1 Yuan

The Federal Reserve Bank of China was a Japanese-sponsored institution established in March 1938, roughly two months after the fall of Nanking, to administer currency in the occupied North China territories. It had no meaningful independence — monetary policy was dictated by Japanese military and economic planners, and the notes themselves were produced entirely in Tokyo. The arrangement allowed Japan to systematically draw resources from occupied areas through currency manipulation without the logistical exposure of shipping bullion or specie.

P#J61 belongs to the first series issued by this puppet bank. Notes from 1938 saw genuine heavy circulation in Hebei and Shandong, and worn examples are far more common than crisp ones.