20 Cash 2nd issue

The Republic of China's 20 Cash pieces from this period were struck under conditions of near-total monetary fragmentation, with provincial warlords and local authorities issuing competing copper cash that undermined any coherent national currency. The 1921 date corresponds to a period when the Peking government held nominal authority over minting but exercised little practical control over what was actually produced or where.

Y#310 distinguishes this as the second issue, differentiated from the first by subtle die modifications that collectors have catalogued through decades of comparative work. Copper cash of this type circulated heavily in northern markets and survivors in unworn condition are genuinely scarce.