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20 Cents
| Issuer | Central Reserve Bank of China |
|---|---|
| Year | 1943 |
| Type | Log in to see details |
| Value | Log in to see details |
| Currency | Yuan |
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| Obverse description | Central vignette presents a frontal view of the Sun Yat-sen Mausoleum in Nanjing, rendered in fine intaglio engraving with a grand staircase leading to the memorial hall set against a mountainous backdrop. The bank name in Chinese characters (中央储备银行) runs across the upper portion, with the denomination 貳角 repeated in ornamental cartouches on each lateral panel. A decorative guilloche underprint fills the border, and a scroll panel at the lower centre carries the Chinese redemption clause with the date of the Republic year 32 (民國三十二年印). |
|---|---|
| Obverse lettering | Log in to see details |
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| Signature(s) | F.H. Chow and T.K. Chien |
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| Comments |
The Central Reserve Bank of China was a puppet institution established by the Japanese-backed Wang Jingwei government in Nanjing in 1941, issuing its own currency — the Central Reserve Dollar — in direct competition with Chongqing's Nationalist fiat money. The Japanese strategy was partly economic warfare: flooding occupied zones with puppet currency to erode confidence in Nationalist notes and redirect local purchasing power toward the occupation apparatus.
By 1943, small-denomination notes like this were being issued in volume to handle everyday transactions in occupied territories. F.H. Chow (Zhou Fohai) was among the most senior collaborationist financial officials — his postwar trial and death sentence, later commuted, made him one of the most prominent figures prosecuted for economic collaboration.