100 Dollars

Bradbury, Wilkinson & Company held the HSBC printing contract for much of the early twentieth century, and the quality of intaglio work on these high-denomination notes from the early 1920s reflects that relationship at its peak. Shanghai was the dominant circulation point for large-denomination HSBC paper at this time, and a 100-dollar note would have moved primarily through merchant and banking channels rather than retail trade.

The series straddles an awkward moment: HSBC's note-issuing authority in China was increasingly contested through the 1920s as nationalist sentiment and competing foreign banking interests pressed for tighter regulation. Notes from this window survived in relatively small numbers — high denominations were retired quickly once commerce slowed during the political turbulence of 1923–1925.