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| 正面铭文 | 券换兑行银国中 壹 圓 印年元國民華中 (Translation: Bank of China Exchange Note One Yuan / Printed in the First Year of the Republic of China) |
| 背面描述 | Central vignette presents a tranquil tree-lined canal or park lake rendered in detailed intaglio engraving, framed between two large symmetrical guilloche rosettes carrying the numeral "1" at left and right. The place name CHEFOO and the date 1ST JUNE 1912 are overprinted in the lower centre, with the printer's imprint of American Bank Note Co., New York along the bottom margin. |
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The Bank of China was established in February 1912, within weeks of the Qing dynasty's abdication, replacing the old Daqing Bank as the new republic's central financial institution. This 1 Yuan note is among the earliest issues under that mandate — printed by the American Bank Note Company in New York, a firm that handled currency production for multiple Asian governments during a period when domestic security printing infrastructure simply did not exist in China.
Pick 25 is known with several branch overprints, each designating a specific city of payment. These overprints significantly affect scarcity; certain provincial branches issued far smaller quantities, and notes bearing those overprints trade at substantial premiums over the common Shanghai examples.