10 Yuan / Dollars Chungking

By early 1949, the Nationalist government's monetary situation had already collapsed. The Gold Yuan reform of 1948 had failed catastrophically within months, wiping out urban savings and triggering hyperinflation worse than what it replaced. This note belongs to the Silver Yuan series hastily introduced in February 1949 as a successor — itself worthless within weeks of issue, as the People's Liberation Army swept south and Chongqing fell in November of that year.

That the Central Bank was printing its own notes in Chongqing at this stage reflects how fragmented Nationalist financial infrastructure had become. The series circulated so briefly that survivor populations are uneven.