10 Yuan Central Bank of China

The Central Bank of China's 1940 note issues were produced under increasingly difficult wartime conditions, with Shanghai's printing infrastructure operating under Japanese occupation pressure following the fall of the city in 1937. Chung Hwa Book Co. was one of several Shanghai-based printers the nationalist government continued to use even as political control of the city fractured — a pragmatic arrangement that raises genuine questions about the security and continuity of wartime currency production.

P#228 belongs to a series that circulated across Free China alongside notes from competing quasi-governmental banks, contributing to the inflationary spiral that accelerated sharply after 1941. By 1945, the purchasing power of the yuan had collapsed almost beyond reckoning.