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500 Yuan Federal Reserve Bank of China
| Issuer | Federal Reserve Bank of China |
|---|---|
| Year | 1945 |
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| Shape | Rectangular |
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| Obverse description | Blue-gray on orange-yellow to salmon underprint. Vignette of the Temple of Heaven at left. Serial number printed twice at top and series number repeated twice at bottom. |
|---|---|
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| Reverse lettering | 500 中國聯合準備銀行 |
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| Comments |
The Federal Reserve Bank of China was a Japanese-sponsored institution established in 1938 to manage currency in the occupied territories of north China. Its notes circulated in parallel with — and were explicitly designed to displace — Nationalist Chinese currency, functioning as an instrument of economic occupation rather than conventional central banking. By 1945, with Japanese control collapsing, these high-denomination notes were being issued in volume to meet wartime inflation, not genuine economic demand.
Surviving examples frequently show evidence of hasty circulation in the final months before Japan's surrender in August 1945, after which the notes were demonetized by the returning Nationalist administration. The Federal Reserve Bank itself was formally dissolved shortly thereafter.