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|---|---|
| 正面铭文 | 行銀通交 壹 圓 壹國民中 元幣國華 印年四十二國民華中 (Translation: Bank of Communications One Yuan Republic of China national currency Printed year 24 of Republic of China) |
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| 背面铭文 | BANK OF COMMUNICATIONS ONE YUAN OF THE NATIONAL CURRENCY OF THE REPUBLIC OF CHINA 1935 THOMAS DE LA RUE & COMPANY, LIMITED. LONDON |
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The Bank of Communications was nominally state-owned but operated with considerable autonomy until the Nationalist government forced a conversion of its notes to fiat in 1935 — the same year this note was issued. That forced conversion, part of the sweeping fabi currency reform of November 1935, effectively ended silver-backed banking in China and brought institutions like the Bank of Communications under direct Treasury control. This note sits right at that fault line.
De La Rue's involvement in Chinese Republican-era currency was extensive, and the quality of their intaglio work on this series is noticeably finer than contemporary notes produced domestically.