1 dollar 1923

Common. Despite its age and historical significance, this Pick P-171f variety circulates regularly in the collector market at modest valuations. eBay price history shows VF specimens selling for $45–$65, with PMG-graded examples (VF-EF range) achieving $57–$91. The 2016 catalog values indicate EF specimens at $80, suggesting stable collector demand but no scarcity premium. Print runs for Central Bank of China issues from this period were substantial, and the SWATOW overprint, while geographically specific, does not indicate limited production. The circulated condition and visible handling marks are typical for notes from this era still in circulation.

This note was issued during the early Republic of China period (dated to the 20th year of the ROC, equivalent to 1931 in the Western calendar, though denominated 1923), when the Central Bank of China was consolidating monetary control. The bilingual design—featuring both Chinese characters (中央銀行, 壹圓) and English text—reflects the international commercial importance of treaty ports like Swatow, where Western and Chinese banking interests intersected. The ABNC printing and English denominations underscore the influence of American financial institutions in early Republican China.

The obverse features a formal portrait of a man in Western business attire with slicked-back hair, centered within an ornate oval medallion frame—consistent with early ROC-era monetary iconography emphasizing modern governance. The design is dominated by teal-green coloring with cream and red accents, surrounded by traditional Chinese floral and geometric ornamental borders in all four corners. Governmental seals or coats of arms with Chinese characters flank the central portrait on left and right. The reverse employs a predominantly dark blue and cream color scheme with an ornamental central seal design, English text dominance, and decorative scroll work. The SWATOW overprint in violet ink indicates regional circulation and handling by local banking authorities.

Front Side: 中央銀行 (Central Bank) | 壹圓 (One Dollar/Yuan) | 中華民國二十年用 (Used in the 20th Year of the Republic of China) | 洛頭 (Luotou/place designation, appearing on left and right) | Serial Number: A906193 (appearing top left and right). Back Side: THE CENTRAL BANK OF CHINA | ONE DOLLAR | 1923 | SWATOW (in purple circular handstamp) | AMERICAN BANK NOTE COMPANY | Serial Number: A906193 (matching obverse).

Engraved intaglio printing by the American Bank Note Company (ABNC), as evidenced by the fine line work, intricate cross-hatching, detailed ornamental patterns, and sharp definition visible in the borders and background designs. The violet circular SWATOW handstamp was applied post-printing as a regional distribution mark. The crisp rendering of both English and Chinese text, combined with the elaborate decorative elements, is characteristic of high-security intaglio currency production of the early 20th century.

This example is identifiable as the SWATOW regional variety due to the prominent violet circular handstamp reading 'SWATOW' on both obverse and reverse. Pick P-171f specifically denotes the Swatow distribution variant of the 1923 1 Dollar Central Bank of China issue. The serial number A906193 is consistent with first-issue printings. No signature varieties or secondary date variations are apparent from the visual analysis. The handstamp application distinguishes this from unmarked examples (P-171a through P-171e), making it a notable geographical distribution variant rather than a rarity.