3 Tiao

Private shop notes — known broadly as zhuangpiao — occupied a peculiar legal gray zone in early Republican China, circulating on the strength of the issuing merchant's local reputation rather than any state guarantee. This example from Liubo Beipu's Zhouchang merchant house is denominated in tiao, a unit tied to copper cash strings rather than the silver-based yuan system, which places its likely circulation among lower-tier commercial transactions where fractional copper currency was the daily reality.

The printer credit references the Zhonghua Minguo Zhongshi Yinshuaju, though independent confirmation of this firm's output and location remains thin in the cataloged literature.