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2 Chiao / 20 Cents Bank of Shangtong; brown
| Issuer | Bank of Shangtong |
|---|---|
| Year | 27 (1938) |
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| Shape | Rectangular |
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| Obverse description | Brown letterpress print with Chinese text reading right to left. A vignette of a rural gazebo beside a hill appears at left, flanked by denomination numerals and square seal-script overprints at corners. The lower portion bears the date inscription in Republic of China year notation. |
|---|---|
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| Reverse lettering | BANK OF SHANGTONG 20 - 20 TWENTY CENTS 1938 |
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| Comments |
The Bank of Shangtong was a Japanese puppet bank established in Shandong province in 1938 following the occupation of the region. Its notes circulated alongside — and were designed to displace — existing Chinese currency, with exchange rates manipulated to extract economic value from the occupied population. The "Year 27" dating follows the Republic of China calendar, a deliberate choice that lent an air of continuity and legitimacy to what was fundamentally an occupation currency.
Small-denomination notes like this 2 Chiao piece were the workhorses of daily market transactions and consequently suffered heavy wear. Intact survivors are harder to find than the larger denominations.