10 Yuan

The Bank of Taiwan was not Taiwan's central bank — it functioned as a quasi-central bank by necessity after 1945, when the island was separated from Japanese administration and required its own monetary infrastructure before the Republic of China government fully relocated from the mainland. The 1950 date is significant: by then, the KMT had already retreated to Taiwan following the Communist victory, and the currency system was operating under conditions of acute political emergency. A reform the previous year had replaced the old Taiwan yen at a brutal exchange rate of 40,000 to 1, and the new dollar series — of which this note is part — was backed in part by gold reserves brought from the mainland.

The Central Engraving and Printing Plant had itself relocated to Taiwan during the retreat.