1/2 Jiao Pattern, nickel, with hole

Pattern coinage from the Republic of China in 1932 reflects the government's sustained effort to rationalize a monetary system that had been fragmented since the Qing collapse — provincial mints had operated semi-independently for decades, and the Nationalist government in Nanjing was actively pushing toward unified national coinage. The holed format was under consideration as a way to distinguish low-denomination subsidiary coins, a convention already familiar across Japan and parts of Southeast Asia.

Neither Pn121 nor Pn122 entered circulation. The broader currency reform culminated in the 1935 fabi system, which abandoned silver coinage entirely in favor of managed paper currency.