10 Yuan Bank of Chinan

The Bank of Chinan was established in 1938 under the auspices of the Japanese-sponsored Reformed Government of the Republic of China, which controlled parts of central China including Nanjing and Shanghai. It was one of several collaborationist financial institutions created to displace Nationalist currency — the fabi — in occupied territories and redirect economic activity through Japanese-controlled channels.

The S-prefix in the Pick reference reflects its classification as a regional or provisional issue. Survival rates for Chinan notes vary considerably; wartime paper quality was often poor, and post-liberation currency suppression efforts in 1945 removed large quantities from circulation.