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5 Jiao / 50 Cents
| Issuer | Central Bank of China |
|---|---|
| Year | 1948 |
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| In circulation to | 1949 |
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|---|---|
| Obverse lettering | 中央銀行 伍角 |
| Reverse description | Central vignette presents an intaglio view of the Central Bank of China headquarters building, rendered in fine line engraving with a flag visible atop the structure. The denomination '50' appears in guilloche cartouches at each corner, with 'FIFTY CENTS' inscribed in two columns flanking the central building vignette. Two manuscript facsimile signatures appear below the building, one for the General Manager at left and one for the Governor at right, with the date '1948' set in an ornamental cartouche along the lower border. |
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| Comments |
By mid-1948 the Central Bank of China was printing currency at a pace that had already made the gold yuan conversion — announced that August — a foregone conclusion. Notes like this 50-cent denomination were rendered functionally obsolete almost immediately upon issue; the official conversion rate of 3 million old fabi yuan to one gold yuan effectively wiped the purchasing power of low-denomination paper overnight.
The Central Printing Factory in Shanghai was operating under severe resource strain by this period, and ink quality inconsistencies are a documented characteristic across the late fabi series.