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2 Jiao / 20 Cents
| Issuer | Central Bank of China |
|---|---|
| Year | 1949 |
| Type | Standard circulation banknote |
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| Obverse description | Printed in red-orange on a plain ground, the obverse is centered on a portrait vignette of Chiang Kai-shek in military uniform, set within a rectangular frame with decorative corner ornaments. Chinese inscriptions above the portrait identify the issuing bank and note type, while the denomination 貳角 (Two Jiao) appears in large characters at the bottom center. A serial number is present in the lower portion of the note. |
|---|---|
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| Reverse description | The reverse, printed entirely in red-orange, is dominated by a central guilloche medallion incorporating the Chinese character 角 (Jiao), flanked by symmetrical ornamental scrollwork. The denomination numeral "20" appears in each of the four corners, with the English legend "THE CENTRAL BANK OF CHINA" set across the top margin. The year "1949" is printed at the bottom center within a decorative panel. |
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| Comments |
The Central Bank of China's 1949 small-denomination issues were products of institutional collapse. By the time these notes were printed, the Nationalist government had already burned through the Gold Yuan reform of 1948 — one of the most catastrophic currency failures of the twentieth century — and was issuing Silver Yuan notes as a final attempt to stabilize what could not be stabilized. This 2 Jiao sits in that terminal phase, when the bank's physical operations were fragmenting across multiple cities as Communist forces advanced.
Pick 435 is among the less frequently encountered pieces from the final Nationalist issues, partly because the regime's collapse compressed actual circulation time to weeks in many regions.