1 Fen / Cent Central Bank of China

The Central Bank of China placed several low-denomination orders with American printers during the late 1930s as Japanese advances disrupted domestic printing capacity. Union Printing Co. handled this particular run — a relatively obscure contractor compared to the American Bank Note Company, which held most of the prestige work for Chinese government issues of the period.

At one fen, this note's practical purchasing power was negligible even at issue, and most examples were discarded rather than returned through banking channels. Survivors are disproportionately uncirculated, pulled from original bundles rather than worn out in trade.