1.000.000 Yuan

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.