1 cent 1939

Common. Secondary market data from eBay auctions shows consistent sales across multiple condition grades ranging from $0.99 to $38, with UNC examples regularly selling between $7.50 and $18.50. The 2016 catalog valuation of $5 for UNC specimens, combined with the frequency of sales and consistent availability in various grades, indicates this is a readily obtainable note. Large print runs and the absence of any documented scarcity issues for Pick P-224a further support a common classification.

This note was issued during the second Sino-Japanese War period (1937-1945) when the Central Bank of China was managing the nation's currency under challenging wartime circumstances. The reverse design featuring a traditional Chinese pagoda symbolized cultural continuity and national identity during this turbulent era. The use of an American printer reflects China's historical financial ties to Western institutions and the international support networks available to the Republic of China during this period.

The obverse features a pink/magenta design dominated by a large circular medallion in the center containing Chinese characters arranged around a geometric pattern, symbolizing the authority and unity of the Central Bank. The denomination 'ONE CENT' appears in a decorative cartouche on the left side. Four corner emblems with stylized animal figures provide heraldic ornamentation. The reverse depicts a traditional multi-tiered Chinese pagoda in a landscape setting surrounded by stylized trees, centered within ornamental corner emblems matching the obverse design. The pagoda likely represents a significant architectural or symbolic landmark of the period. Both sides employ identical pink/magenta color schemes with cream/beige backgrounds and feature the parallel English and Chinese inscriptions characteristic of Republic of China currency.

Front side: 'THE CENTRAL BANK OF CHINA' (English), 'ONE CENT' (English denomination), '中央銀行' (Central Bank - Chinese), '分' (Cent/Division - Chinese), 'B860719 C' (Serial number), 'UNION PUBLISHERS & PRINTERS, FED. INC. U.S.A.' (Printer attribution). Back side: '中央銀行' (Central Bank - Chinese), '中華民國' (Republic of China - Chinese), '壹分' (One Cent - Chinese, where 壹=One and 分=Cent).

Intaglio engraving (recess printing), as evidenced by the intricate fine line work visible throughout the note, the precise guilloché patterns in the borders and background, and the sharp detail rendering in both the geometric medallion and pagoda landscape. The note was printed by Union Publishers & Printers, Federal Inc. (USA), a commercial security printer used by the Central Bank of China during this period.

This specimen is identified as Pick P-224a, which represents the standard 1939 issue. The serial number 'B860719 C' suggests this particular note is from a mid-range production sequence. No major varieties (such as color variations, overprints, or significant printing errors) are evident in this example. The letter prefix 'B' and suffix 'C' are consistent with the standard serial numbering scheme for this issue. Future notes in this series should be examined for any notable signature varieties or watermark differences that might distinguish specific printing runs within the 1939 issuance.