10 Yuan Bank of Shansi, Chahar, & Hopei

The Bank of Shansi, Chahar & Hopei was a Japanese-sponsored institution established in 1938 to manage currency in the occupied territories of North China. Its notes displaced the legal tender of the Nationalist government by design — the occupying administration used currency replacement as a deliberate economic weapon, flooding the region with new paper to drain local silver and commodity reserves.

By 1943, inflation in occupied North China was accelerating sharply, driven by wartime procurement and Japanese military note issuance running parallel to this series. Notes from this period circulated hard and fast.