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| 正面描述 | Printed in red ink, the obverse carries a central vignette of the Mausoleum of Dr. Sun Yat-sen framed by guilloche border work and intricate ornamental scrollwork. Chinese inscriptions identifying the issuing bank and denomination appear above and below the vignette, with the year of issue in the Republic calendar. Serial numbers are printed on both sides of the note. |
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| 背面描述 | Printed in dark blue and red on a fine guilloche underprint, the reverse is dominated by the bold English inscription 'THE CENTRAL RESERVE BANK OF CHINA' across the top within an ornate cartouche. The denomination '50 FIFTY CENTS 50' is set centrally within interlocking guilloche panels, flanked by large numeral '50' counters at left and right. The date '1940' appears below centre, with the Governor's and Vice Governor's facsimile signatures and the printer's imprint at the foot. |
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The Central Reserve Bank of China was a collaborationist institution established in March 1941 under the Japanese-sponsored Wang Jingwei regime in Nanjing — which creates an immediate problem with the 1940 date on this note. The bank did not exist in 1940; the date likely reflects a printed issue year intended to pre-date or legitimize the regime's currency program, a common enough practice among puppet administrations.
Watson Printing Company was a Shanghai-based printer, one of several local firms pressed into service once established foreign security printers became inaccessible after Pearl Harbor complicated import arrangements.