2 Jiao / 20 Cents Bank of China

The Bank of China's 1940 small-denomination notes were issued during one of the most chaotic periods in Chinese monetary history — the wartime Nationalist government was simultaneously fighting Japan and managing catastrophic inflation pressures that would eventually consume the entire fiat currency system by 1949. The 2 Jiao sat at the fractional end of a currency that was already depreciating rapidly, which meant these notes turned over fast, wore out faster, and were rarely preserved.

P#83 is among the more elusive entries in the Bank of China wartime series. High attrition rates in circulation, combined with wartime paper quality, make survivors in any meaningful grade uncommon.