10 Dollars

The Federal Reserve Bank of China was a Japanese-controlled puppet institution established in March 1938 following the occupation of northern China. Its notes were designed to displace the Nationalist fabi currency and fund Japanese military expenditure in the occupied territories — the bank had no meaningful independence from Japanese military finance authorities.

The Bureau of Engraving and Printing in Peiping (Beijing) had been the principal security printer for successive Chinese governments since the Republican period. Its equipment and staff were retained under occupation, printing notes that bore Chinese institutional branding while serving Japanese strategic ends. Notes from this issuer frequently show ink inconsistencies attributable to wartime disruptions in supply.