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| 正面描述 | Portrait of Sun Yat-sen in uniform at right, rendered in intaglio style against a fine guilloche underprint in blue. Large Chinese characters for the denomination 壹角 appear at centre-left within an ornate rosette vignette. Serial number and prefix letter are printed in red at upper centre, with Chinese and English issuing authority inscriptions framing the design. |
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| 背面描述 | Oval vignette at left portrays the Temple of Heaven in Beijing, rendered in fine line engraving. The large numeral '10' appears at centre within an elaborate guilloche medallion, flanked by decorative scrollwork. The issuing bank name and denomination are inscribed in English across the top and bottom registers respectively. |
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The Central Bank of China was printing notes like this one even as the Nationalist government was collapsing around it. By 1949, hyperinflation had so thoroughly destroyed public confidence in paper currency that denominations this small were effectively irrelevant to daily commerce — the gold yuan, introduced in 1948 as a stabilization measure, had already failed catastrophically within months. This 1 Jiao piece was issued into an economy where denominations in the millions were commonplace.
Chung Hwa Book Co. was one of several Shanghai-based printers the Nationalist government relied on heavily in its final years, as foreign printing arrangements became logistically and politically untenable. The firm had deep roots in commercial publishing before its involvement in security printing.