1 yuan 1960

Common. While the 1960 issue is moderately collectible as an early People's Bank of China issue, the eBay price history shows consistent market values for UNC specimens ranging from approximately $10–$43 historically, with recent PMG 68 examples selling for $20–$60. The large volume of sales data (over 50 transactions spanning more than a decade) and the consistent availability of multiple grades at modest prices indicate this is a commonly encountered note in the international numismatic market. No significant print run restrictions, recalls, or scarcity factors are documented for Pick 874a.

Issued in 1960 during the Great Leap Forward period, this banknote reflects the Chinese Communist Party's ideological focus on rapid industrialization and agricultural collectivization, with the female tractor operator symbolizing both mechanized farming advancement and the mobilization of women into the industrial and agricultural workforce. The reverse landscape with grazing sheep and herder further emphasizes the pastoral and agrarian transformation narrative central to early PRC economic policy. The 1960 issue represents a critical moment in China's monetary history before the subsequent devaluation and redenomination of the Chinese yuan.

The obverse features a central heroic portrait of a smiling woman in work attire seated on a vintage agricultural tractor, depicted in profile facing right—a propagandistic representation of the liberated female worker in socialist China. An industrial factory with a prominent smokestack dominates the background, symbolizing the integration of mechanized industry with collective agriculture. The entire design is framed by elaborate ornamental baroque-style scrollwork and cloud-shaped cartouches typical of 1960s Chinese banknote aesthetics, executed in pink/magenta and deep red/maroon tones on a cream background. The reverse depicts a pastoral mountain landscape with coniferous forests, rolling grassland, and a shepherd with grazing sheep—representing the bucolic agricultural sector being transformed by socialist modernization. The Chinese national emblem (featuring Tiananmen Gate and five stars) appears in red on the reverse right side, anchoring the design with state authority. Fine line guilloche patterns and intricate engraved borders throughout provide both aesthetic richness and security features characteristic of mid-century currency design.

FRONT SIDE: '中國人民銀行' (People's Bank of China) at top center; '壹圓' (1 Yuan) in ornate cartouche; 'YI YUAN' and '1960' in romanized/Arabic numeral form; Serial number 'VII IX III 3144259'; English text stating 'Currency Issued by The Central Bank of China, II issue.' BACK SIDE: 'ZHONGGUO RENMIN YINHANG' (People's Bank of China in pinyin romanization) at top; '1 YUAN' and '1960' at bottom right. The reverse is primarily inscribed in Pinyin romanization rather than traditional Chinese characters.

Intaglio (engraved) printing on banknote paper, evidenced by the fine line guilloche patterns, detailed landscape engraving on the reverse, elaborate scrollwork borders, and the three-dimensional effect visible in the security linework. The multi-color printing was achieved through successive intaglio passes (red-brown and red-violet inks on the obverse, with additional color separations on the reverse). This note was produced by Chinese state security printers; the specific facility likely being the Shanghai or Beijing Bureau of Engraving and Printing based on the quality and design specifications of early PRC currency.

The specimen observed is consistent with the standard Pick 874a variety (red-brown and red-violet on multicolor underprint). The serial number visible in the visual analysis (VII IX III 3144259) suggests Roman numeral prefixing, which is standard for this issue. No overprints, error variations, or significant sub-varieties are evident. Collectors should note that the 'II issue' designation visible in English on the obverse ('Currency Issued by The Central Bank of China, II issue') indicates this is the second printing/issue variant of the 1960 1 yuan denomination, distinguishing it from earlier printings if present in collections.