5 Yuan Bank of Taiwan

The Bank of Taiwan occupied an unusual position in Chinese monetary history — technically a provincial bank, it functioned as Taiwan's de facto central bank from 1949 until the Central Bank of China was reactivated in 1961, and continued issuing its own parallel currency for decades afterward. The New Taiwan Dollar, which these notes denominate, was introduced in June 1949 at a rate of 40,000 old Taiwan dollars to one new, a brutal conversion that wiped out the savings of anyone still holding the old issue.

The Central Engraving and Printing Plant relocated from the mainland to Taipei in 1949 and has handled virtually all of Taiwan's security printing since. By 1969 the plant's output was technically accomplished, though the 5 Yuan denomination saw heavy everyday use and worn examples substantially outnumber uncirculated survivors.