Catalog
1.000.000 Yuan
| Issuer | Bank of Taiwan |
|---|---|
| Year | 1948 |
| Type | Log in to see details |
| Value | 1.000.000 Yuan |
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| Composition | Log in to see details |
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| Obverse description | Vertically oriented note printed in red on a pale ground, with a central vignette of a multi-storey building flanked by symmetrical dragon or phoenix ornaments within a decorative frame. The denomination is stated in large Chinese characters reading 台幣壹佰萬圓整 arranged vertically at centre-right, with issuer and date inscriptions in vertical columns to the left. A guilloche underprint covers the background, and a serial number panel appears in the upper-right margin. |
|---|---|
| Obverse lettering | Log in to see details |
| Reverse description | The reverse is unprinted, presenting a plain cream-coloured paper surface with no design, text, or security features, consistent with the emergency-issue character of this high-denomination note. |
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By mid-1948, hyperinflation on the mainland had rendered the official Nationalist currency nearly worthless, and Taiwan's branch banking system was caught in the undertow. The Bank of Taiwan had been operating under a separate note-issuing arrangement since the island's retrocession in 1945, and denominations escalated rapidly as the mainland crisis deepened — a one-million yuan note in this series was not an aberration but a logical endpoint of a collapsing monetary order.
Taiwan broke cleanly from this system in June 1949, when the New Taiwan Dollar was introduced at a rate of 40,000 old yuan to one new dollar — effectively annihilating the face value of notes like this one overnight.