1 Fen

Issued by the Wang Jingwei regime's Reformed Government of China, this coin circulated in Japanese-occupied territory during one of the most fractured periods in Chinese monetary history — when multiple competing governments each struck their own coinage simultaneously. The aluminum composition was a direct consequence of wartime metal shortages, with copper and other base metals increasingly diverted to Japanese military production.

Wang Jingwei had broken from the Nationalist government in Chongqing to collaborate with Tokyo, and his administration's coinage was accepted only within occupied zones.