Republic of China – The Central Bank of China 1945 5 Yuan Banknote

• Issuing Authority: The Central Bank of China (中央銀行 – Zhōngyāng Yínháng)

• Denomination: 5 Yuan / 伍圓 (Wǔ Yuán) / FIVE YUAN

• Series Date Marked: 1945 (visible on the top reverse border)

• Catalog Reference: Pick # 291 (Standard Catalog of World Paper Money)

• Serial Number: KK 697412 (Printed twice in red typography across the upper obverse)

• Engraver / Printer: American Bank Note Company (ABNC), New York (imprinted top center of reverse)

• Color Palette: Olive-green, deep sage green, and light pastel orange/coral multi-color underprint

Design & Iconography

• Obverse (Face):

  • Portrait Vignette: Chairman Lin Sen (林森, 1868–1943), President of the Republic of China's National Government from 1931 until his death in 1943 during the Second Sino-Japanese War. Depicted facing slightly right with his traditional long beard and scholar's cap.

  • Denomination: Large central engine-turned cartouche reading 伍圓 (Five Yuan) over an orange-pink guilloche sunburst rosette.

  • Seals: Red vermilion official seals flanking the lower center field.

• Reverse (Back):

  • Central Vignette: The Tomb of Emperor Huangdi (Yellow Emperor's Mausoleum) in Huangling County, Shaanxi Province, featuring ancient pavilion structures, historic cypress grounds, and the stone memorial pagoda.

  • Denomination: Western numeral 5 centered inside a floral rosette with English titling THE CENTRAL BANK OF CHINA and FIVE YUAN.

  • Signatures: Facsimile signatures of the Governor and General Manager flanking the upper reverse field.

Historical Context: The End of WWII and the Post-War Inflation Spiral

• Tribute to Lin Sen: Lin Sen served as the titular head of state throughout the grueling War of Resistance against Japan (WWII), operating out of the wartime capital of Chongqing. Following his death in an automobile accident in August 1943, the Central Bank commissioned the American Bank Note Company to engrave his portrait for a special series of post-war legal tender (Fabi) notes.

• ABNC Craftsmanship: Printed in the United States by the American Bank Note Company, this issue retains the crisp, high-relief steel-plate intaglio engraving that distinguished overseas-printed Chinese banknotes from local wartime emergency scrip.

• The 1945 Purchasing Power Crash: Although dated 1945 (the year of Allied victory over Japan), runaway post-war hyperinflation took hold almost immediately in late 1945 and 1946. A 5 Yuan note quickly became insufficient to buy even a single piece of candy, leading directly to the issuance of 10,000 to 5,000,000 Yuan denominations within the next three years before the Nationalist monetary collapse in 1948–1949.

Technical & Visual Assessment

• Technical Grade: About Uncirculated (AU 55 – AU 58)

• Substrate & Surface Preservation:

  • Clean, stiff, unhandled high-grade ABNC rag paper stock retaining factory crispness.

  • Corner points remain sharp with minimal edge handling.

  • Intricate intaglio ink work remains sharp and fully raised.

  • Flaws: Displays light natural age-toning spots (foxing), notably near the bottom center between the denomination and the left red seal, as well as a small shadow along the right reverse margin.

• Centering: Well-balanced margin framing on both sides.