10 fen 1938

Common. While Federal Reserve Bank of China notes from the 1938 period are collectible, the 10 fen denomination was a standard circulating issue produced in substantial quantities. Notes in this denomination survive in reasonable numbers despite wartime conditions, and UNC examples are regularly available in the collector market. No documented print run restrictions, recall orders, or extreme scarcity factors apply to Pick J48a.

This note was issued during the Second Sino-Japanese War period (1937-1945), when the Federal Reserve Bank of China (中國聯合準備銀行) operated as a consortium bank under the Chinese Nationalist government. The date mark '中華民國二十七年' (Republic of China Year 27) corresponds to 1938, a critical year when Japan's invasion threatened China's financial stability. The architectural imagery and traditional Chinese design elements reflected the government's efforts to maintain cultural and monetary sovereignty during military conflict.

The front features a symmetrical layout dominated by large characters '壹圓' (One Yuan) in the center, flanked by a large circular red seal on the left side containing geometric patterns and a rectangular architectural vignette on the right depicting a traditional multi-tiered Chinese pagoda or temple structure. Ornate decorative borders with traditional Chinese motifs frame the entire note in brown and red. The back presents a highly ornamental central medallion with baroque-style flourishes and scalloped border frames, with the denomination '10' prominently displayed in decorative frames on both left and right sides. The background throughout features an intricate fine mesh or crosshatch security pattern characteristic of period security printing.

Front: 中國聯合準備銀行 (China Joint Reserve Bank / Federal Reserve Bank of China); 壹圓 (One Yuan); 中華民國二十七年 (Republic of China Year 27 / 1938); ＜350＞ (350, likely a series or plate number). Back: 10 (denomination numeral); 圓 (Yuan, currency unit).

Intaglio engraving (line engraving), the standard security printing method for Chinese currency of this era. The fine mesh background pattern, complex decorative line work, and sharp detail preservation visible throughout indicate professional bank note engraving consistent with Federal Reserve Bank of China production standards of the 1930s. The precision of the ornamental geometry and vignette work suggests production by an experienced security printer, likely a Western engraver contracted to the Chinese central banking consortium.

The Pick J48a designation indicates this is the standard variety of the 1938 10 fen Federal Reserve Bank of China issue. The serial number '350' visible on the front may indicate a series or plate marking; however, without additional serial number prefixes, signature variants, or documented overprint varieties, this note appears to represent the primary issued variety. Specific variety distinctions for this Pick number would require comparison of serial number ranges or printing sequences.