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1 Yuan
| Issuer | Federal Reserve Bank of China |
|---|---|
| Year | 1945 |
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| Reference(s) | P#J85 |
| Obverse description | Dark brown on light orange-brown underprint. Central guilloche panel bears the numeral "1", flanked by denomination characters in ornate cartouches at left and right. Floral vignette at lower centre, with the bank title inscription in Chinese running across the top. |
|---|---|
| Obverse lettering | 中國聯合準備銀行 壹圓 |
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| Comments |
The Federal Reserve Bank of China was a Japanese-sponsored institution established in 1938 to manage currency in the occupied northern Chinese territories. Its notes circulated under Japanese military authority and were used to systematically displace the Nationalist government's fabi, effectively functioning as an instrument of economic occupation. By 1945, the issuing authority was months from collapse — Japan's surrender in August of that year rendered the entire Federal Reserve Bank note series worthless almost overnight.
Notes from this final year are sometimes found in unissued condition, having never reached circulation before the surrender made distribution pointless.