10 Yuan Central Bank of China

By 1942, the Central Bank of China had largely lost access to its prewar foreign printers as Japanese advances disrupted supply chains and communications. That De La Rue in London was still producing notes for the Nationalist government at this date reflects the wartime arrangement routed through Free China's diplomatic channels — a supply line that would grow increasingly strained as the Pacific war deepened.

The watermark on P#245 issues is the primary authentication feature, as wartime counterfeit pressure from Japanese-sponsored currency operations in occupied territories was severe and deliberate — Tokyo's economic warfare strategy explicitly targeted Nationalist paper money.