100 Dollars

The Federal Reserve Bank of China was not a central bank in any conventional sense — it was a Japanese-sponsored institution established in 1938 to administer currency in the occupied territories of northern China. Its notes were engineered to displace the Nationalist fabi, deliberately flooding the occupied zone with competing paper to undermine Chongqing's monetary authority.

The Bureau of Engraving and Printing in Peiping operated under Japanese oversight throughout the occupation. Higher denominations in this series, the 100-dollar notes especially, were prone to aggressive counterfeiting, a problem that worsened considerably after 1940.