500 Yuan Bank of Taiwan, without watermark

The Bank of Taiwan functioned as Taiwan's de facto central bank from 1961 until the Central Bank of the Republic of China formally reassumed that role in 1979 — this note falls squarely in that transitional window. The 500 Yuan denomination was never a workhorse of daily commerce; by the mid-1970s it was a high-value note in a still-developing consumer economy, more likely to move through business transactions than through ordinary hands.

The without-watermark distinction is the meaningful collecting variable here. Earlier printings of this series carried a watermark; its absence in this variant points to either a paper supply change or a deliberate production decision at the Central Engraving and Printing Plant — the precise reason is not documented in standard references.