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.
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.