50 Fen

Manchukuo's first paper currency series, issued within months of the state's proclamation in March 1932, was a deliberate move to displace the chaotic mixture of Chinese provincial notes, Japanese military scrip, and private bank paper that had been circulating across the northeast. The Central Bank of Manchukuo was established in June 1932, making this among the earliest notes it produced.

Small-denomination fen notes saw heavy use in a region where Japanese-controlled commerce depended on fractional currency for daily transactions. Survival rates for well-circulated examples are accordingly poor.