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| 正面描述 | Central vignette of an industrial factory complex with smokestacks and a locomotive on a road in the foreground, rendered in a fine line engraving style in dark purple on a light ground. The bank name 中國人民銀行 is inscribed at the top in a decorative panel, with the denomination 壹圓 displayed in a guilloche roundel to the right. Corner ornaments carry the denomination character 壹, and the date inscription 中華民國三十八年 appears along the lower margin, flanked by two red official seals. |
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| 背面铭文 | 行銀民人國中 1949 (Translation: People's Bank of China) |
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This note belongs to the first series of Renminbi, issued in the months immediately following the establishment of the People's Republic — a currency rolled out under genuinely chaotic conditions, with multiple regional printers producing notes simultaneously to meet the demands of a country still in the final stages of civil war. The Hua Nan Printing Company was one of several facilities pressed into service, and production consistency across the series is notoriously uneven.
First series Renminbi were demonetized in 1955 and exchanged at 10,000 old yuan to 1 new yuan — a ratio that reflects the hyperinflation inherited from the Nationalist period. Notes that survived that conversion outside the banking system are the ones collectors encounter today.