10 yuan 1936

common. This Pick-218d variant appears frequently on the secondary market with eBay sales data showing consistent trading from 2013-2025. Price points range from $1.36 (lower grades) to approximately $30-40 for PMG-graded notes in the 64-66 range. The 2016 catalog value for UNC was $15, and observed sales in AU condition typically realize $15-35, indicating steady but modest collector demand. With six cataloged variants for this base Pick number and regular availability of examples, this is a standard circulation issue rather than a scarce date or variety.

This banknote was issued during a pivotal period in Chinese history, as the Central Bank of China worked to establish a modern national currency system under the Republic of China (1912-1949). The reverse depicts the Palace of China in Peking, a symbol of traditional Chinese imperial authority and cultural heritage, reflecting the nation's attempt to balance modernization with respect for its ancient traditions. The English-language inscriptions and Waterlow & Sons printing demonstrate the internationalization of Chinese finance and the reliance on Western printing expertise during this era of institutional development.

The obverse features a formal portrait of Sun Yat-sen (the founder of the Republic of China, though only rendered generically in the visual analysis as 'a man in formal attire'), positioned at left in profile facing right. The center is dominated by an ornate circular medallion containing Chinese characters representing the denomination and issuer. Red seal stamps flank this central element, serving both decorative and security functions. The reverse showcases an elaborate engraved scene of the Palace of China in Peking, depicting traditional multi-tiered palatial buildings with curved roofs set within a landscaped environment with trees and courtyards. Corner cartouches display the denomination '10' in all four corners. Decorative borders with traditional Chinese ornamental designs frame the entire composition, with a large circular ornament on the reverse (the watermark area for SYS - Sun Yat-sen). The color palette combines deep blue and black with white background areas on the obverse, and blue-green with black and gray on the reverse.

Front side: 中央銀行 (Central Bank), 圓拾 (Ten Yuan), 中華民國五十二年 (Year 52 of the Republic of China), 拾 (Ten), Serial number E257119X. Back side: THE CENTRAL BANK OF CHINA, TEN YUAN, NATIONAL CURRENCY, WATERLOW & SONS LIMITED LONDON (printer), 1936 (date), 10 (denomination in corners), signature lines for GENERAL MANAGER and ASST. GEN. MANAGER, Serial number E257119X repeated.

Intaglio (engraved) printing by Waterlow & Sons Limited, London (W&S), a renowned security printer. The intricate line work visible throughout the note, particularly in the architectural scene, the portrait rendering, and the decorative borders, is characteristic of high-security intaglio production. The note exhibits the fine detail and raised ink impressions typical of this premium printing method used for currency. The watermark featuring SYS (Sun Yat-sen) would have been incorporated during the paper manufacturing phase.

This note is cataloged as Pick-218d, one of six known varieties (P-218a through P-218f) for the 1936 10 Yuan Central Bank of China issue. All variants share the same printer (Waterlow & Sons, London) but likely differ in signature combinations, serial number prefixes, or minor design elements typical of production runs spanning multiple printing sessions. The visual specimen shows serial number E257119X, which should be noted when distinguishing between varieties. The AU grade and minimal wear suggest this specific example has been well-preserved since issue, maintaining clear impressions of the intaglio work and vibrant colors typical of lightly circulated examples of this series.