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100 Yuan

Issuer Central Bank of China
Year 1948
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Size 148 × 63 mm
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Obverse description Portrait of Chiang Kai-shek in military uniform at right, rendered in intaglio against a fine guilloche underprint. The central vignette comprises a large quatrefoil rosette with intricate lacework surround bearing the denomination 壹佰圓 in bold characters. Two red seal stamps appear in the lower centre, and serial numbers are printed in red at upper left and upper right.
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Reverse description Intaglio vignette of the Central Bank of China building at left, rendered with fine architectural detail including a flagpole and surrounding grounds. To the right, a large guilloche rosette carries the numeral 100 and the legend ONE HUNDRED YUAN. Two facsimile signatures of the General Manager and Governor appear below the central design, with the date 1948 at the foot of the note.
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By mid-1948 the Central Bank of China was issuing currency in denominations that would have been unimaginable just three years earlier — a direct measure of how completely hyperinflation had consumed the fabi. This 100 Yuan note was already obsolete in practical terms almost the moment it was printed; the Gold Yuan reform of August 1948 replaced the fabi at a rate of 3,000,000 old yuan to one Gold Yuan, rendering the entire fabi series worthless within weeks.

The Central Engraving and Printing Plant ran continuously under wartime and post-war pressure, and quality control across late fabi issues is notoriously inconsistent.

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