10 yuan 1935

Common. While this is a specific Pick variety from 1935, the eBay price history shows consistent trading in the $5-$110 range depending on condition, with PMG 66 examples selling for approximately $200-$220 based on the 2020 comparable sale. The note was printed in reasonable quantities by a major international security printer for a significant Chinese bank, and multiple examples appear regularly on the market across various condition grades. The PMG 66 EPQ grade represents exceptional preservation rather than exceptional scarcity.

Issued in 1935 (Year 24 of the Republic) by the Farmers Bank of China, this note reflects the period when the Nationalist government was establishing centralized control over China's currency system. The deliberate emphasis on agricultural scenes—including a farmer with ox and rural landscapes—and the prominent pagoda architecture on the reverse celebrate the agrarian foundation of the Chinese economy, while the English-language text and London printer credit (Thomas De La Rue & Company) demonstrate the international financial connections of the Republican era. This was a transitional period before full-scale Japanese invasion disrupted Chinese banking in 1937.

The front features an ornate design centered on a shield-shaped medallion containing Chinese characters, flanked by two landscape vignettes depicting rural agricultural activities on the left (showing farmers and animals engaged in harvest or plowing) and a village settlement scene on the right (showing buildings and community structures). The reverse displays a more architecturally focused design with a prominent multi-tiered pagoda or traditional temple structure occupying the left-center area, representing classical Chinese architectural heritage, paired with an agricultural scene on the right showing a farmer alongside an ox—a recurring motif emphasizing the peasant agricultural base of the nation's economy. Both sides are framed with elaborate decorative borders featuring floral and geometric guilloche patterns in traditional Chinese design vocabulary, with ornamental wreaths and scrollwork elements. The color palette of purple, brown, and cream creates sophisticated contrast against the cream background.

FRONT SIDE: Chinese title '中國農民銀行' (The Farmers Bank of China), denomination '拾圓' (Ten Yuan), date '民國廿四年' (Year 24 of the Republic, corresponding to 1935), and serial number 'FH188364'. BACK SIDE: English inscription 'THE FARMERS BANK OF CHINA' with the promise clause 'PROMISES TO PAY THE BEARER ON DEMAND AT ITS OFFICE HERE', denomination 'TEN YUAN', designation 'NATIONAL CURRENCY', printer attribution 'THOMAS DE LA RUE & COMPANY, LIMITED, LONDON', and serial number 'FH188364'. The bilingual design reflects the cosmopolitan nature of Republican-era Chinese finance.

This note was produced using intaglio engraving (line engraving and steel plate printing), as evidenced by the fine line work, sharp detail in the decorative borders, the complex guilloche patterns visible throughout, and the precise registration of the red serial numbers. The printer Thomas De La Rue & Company, Limited of London—a world-renowned security printer—is credited on the note itself, confirming the use of their advanced intaglio and security printing techniques. The exceptional clarity of fine details and the depth of the engraved imagery are characteristic of De La Rue's high-security printing standards of the period.

This is cataloged as Pick 459a, indicating it is the primary variety of the 1935 Farmers Bank 10 Yuan denomination. The serial number prefix 'FH' and the specific numbering sequence (FH188364) are consistent with notes from the main print run. The English-language back and Thomas De La Rue printer credit are standard for this issue. No overprints, signature variations, or other distinguishing varietals are apparent on this specimen.