10 yuan 1937

Common. While this is a historically significant note from an important period in Chinese history, the 1937 Bank of China 10 Yuan (Pick P-81) remains relatively common in the collector market. The eBay price data provided shows AU-graded examples trading around $15-$110 USD, with most sales in the $45-$110 range, indicating substantial availability. The note had a reasonable print run and was not subject to recall or special restrictions that would create scarcity. UNC examples command higher prices ($150-$810+), reflecting typical condition premiums rather than fundamental rarity.

This note was issued during a pivotal period in Chinese history—1937 marked the beginning of the Second Sino-Japanese War and the height of internal political tensions in the Republic of China. The Bank of China, depicted through its ornate institutional building on the reverse, served as the backbone of the Nationalist government's financial system during this turbulent era. The portrait of Liao Zhongkai, a prominent early Republican-era political figure and ally of Sun Yat-sen, reflects the nationalist ideology and historical commemoration important to the Kuomintang government of the period.

The obverse features a three-quarter profile portrait of Liao Zhongkai (1878-1925), the prominent Republican politician and Sun Yat-sen associate, positioned on the left side wearing formal traditional Chinese dress with formal collar. The center is dominated by an intricate circular rosette with geometric patterns in blue and purple, serving both decorative and security purposes. The reverse displays an impressive Art Deco-style architectural rendering of what is identified as a Bank of China institutional building, featuring multiple towers, stepped design, organized window patterns, and fine cross-hatching typical of high-quality banknote engraving. Both sides incorporate elaborate ornamental borders and corner designs with repeating geometric motifs in green and cream tones.

Front side: '中國銀行' (Bank of China); '圓拾' (Ten Yuan); '印年六十二國民華中' (Printed in the 22nd year of the Republic of China [corresponding to 1933 in the traditional Chinese calendar, though the Western date shown is 1937]); '拾' (Ten, appearing in corners); Serial number 'C358777'. Back side: 'BANK OF CHINA'; 'TEN YUAN'; 'DO' (abbreviated form of Ten); 'NATIONAL CURRENCY'; Serial number variants 'C358777' and 'D358777'; 'GENERAL MANAGER'; 'MANAGER'; '1937'; 'THOMAS DE LA RUE & COMPANY, LIMITED, LONDON' (printer); '10' (denomination).

This note was produced using intaglio engraving and steel plate printing, the premium banknote production method of the era. The printer was Thomas De La Rue & Company, Limited of London, one of the world's leading security printers in the 1930s. The exceptionally fine line work visible throughout the note—particularly in the portrait's cross-hatching, the central rosette's geometric patterns, and the architectural detail—is characteristic of high-security intaglio production. The fine-line border patterns and detailed engraved elements provided anti-counterfeiting measures typical of De La Rue's sophisticated security printing standards.

The visual analysis indicates serial numbers with both 'C' and 'D' prefixes (C358777 and D358777 observed), suggesting different plate varieties or batches within the printing run. This note corresponds to Pick P-81 in the standard catalog. The PMG population report indicates P-81Ar is a variant cataloged for 1 Yuan denominations under this base Pick number, though the current note is the 10 Yuan denomination. No overprints or signatures are apparent in the visual analysis. The specific serial number prefix and letter combination may help identify the precise printing batch, though such varieties are typically not separately cataloged for this issue.