1 Dollar Exchange Bank of China

The Exchange Bank of China was a short-lived institution, established in 1915 and already in serious financial difficulty by the early 1920s. Notes from the 1920 issue had a limited effective circulation window before the bank's collapse rendered them worthless, and survivors were frequently destroyed or abandoned rather than formally redeemed — which partly accounts for their scarcity today.

Printed by the Bureau of Engraving and Printing in Peking, this is domestic production at a moment when most Chinese provincial and commercial banks still depended on foreign printers such as American Bank Note Company or Waterlow. That choice is worth noting.