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| 正面铭文 | 登录 以查看详情 |
| 背面描述 | Brown on light underprint. Central denomination numeral '500' in large serif characters, surrounded by an elaborate guilloche pattern of interlocking floral and geometric medallions filling the entire field. Decorative quatrefoil ornaments at left and right, with a circular rosette device at top centre. |
| 背面铭文 | 500 中國聯合準備銀行 |
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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.