5 Jiao / 50 Cents

发行方	Central Bank of China
年份	1949
类型	Standard circulation banknote
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正面铭文	慶重行銀央中券幣輔元銀兌角拾成積元壹元銀换角伍 (Translation: Chongqing Central Bank of China Silver Yuan Note Ten Jiao Exchanged for One Silver Yuan Five Jiao)
背面描述	The reverse is dominated by a large central guilloche rosette incorporating the Chinese characters 伍角 within a fan-shaped underprint. The English inscription THE CENTRAL BANK OF CHINA arches across the upper portion, with FIFTY CENTS in bold letters across the centre. Denomination numerals 50 appear in each corner, and the year 1949 is printed at the lower centre, all within an ornate scrollwork border.
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备注	P#437 belongs to the very end of Nationalist China's currency experiment — by mid-1949, the Central Bank of China was issuing notes in denominations that inflation had already rendered nearly worthless before the ink dried. The Gold Yuan reform of 1948 had collapsed catastrophically within months, and these small-denomination paper issues circulated, if at all, in a monetary environment so disrupted that barter was often preferred. Printed in Chongqing as the Nationalist government retreated southwest ahead of Communist forces, this note represents one of the final domestic print runs before operations shifted to Taiwan later that year.

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