1 yuan 1937
Market Prices
14 salesAbout This Note
This is a 1937 Bank of China 1 Yuan note (Pick P-79) in circulated condition, featuring a formal portrait on the obverse and a traditional Chinese junk ship on the reverse. The note shows evidence of period circulation with light creasing, fold marks, and age-related discoloration, though the intricate engraved designs remain well-preserved. The security printing by Thomas De La Rue & Company and the bilingual inscriptions reflect China's modernizing banking system during the Republican era.
Common. This is a regular issue banknote from a major bank with substantial circulation. eBay market data confirms abundant availability across multiple condition grades, with typical sales ranging from $1.99 to $12.50 for VF-EF specimens, and even catalog values from 2016 listing UNC examples at only $11. The catalog value of $11 for UNC condition and consistent low-to-moderate prices across multiple sales indicate this was a widely issued note with no historical scarcity factors.
Issued during the Second Sino-Japanese War period, this note represents the Bank of China's authority under the Republic of China (年19, Year 19 of the ROC = 1930 by Western calendar, though the catalog dates it 1937). The sailing junk depicted on the reverse symbolizes traditional Chinese maritime heritage and commerce, while the formal portrait on the obverse represents the modernization of China's financial institutions. The English-language inscriptions and London printer credit reflect the international nature of China's banking during this transitional period.
The obverse features a formal portrait of a dignitary in Western-style formal attire positioned on the left, representing Republican-era Chinese leadership or financial authority. The center showcases an ornate circular medallion containing Chinese characters, likely the bank's seal or denomination marker. Elaborate decorative borders with traditional Chinese geometric and floral scrollwork frame both sides, executed in green and red inks on cream paper. The reverse displays a beautifully engraved traditional Chinese junk ship with multiple sails, centered within a decorative circular frame, symbolizing China's maritime commerce and heritage. The design integrates bilingual text (Chinese and English) throughout, reflecting the cosmopolitan nature of 1930s Chinese banking.
FRONT: 中國銀行 (Bank of China) | 壹圓 (One Yuan) | 中華民國壹拾玖年 (Year 19 of the Republic of China) | Serial number E539857. BACK: BANK OF CHINA | ONE YUAN | 壹圓 (One Yuan) | MAY 1936 (printing date) | THOMAS DE LA RUE & COMPANY, LIMITED, LONDON (printer) | Serial number E539857.
Steel plate intaglio engraving, characteristic of security currency production of the era. The fine line work, intricate scrollwork, and detailed ship illustration are hallmarks of high-security banknote printing. Produced by Thomas De La Rue & Company, Limited of London, one of the world's premier security printers, who supplied currency and security documents to governments and banks internationally. The multi-color printing (green, red, blue, and cream) was achieved through separate passes of the engraved plates.
The serial number E539857 identifies this as a specific printing variety. The note is dated MAY 1936 on the reverse (printing date), consistent with the catalog year of 1937 for circulation. The bilingual design and Thomas De La Rue printing credit represent the standard variety for Pick P-79. No significant overprints, signature varieties, or emergency issues are evident in the visual analysis.
