1 yuan 1938
About This Note
This is a well-preserved AU example of the 1938 Federal Reserve Bank of China 1 Yuan note (Pick J61a), showcasing the distinctive design aesthetics of the Chinese financial system during the Republican era. The note displays crisp imagery of a Chinese dragon, traditional junk sailing vessel, and an ornately framed portrait on the obverse, with a prominent pagoda tower dominating the reverse—all rendered in fine engraving technique with elegant green, red, and cream coloring. Despite visible aging including yellowing, creasing, and minor foxing, the note retains strong eye appeal and detail definition appropriate to its AU grade, making it a desirable example for collectors of Republican-era Chinese currency.
Common. This Federal Reserve Bank of China issue from 1938 appears to have had substantial circulation and was produced in significant quantities. The Pick catalog listing shows only one variant (J61a) recorded by PMG, with no indication of extreme scarcity. The note's survival in AU condition reflects careful preservation rather than extreme rarity in the original issue. No evidence from the catalog data or standard references suggests limited print runs or special recall status that would elevate this to uncommon or higher rarity classifications.
This banknote was issued by the Federal Reserve Bank of China (中國聯合準備銀行) in 1938, during the tumultuous Second Sino-Japanese War period of the Republic of China era. The imagery—featuring the dragon symbolizing imperial Chinese heritage and the traditional junk representing maritime commerce and national identity—reflects nationalist iconography used during this era to reinforce Chinese sovereignty and cultural continuity. The pagoda depicted on the reverse serves as an architectural symbol of Chinese civilization and cultural preservation during a period of national crisis and foreign invasion.
The obverse features a left-positioned Chinese dragon as a nationalist symbol of imperial heritage, with the central composition dominated by a traditional Chinese sailing junk (多帆船) in a lower maritime scene, representing commercial and naval prowess. The right side displays a formal portrait medallion containing a bearded dignitary in traditional Chinese formal robes with a crown or ceremonial headdress, executed in profile within an ornate circular frame—likely representing a founding father or high official of the Republican era. Elaborate floral quatrefoil designs and geometric borders frame all sides. The reverse presents a symmetrical composition centered on a multi-tiered pagoda tower within an ornate rectangular architectural frame, flanked by large formal denomination characters and surrounded by elaborate scrollwork and decorative flourishes. The design employs fine parallel line engraving and cross-hatching throughout for both aesthetic and security purposes.
Front side: '中國聯合準備銀行' (Federal Reserve Bank of China / China United Reserve Bank); '中華民國廿七年' (Year 27 of the Republic of China, corresponding to 1938); '壹圓' (One Yuan); Serial number '0106519'; Series marking '〈126〉'. Back side: '中國聯合準備銀行' (Federal Reserve Bank of China); '壹圓' (One Yuan); 'ONE YUAN' (English denomination); '發行局印會全國備準銀行中' (Printed/issued by the Central Bank preparation committee of the Republic of China).
Steel engraving and intaglio printing, employing fine line work, cross-hatching patterns, and complex parallel line security designs throughout the note. The delicate detail in the portrait medallion, dragon rendering, junk illustration, and pagoda architecture is characteristic of high-quality intaglio engraving typical of Republican-era Chinese currency production. The layered color application (green, red, cream, black) suggests multi-plate printing typical of security bank note production of the 1930s-1940s era.
This note is cataloged as Pick J61a. The visual analysis shows serial number 0106519 and series marking 〈126〉. The specific variety designation (J61a) represents the primary variant of the base Pick number J61 as recorded in the PMG population data. No overprints, date variations, or signature variants are evident in the observed images that would indicate sub-varieties within the J61a classification.
