Catalog
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| Issuer | Federal Reserve Bank of China |
|---|---|
| Year | 1938-1940 |
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| Value | Log in to see details |
| Currency | Yuan |
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|---|---|
| Obverse lettering | (Variant P-J48a) 中國聯合準備銀行 壹角 中華民國二十七年 行政委員會印刷局印 (Variant P-J48b) 中國聯合準備銀行 壹角 中華民國二十九年 行政委員會印刷局印 (Translation: (Variant P-J48a) Federal Reserve Bank of China 1 Chiao 27th Year of the Republic of China Printed by the Printing Bureau of the Administrative Commission (Variant P-J48b) Federal Reserve Bank of China 1 Chiao 29th Year of the Republic of China Printed by the Printing Bureau of the Administrative Commission) |
| Reverse description | Red-brown on pink underprint. The center carries the denomination in stylized seal script in chiao, with the numeral '10' in fen appearing at the corners. The overall design is simple, with the value expressed in both Chinese script and Arabic numerals. |
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| Comments |
The Federal Reserve Bank of China was established in March 1938 under Japanese occupation authorities in Beijing, making it one of several collaborationist currency institutions set up across occupied territories to displace existing Nationalist-issued money. Notes from this bank circulated in the occupied North China region, where the Japanese military administration used currency competition as an economic control mechanism — suppressing the Nationalist fabi while flooding the market with occupation-backed paper.
The Printing Bureau of the Administrative Commission was an occupation-era facility operating under Japanese-supervised governance in North China. Small denominations like this chiao bore the heaviest circulation burden in daily transactions and typically show the most wear in surviving examples precisely because of that use pattern.