1/2 yuan 1920

Common. The eBay market data provided shows an EF specimen selling for $117.50 in 2014, with 2016 catalog values ranging from $1.80 in VG to $25 in UNC condition. These modest market prices indicate this note was produced in substantial quantities and remains readily available to collectors. The AU condition grade of the specimen observed is between VF and UNC on the market hierarchy, placing it in a typical price range of approximately $10-20 based on historical sales data. No evidence of limited print runs, recalls, or scarcity markers exists for Pick P-626.

This note was issued during the early Republic of China period (民國十年 - 10th year of the Republic, corresponding to 1921 by Western calendar, though dated 1920), when the newly formed government sought to finance operations through interest-bearing treasury bonds convertible to currency. The repeated '中國' (China) emblems on the front and the dense background text on the reverse reflect the deliberate design choices of early republican authorities to assert national sovereignty and prevent counterfeiting through intricate security printing. The Ministry of Finance's designation and the note's specification as '元通用現鈔' (Yuan universally circulating currency) underscore the transitional nature of this financial instrument during a period of governmental reorganization.

The front design centers on a large decorative roundel containing the character '中' (middle/center), flanked symmetrically by two circular emblems each containing '中' and '國' characters spelling '中國' (China). This central device is surrounded by elaborate Art Deco-influenced ornamental borders featuring traditional Chinese scrollwork and corner flourishes. The overall design palette employs blue ink for primary design elements against a cream/beige field. The back features a prominent multi-petaled rosette or flower-like ornament radiating from the center, functioning as the focal point against a densely printed background of vertically arranged Chinese characters designed to deter counterfeiting. Decorative borders frame the entire composition with repeating cross or flower motifs along the top and bottom edges, and an official red seal appears in the lower left corner.

FRONT: '財政部定期有利國債券' (Ministry of Finance Fixed-Term Interest-Bearing Government Bonds) | '元通用現鈔' (Yuan Universally Circulating Currency) | '中國' (China - appears twice on flanking emblems) | '民國十年印製' (Printed in the 10th Year of the Republic) | Serial numbers: '1760913' (appears on both left and right sides in red). BACK: Dense repeating columns of Chinese characters in micro-print style forming the background security pattern; specific characters form an anti-counterfeiting text field; red official seal stamp on lower left.

This note employs steel engraving (intaglio printing), evidenced by the fine line cross-hatching patterns, intricate radiating designs in both the front roundel and back rosette, and the sophisticated micro-print character background on the reverse. The sharp definition of ornamental borders, the precise rendering of circular emblems, and the clarity of the red serial numbers indicate high-quality security printing typical of government bond production in the early 1920s. The specific printer for this Pick number P-626 issue is not definitively documented in commonly available references, though Chinese treasury bonds of this era were typically produced by government printing facilities or contracted security printers in major cities such as Beijing or Shanghai.

The observed specimen displays serial number 1760913 on both left and right sides in red ink, which is consistent with standard production practices for this issue. No overprints, date variations, or signature varieties are apparent from the visual analysis. This appears to be a standard circulation variety of the 1/2 Yuan Fixed Term Interest Bearing Treasury note. Collectors should note that serial number combinations and ink shades may vary across the print run, though these do not constitute recognized catalog varieties for P-626.