features that can be also found in Euros, Pound sterling, Canadian dollar, Japanese yen are included in the banknotes. Some security features inserted in Surean yun notes are:
- holograms with 3D images that change colors within the metallic foil on the obverse side of the notes
- watermark portraits of the effigy of the note is visible when held to the light in the white section of the note
- intaglio printing on words and the effigy give off a raised feeling, different than ordinary paper
- security thread in the right side of the obverse side with small lettering 朝本銀行 Bank of Surea and the denomination
- color shifting ink on the value number at the back of the note
|Value||Dimention||Main Colour||Description||Date of Issue|
|¥1000||143 × 66 mm||Red and Brown||Kato Ken||Mount Tenmon and Cherry Blossom||June 22, 2007|
|¥5000||146 × 66 mm||Orange and Yellow||Shiki Tenma||Scene of Tales of the Red Thread|
|¥10000||149 × 66 mm||Green and Cyan||Shugojong the Great||A pair of Chinese Dragons|
Value of Surean yun
For most of its early history, the Yun was pegged to the U.S. dollar at 85 yun per USD (note: during the 1950s, it was appreciated until it reached 77 yun per USD in 1966 and 63 yun per USD in 1980). During the Asian Economic Crisis in 1997, Surea's economy was severely hurt by it. Thus, the official JUY/USD exchange rate declined from 63 yun in 1980 to 149.2 yun by 1999 (lowest ever recorded). Improving current account balance during the first half of the 2000s enabled the Surean government to maintain a peg of 140 yun per USD from 1999 to 2003. On 21 July 2005, the peg was finally lifted, which saw an immediate one-off the Yun revaluation to 128 yun per USD. Immediately after the lifting of the peg, the Bank of Surea, the country's central bank, has kept interest rates low in order to spur economic growth. Short-term lending rates have responded to this monetary relaxation result in exchange rate increased from 128 yun to 100 yun per USD between 2003 and 2009. Low interest rates combined with a ready liquidity for the Yun prompted investors to borrow money in Surea and invest it in other countries (a practice known as carry trade). This has helped to keep the value of the Yun low compared to other currencies.