1 Jiao / 10 Cents

The Central Bank of China's 1949 small denomination notes were issued against a backdrop of complete monetary collapse. By mid-1949, the Gold Yuan — introduced just months earlier as a replacement for the discredited Fabi — had itself failed catastrophically, with hyperinflation so severe that 1 Jiao represented a fraction of a fraction of real purchasing power. These notes were printed and issued knowing the regime that authorized them was already losing the mainland.

The Central Engraving and Printing Works in Shanghai fell to People's Liberation Army forces in May 1949. Notes produced there in the final weeks of Nationalist control are among the last outputs of that institution under ROC authority.