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2 Chiao / 20 Cents Kiang Hwai Bank of China

Issuer Kiang Hwai Bank of China (淮江銀行)
Year 1943
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Currency Yuan (1914-1949)
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Obverse description Central vignette of Chinese junks sailing on a river or coastal waterway, rendered in a light olive-green underprint with a decorative guilloche border framing the entire note. The denomination 貳角 (Two Chiao) appears in large Chinese characters to the left, with the bank name 淮江銀行 inscribed in red at the upper right. Two red seal impressions flank the central vignette, and a serial number is printed in red at the lower centre.
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Reverse description Uniformly printed in terracotta-orange, the reverse displays the numeral '20' in large ornate figures at the left and centre, with the legend TWENTY CENTS inscribed twice — once within a central lozenge-shaped guilloche panel and once within a decorative cartouche at the lower left. Elaborate scrollwork and floral corner ornaments fill the border, and the year 1943 appears at the bottom centre within a decorative frame.
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The Kiang Hwai Bank of China was a puppet financial institution established under Japanese occupation in the lower Yangtze region during the Second Sino-Japanese War. It operated within the collaborationist Wang Jingwei regime's monetary structure, issuing notes intended to displace Nationalist fiat currency and extract economic value from occupied territories. The dual denomination — 2 Chiao and 20 Cents on the same face — reflects the awkward bridging between traditional Chinese monetary units and the decimal system the regime was pushing.

Survival rates for these occupation-period provincial issues tend to be low; much of the circulating stock was destroyed or abandoned as Japanese forces withdrew after 1945.

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