10 yuan 1940

Common. This note regularly appears on the secondary market with consistent eBay transaction history spanning from 2012 to 2025, with numerous sales across various condition grades (F through PMG 65). Price realizations are modest, ranging from less than $1 for lower grades to approximately $50 for PMG 65 examples, indicating strong collector availability. The 2016 catalog value of $4 for UNC specimens and the steady stream of sales confirm that while this is a desirable historical note, it was produced in sufficient quantity to remain accessible to collectors without significant scarcity premium.

This note was issued by the Central Bank of China during the Second Sino-Japanese War (1937-1945), a period when the Chinese government faced severe economic and political challenges. The use of English text alongside Chinese characters ('中央銀行' and 'THE CENTRAL BANK OF CHINA') reflects China's international diplomatic standing and ties to Western financial institutions during this era. The portrayal of Sun Yat-sen, founder of the Republic of China, underscores the nation's attempt to maintain institutional continuity and legitimacy despite the ongoing conflict and internal strife.

The obverse features a formal portrait of Sun Yat-sen (孫中山) positioned within an oval frame on the right side, rendered in a three-quarter view facing slightly left with distinctive mustache. The left side displays a circular decorative medallion containing Chinese characters (likely the bank's emblem or seal). The design is framed by ornate cloud-pattern borders in all four corners, typical of classical Chinese artistic motifs. The background utilizes pale gray-beige tones with intricate geometric patterns and fine-line engraving throughout. The reverse maintains the gray-green color scheme and features large '10' numerals in decorative cartouches positioned in all four corners, with the central denomination cartouche prominently displaying '10' in English. The entire reverse incorporates a background of repeated text patterns and geometric designs, with signatures of S.L. Lichia (General Manager) and Sofong Chang (Assistant General Manager) authenticating the issue. The printer attribution 'CHUNG HWA BOOK CO.LTD.' appears at the bottom of the reverse.

OBVERSE: 中央銀行 (Central Bank of China); 圓拾 (Ten Yuan); 中華民國廿九年 (Republic of China Year 29, corresponding to 1940); Serial number E068479F in red. REVERSE: THE CENTRAL BANK OF CHINA (header in decorative band); 10 (large denomination numerals in central cartouche); TEN YUAN (denomination in English); GENERAL MANAGER / S.L. Lichia (signature and title, left); ASST. GEN. MANAGER / Sofong Chang (signature and title, right); 1940 (year of issue); CHUNG HWA BOOK CO.LTD. (printer mark at bottom).

This note was produced using fine-line engraving and intaglio printing techniques, characteristic of high-security banknote production of the 1940s era. The printer identified as 'CHB' (Chung Hwa Book Company Limited) employed multiple layers of geometric patterns, intricate line work, and carefully executed decorative elements as security measures. The precise rendering of the portrait, the fine detail in the corner ornamentations, and the complex background pattern work are all consistent with professional intaglio engraving, the standard security printing method for official government currency of this period.

The specific variety observed is characterized by the signatures of S.L. Lichia and Sofong Chang, which appear to represent the standard signature variety for the 1940 issue. The serial number prefix 'E' and format (E068479F) are consistent with the documented issue series. No overprints, date variations, or alternative signature combinations are apparent on this specimen. PMG's population report indicates a single cataloged variant for Pick P-228, suggesting this signature combination represents the primary (or only) variety for this denomination and year of issue.