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1 Yuan
| Issuer | Federal Reserve Bank of China |
|---|---|
| Year | 1938 |
| Type | Log in to see details |
| Value | Log in to see details |
| Currency | Yuan |
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|---|---|
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| Reverse description | Yellow-green note with the Chinese character for 'One' at center, repeated in each of the four corners; twin dragons twine around red official seals in a symmetrical guilloche-style decorative composition flanking the central character. |
| Reverse lettering | THE FEDERAL RESERVE BANK OF CHINA $1 ONE DOLLAR $1 BUREAU OF ENGRAVING AND PRINTING PEKING CHINA |
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| Comments |
The Federal Reserve Bank of China was not a sovereign central bank in any meaningful sense — it was a Japanese-controlled institution established in 1938 to manage currency in the occupied northern Chinese territories. This note was part of the initial issuance designed to displace existing Chinese Nationalist currency, the fabi, which Japanese authorities actively sought to drain from circulation in the occupied zone.
The Bureau of Engraving and Printing in Peking was already an established facility, having served earlier Republican-era issuers. Japanese occupation authorities retained and repurposed it rather than importing plates or contracting foreign printers — a practical choice that gave the series a locally produced character unusual among puppet-state currencies of the period.