10 cents 1931
Market Prices
68 salesAbout This Note
This is a well-preserved UNC example of the Central Bank of China's 1931 10-cent note (Pick P-202), featuring an elegant traditional Chinese architectural vignette of a pagoda on the obverse and bilingual English/Chinese design elements. The note displays crisp, vibrant green and teal printing with red official seals and exhibits minimal wear consistent with uncirculated status, though light age-appropriate foxing is visible. This denomination represents an important transitional period in Chinese monetary history when the Central Bank was establishing modern currency standards.
Common. The eBay market data shows consistent sales activity across multiple condition grades from 2011 to 2025, with UNC examples regularly selling in the $3-$10 range (median approximately $5), and even PMG-graded specimens generally not exceeding $60 except for exceptional outliers. The 2016 catalogue value of $5 for UNC confirms widespread availability. This indicates a reasonably large print run with substantial survivor population in all grades.
Issued in 1931 during the early years of the Republic of China under the Nationalist government, this 10-cent denomination reflects the Central Bank of China's effort to modernize the nation's currency system following decades of fragmented regional banking. The traditional Chinese pagoda depicted on the obverse symbolizes cultural continuity and national heritage during a period of significant political and economic reform. The bilingual English and Chinese inscriptions underscore China's engagement with international commerce and the Central Bank's role in establishing a nationally unified monetary authority.
The obverse features a circular vignette on the left side containing a detailed engraving of a traditional Chinese multi-tiered pagoda with ornamental roof elements, surrounded by trees and landscape vegetation within a decorative circular frame. A cloud-shaped cartouche containing the denomination appears center-right, flanked by two red official rectangular seals bearing Chinese characters typical of governmental authority stamps. The reverse displays a more restrained bilingual layout with the large numeral '10' centered within an ornate cartouche, corner medallions containing the denomination numeral in all four corners, signature lines for bank officials, and the printer attribution. Throughout both sides, intricate geometric and floral border patterns in traditional Chinese style provide decorative framing.
OBVERSE (Front): '中央銀行' (Central Bank of China) - main issuer identification; '壹角' (One Jiao/Ten Cents) - denomination in traditional Chinese; '每拾枚民國中央銀行回兌' (Exchange at Central Bank of Republic of China for every ten notes) - redemption clause; 'L995683 X' - serial number. REVERSE (Back): 'THE CENTRAL BANK OF CHINA' - English issuer name; 'TEN CENTS' - English denomination; 'GENERAL MANAGER' and 'ASST. GEN. MANAGER' - signature titles; 'CHUNG HWA BOOK CO., LTD.' - printer attribution.
Intaglio engraving with multiple color application, printed by Chung Hwa Book Co., Ltd. as attributed on the reverse. The fine line work visible in the borders, architectural details, and decorative elements, combined with the crisp impression quality, indicates traditional steel plate engraving methods characteristic of high-security banknote production of the 1930s. Multiple colored inks (green/teal, red, black) were applied in separate passes.
The observed serial number prefix 'L' and the signature variety with printed titles 'GENERAL MANAGER' and 'ASST. GEN. MANAGER' represent standard features of this emission. Varieties for Pick P-202 may exist in serial number prefixes and signature variations; the 'X' suffix observed here is consistent with documented examples. No major varieties (overprints, color variants, or error notes) are evident in the visual analysis.
