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20 Fen
| Issuer | Federal Reserve Bank of China |
|---|---|
| Year | 1938 |
| Type | Standard circulation banknote |
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| Obverse description | Blue-grey note with an elaborate guilloche border framing the entire face; the bank title 中國聯合準備銀行 runs across the top, and the date 中華民國廿七年 (Republic of China Year 27) appears along the lower margin. To the right, an intaglio vignette of the Temple of Heaven in Beijing is the principal pictorial element, while a circular underprint seal of the Federal Reserve Bank of China is printed in light blue to the left. The denomination 貳角 is rendered in large Chinese characters at centre, with serial number panels marked in red at the upper corners. |
|---|---|
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| Reverse lettering | 貳角 20 20 |
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| Comments |
The Federal Reserve Bank of China was established in March 1938 under Japanese occupation authorities in Beijing, explicitly designed to replace the Nationalist government's fabi currency in the occupied territories of North China. These small-denomination fen notes were the workhorse instruments of that displacement policy — practically forcing the fabi out of daily transactions by flooding the market with competing paper at the street level.
P#J49 is part of the "J" prefix series in the Pick catalogue, denoting Japanese puppet-state issues. Genuine examples occasionally turn up with ink adhesion problems along fold lines, a known weakness in the paper stock used for this wartime series.