20 Cents

The Central Reserve Bank of China was a puppet institution established in Nanjing in January 1941 under the Wang Jingwei collaborationist government — which makes a 1940 date on this note worth a second look. The date almost certainly reflects the anticipated opening of the bank rather than actual issue, a common practice in pre-launch note production where printing preceded formal authorization by months.

Watson Printing Company (華成印刷有限公司) was a Shanghai-based firm used frequently for occupation-era currency, chosen for logistical convenience rather than security printing credentials. Notes from this series are known to show inconsistent ink saturation across the run.