10 Yuan

Chow Shing Kee was one of Macao's small private exchange banks — not a chartered institution in any modern regulatory sense, but a licensed money changer operating under Portuguese colonial oversight. Notes of this type circulated primarily in Macao and across the adjacent Pearl River Delta trading routes, competing with Hong Kong dollar instruments and Chinese Nationalist-era currency simultaneously.

1937 is the year the Second Sino-Japanese War began in earnest. That timing matters: cross-border confidence in smaller private issuers collapsed quickly as the conflict spread, and many notes from this class of institution were abandoned in hoards rather than redeemed. The Macao printing origin is confirmed — the Portuguese enclave maintained its own small commercial printing infrastructure throughout the colonial period.