2 Chiao / 20 Cents National Construction and War Resistance Bank

The Kangzhan Jianguo Nongcun Hezuoshe — the War Resistance and National Construction Rural Cooperative — was one of dozens of quasi-governmental credit organizations operating in contested or Nationalist-held rural territories during the Second Sino-Japanese War. These cooperatives issued fractional notes primarily to facilitate local grain transactions and labor payments in areas where standard currency had become unreliable or physically scarce due to Japanese disruption of supply lines.

The S-NL designation indicates this note has never been formally catalogued in the Pick system — survival rate is unknown, institutional records are fragmentary, and attribution to a specific issuing branch or print run remains unconfirmed.