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2 Cents

Issuer Peiping Municipal Bank
Year 1937
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Value 2 Cents (0.02)
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Reverse description Dark olive-green note with an elaborate symmetrical guilloche underprint composed of fine engine-turned lathe work filling the entire field. The numeral 2 appears in each of the four corners within ornate scroll cartouches, and a bold central panel bears the English inscription TWO CENTS with NATIONAL CURRENCY below in smaller lettering. The overall design relies entirely on geometric security printing with no pictorial vignette.
Reverse lettering TWO CENTS
NATIONAL CURRENCY
2
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Comments

The Peiping Municipal Bank was a short-lived local institution operating under the renamed city — Beijing had been formally redesignated Peiping ("Northern Peace") in 1928 by the Nationalist government, a deliberate demotion from its status as a capital. By 1937, Japanese forces seized the city following the Marco Polo Bridge Incident in July, effectively ending any legitimate municipal authority. Notes issued that year occupy an ambiguous moment: printed under one political order, circulated under another.

The 2-cent denomination is fractional small change, almost certainly printed to address a severe shortage of coin in local commerce — a persistent problem across northern China throughout the 1930s.

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