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| 正面描述 | Denomination numeral "10" appears at all four corners and at left center. A portrait vignette is positioned at right. Block control numbers are printed at upper left and lower right, set against a guilloche underprint. |
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| 背面描述 | Blue print over a tan guilloche underprint. Two large circular rosette vignettes, each bearing the denomination numeral "10", are centered at left and right respectively. A central rectangular panel contains an intricate interlaced knot-pattern underprint in tan. The bank title 中國聯合準備銀行 is inscribed in Chinese characters within a blue rectangular band at the top, surmounted by a small circular bank seal. |
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The Federal Reserve Bank of China was a Japanese-sponsored institution operating in occupied northern China, established in 1938 under the Wang Jingwei collaborationist framework. Its notes circulated in the Japanese-controlled zones as instruments of wartime economic policy — used to extract resources and suppress the existing Nationalist currency through deliberate inflation and forced exchange ratios.
By 1944, Japanese military fortunes were deteriorating, and note production accelerated to cover occupation costs. Most issues from this period were printed in Japan. The series became worthless within a year of issue, and surviving examples in any condition are often found with folds and handling consistent with brief but intensive circulation before the currency collapsed entirely following Japan's surrender in August 1945.