25 Yuan Bank of China

The Bank of China's 1940 series was printed by the American Bank Note Company in New York — a longstanding arrangement that continued even as Japanese forces were overrunning large portions of Chinese territory. By 1940, the Nationalist government was operating from Chongqing, and currency printed abroad carried an implicit political signal: legitimate Chinese banking authority still had access to international financial infrastructure that the occupation could not touch.

The 25 Yuan denomination is the odd note in this series. It sits between more practical values and saw comparatively limited use, which accounts for its relative scarcity today. ABNC engraving quality on this issue is characteristically fine-line work.