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5 Yuan Central Bank of China
| Issuer | Central Bank of China |
|---|---|
| Year | 1945 |
| Type | Log in to see details |
| Value | Log in to see details |
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| Reference(s) | P#376 |
| Obverse description | A vignette of a city gate occupies the left portion of the note, rendered in red intaglio against a light pink guilloche underprint. The denomination 伍圓 (Five Yuan) appears in large Chinese characters to the right of the vignette, with numeral corner pieces in each of the four corners. Inscriptions across the top and bottom margins identify the issuing bank, the Northeastern Provinces circulation series, the Republic of China year 34 (1945), and the Shanghai factory of the Central Engraving and Printing Plant. |
|---|---|
| Obverse lettering | 行銀央中 券通流省九北東 圓伍 印年四十三國民華中 廠海上廠製印央中 (Translation: Central Bank of China Circulation Notes in Northeastern 9 Provinces Five Yuan Printed in the 34th year of the Republic of China Central Engraving and Printing Plant, Shanghai Factory) |
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| Comments |
The Central Bank of China issued this note in 1945, a year in which the institution was simultaneously trying to finance the Nationalist war effort against Japan and manage an inflation rate that was already beginning to spiral beyond any realistic policy response. The Central Engraving and Printing Plant's Shanghai Factory — operating under extraordinary wartime pressure — was producing notes in enormous quantities during this period, and the 5 Yuan denomination became increasingly marginal in practical purchasing power almost from the moment of issue.
By 1948, the full Nationalist currency system collapsed into hyperinflation and was replaced by the Gold Yuan. Most circulating paper from this period was rendered worthless within three years of printing.