10 Yuan / Dollars Bank of China

The Bank of China's 1918 note series was printed by ABNC under contracts that covered multiple denominations simultaneously, with individual notes designated for specific branch cities — Peking, Tientsin, Shanghai, and others — by overprint or underprint rather than separate plate designs. This Pick 53 belongs to that framework, where the same printed sheet could serve entirely different issuing offices depending on what was stamped onto it before dispatch.

The Bank of China itself had only been reorganized in 1912 from the old Qing-era Ta-Ching Government Bank, and by 1918 was still navigating the fractured monetary environment of early Republican China, where provincial warlords and competing institutions routinely undermined convertibility.