1 Fen Federal Reserve Bank, Peking

The Federal Reserve Bank of China was not a central bank in any orthodox sense — it was a Japanese-controlled monetary authority established in 1938 to manage currency in the occupied northern Chinese territories. This 1941 silver fen is catalogued as a pattern (KM#Pn1), suggesting it never reached circulation, which likely explains why a 1.5g silver piece was proposed at all: by this point the occupying administration had largely shifted to low-cost paper currency to fund wartime expenditure, making a silver minor denomination an economic contradiction.