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| 正面描述 | Printed in red-orange on a lightly tinted ground, the obverse is dominated by large Chinese characters 伍角 (Five Jiao) at centre, below the issuer name 中國銀行 arranged vertically. A circular vignette at the top contains a figure standing beside a deer beneath a tree, framed by ornate guilloche scrollwork borders. The serial number appears in a panel between the vignette and the denomination, with vertical marginal inscriptions and the Republic of China year notation along the lower portion. |
|---|---|
| 正面铭文 | 行银国中 角伍 (Translation: Bank of China Five Jiao) |
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| 背面铭文 | 登录 以查看详情 |
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The Bank of China reorganized its note-issuing operations significantly in the early 1920s, and this 50 Cent fractional note belongs to a period when Waterlow & Sons in London were producing a substantial portion of Chinese banking paper. Waterlow had deep experience with Chinese issuers by this point, having worked with several competing institutions across the republic period.
Fractional notes in this denomination circulated hard in coastal commercial centers, where small-denomination paper was often preferred over the worn, clipped subsidiary coinage of the period. Attrition rates were correspondingly high, and heavily circulated survivors are far more common than clean ones.