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5 Fen Bank of China

Issuer Bank of China
Year 1918
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Shape Rectangular
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Reverse lettering BANK OF CHINA
FIVE FEN
HARBIN
每一百分換國幣券一元
國幣券
Signature(s) R.H. Chen and N. Feng
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Comments

The Bank of China's 1918 fractional fen notes were issued partly in response to the chronic shortage of small copper coins that plagued China's commercial centres in the late Republican period. Merchants hoarded coin and transacting in very small amounts became genuinely difficult — low-denomination paper filled a gap the mints couldn't close.

Pick 46 is known in multiple regional variants distinguished by overprinted place names, and establishing which branch actually issued a given example matters significantly to valuation. The signatures of R.H. Chen and N. Feng help narrow the window, but branch attribution still hinges on the overprint.

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