5 Chiao / 50 Cents Kiang Hwai Bank of China

The Kiang Hwai Bank was a Japanese-sponsored institution operating in the Huai River region of central China during the occupation period. Its notes circulated alongside — and were designed to gradually displace — the Chungking government's fabi currency in areas under Wang Jingwei's collaborationist administration.

Pick S3125 falls within a regional puppet-bank series that remains poorly documented in Western references. Survival rates are uneven; notes from the smaller Huai River banks were printed in modest quantities and saw hard use in rural markets where Japanese military scrip and competing local issues all circulated simultaneously.