Early in 1932 the Japanese declared Manchuria independant based upon a voluntary separatist movement and named the new puppet state Manchukuo. To give the puppet government a bit of legitimacy the Japanese eventually restored the former (and last) emperor of the Manchu Dynasty in China. k'ang Te, better known as P'u-Yi (or Hsuan T'ung, Emp. 1909 - 1911).
This coin was issued under two Year/date methods, this one being the first as TT3 (1934) the second variety (KT1) was also issued in 1934.
Japanese Puppet States
Manchukuo - 5 Li 1934
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