1 fen 1938
About This Note
This is an exceptional example of a 1 fen note from the Federal Reserve Bank of China (中國聯合儲備銀行), issued in 1938 (Republic of China Year 27). The note exhibits crisp, clear printing throughout with ornate decorative borders, a central arched design featuring stylized Chinese characters, and an architectural bridge landmark—all rendered in warm brown and sepia tones on light beige paper. In uncirculated condition with only minor age-related foxing, this note represents a well-preserved specimen of wartime Chinese currency from a tumultuous period in the nation's history.
Common. The Federal Reserve Bank of China issued substantial quantities of small denomination notes like the 1 fen across multiple printings during 1938-1945 to facilitate everyday commerce during wartime. While notes from this era and issuer are collected, they were produced in high volumes relative to higher denominations. Uncirculated examples are more desirable than circulated pieces but are not exceptionally scarce. The denomination, issuer, and date combination are standard catalog entries without documented print run restrictions or recalls that would elevate rarity.
This note was issued during the Second Sino-Japanese War (1937-1945), a period when China's financial system was under considerable strain. The Federal Reserve Bank of China (established as a unified banking authority in 1938) issued small denomination currency like this 1 fen note to facilitate commerce during the Japanese occupation of eastern China. The depicted bridge and the use of traditional Chinese characters on the front reflect nationalist symbolism, emphasizing Chinese sovereignty and continuity despite the military conflict.
The front features a classical symmetrical design with a prominent arched gateway or pavilion structure in the center background—likely representing a significant architectural landmark symbolic of Chinese cultural heritage. Two large stylized Chinese characters flank this central motif. The design is framed by an ornate geometric border with repeating meander patterns typical of traditional Chinese ornamentation. Four circular corner medallions contain intricate repeating geometric designs serving both aesthetic and security purposes. Red square seals and serial numbers in the upper corners and lower center add official authentication marks. The reverse displays a more abstract geometric composition with two large circular medallions bearing the numeral '1' on the left and right sides, and a central hexagonal or shield-shaped cartouche containing additional Chinese characters, all executed in fine repeating line work and ornamental flourishes. The overall design emphasizes classical Chinese artistic traditions adapted to modern currency requirements.
Front side: The top horizontal text reads '中國聯合儲備銀行' (Central Bank of the Chinese Republic / China Joint Reserve Bank). Two instances of the formal numeral '壹' (One) appear. The date '中華民國二十七年' translates to 'Republic of China Year 27' (corresponding to 1938 in the Western calendar). Lower text '中華民國財政部發行委員會印製' translates to 'Printed by the Issuance Committee of the Ministry of Finance, Republic of China.' Serial numbers '(353)' appear in both upper corners in red. Back side: The inscriptions include the numeral '1' in circular medallions on both sides, and '中國' (China) in the central ornamental emblem.
This note was produced using intaglio (engraved) printing, evidenced by the crisp, detailed line work visible throughout both sides, the precise geometric patterns, and the sharp definition of all inscriptions and border elements. The fine parallel lines in the background and decorative elements are characteristic of high-quality intaglio currency production. The even ink coverage and the preservation of fine detail across the entire surface indicate professional security printing standards typical of 1930s Chinese central banking operations. The printer information is not independently specified in standard catalogs for this Pick number, but the technical quality is consistent with the Ministry of Finance's designated issuance committee production standards.
The observed specimen bears serial number 353, printed in red in both upper corners—this is a standard feature of the issue. Pick catalog number P-J46 represents the standard 1 fen denomination from this issuer and date. No overprints, security features beyond the standard ornamental design, or documented varieties for this specific Pick number are indicated in the visual analysis. The note represents the typical variety for this cataloged issue; collectors should note that different serial number ranges may exist, but these do not constitute distinct catalog varieties.
