1 Fen

Issued by the Central Mint of the Republic of China during a period of acute monetary instability, these copper fen pieces circulated alongside an increasingly worthless paper currency as the Nationalist government struggled to maintain fiscal credibility against Japanese military pressure. The 1937 Japanese invasion of Shanghai forced the Central Mint to relocate operations — first to Wuhan, then Chungking — disrupting production continuity across the date range and accounting for the significant variation in strike quality found across the series.