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| 正面描述 | Central guilloche medallion in dark blue-grey tones carries the large denomination characters 壹百圓, flanked by repeated value panels on both sides. An oval vignette at right presents a traditional Chinese pavilion gateway, rendered in fine intaglio engraving. The heading 中國銀行兌換券 runs across the top, with the place name 天津 (Tientsin) appearing vertically on the left and right margins, and a dated seal reading 中華民國七年印 at the lower centre. |
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| 正面铭文 | 券换兑行银国中 壹 百 圓 中華民國七年印 天津 (Translation: Bank of China Convertible Banknote, One Hundred Yuan, Printed in the 7th Year of the Republic of China, Tientsin) |
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The Bank of China was reorganized under Republican government control in 1912 and by 1918 was one of two principal government banks authorized to issue national currency — the other being the Bank of Communications. This note was produced by the American Bank Note Company in New York, the dominant supplier of security printing to Chinese institutions during this period, when domestic printing infrastructure could not meet the technical demands of intaglio banknote production.
Pick 54C is a branch-specific signature variant within a larger series distinguished by the issuing office overprint. Collectors should note that counterfeit examples of the high-denomination 1918 issues circulated during the Republican period itself, making contemporary forgeries an occasional hazard in this series.