2 Jiao / 20 Cents

Thomas De La Rue printed this note in London, but by 1946 the Central Bank of China was already struggling to maintain any credible monetary footing on the mainland. The 20-cent denomination was a peculiar choice at that moment — hyperinflationary pressure was accelerating rapidly, and small fractional notes like this one were being rendered functionally worthless within months of issue. De La Rue's contract work for the Nationalist government continued even as the economic situation deteriorated beyond recovery.

The 1948 Gold Yuan Reform would effectively wipe out the entire preceding paper currency structure, making most 1946-series notes short-lived instruments by design.