10 yuan 1940
About This Note
This is a striking 1940 Central Reserve Bank of China 10 Yuan note graded PMG 65 EPQ, representing an exceptional example of early Republican-era Chinese currency. The obverse features a formal portrait of a dignitary in military dress centered within an ornate oval frame, flanked by dragon motifs and red seals, while the reverse displays a classical Chinese fortress or gate structure—likely a historical monument. The note's gem uncirculated condition with pristine paper stock and sharp engraving makes it a desirable specimen for collectors of Chinese Republican currency.
Common. While the Central Reserve Bank of China's 1940 emissions are generally available to collectors, this note represents a standard circulation issue from a major Chinese bank during the Republican period. No evidence suggests limited print runs, recalls, or short-lived production for this Pick number. The PMG 65 EPQ grade represents a high condition specimen, which is less common than circulated examples, but the base note itself is widely available in the collector market.
Issued during 1940, this note was produced by the Central Reserve Bank of China during a period of significant political instability and the ongoing Second Sino-Japanese War. The portraiture and architectural imagery reflect the nationalist ideals of the Republic of China era, with the fortress structure possibly representing a historical monument symbolizing Chinese heritage and resilience during wartime. The bilingual English and Chinese text on the note underscores China's international banking relationships and the technical sophistication of the Central Reserve Bank during this turbulent period.
The obverse features a formal portrait of a high-ranking official or nationalist figure in ceremonial military dress, centered within a decorative oval cartouche. Dragon motifs flank the portrait on both sides, symbolizing imperial authority and prosperity in traditional Chinese iconography, while ornate floral and cloud designs occupy the corners. Two red square seals provide authentication. The reverse displays a fortified Chinese gate or wall structure—possibly the Great Wall or a significant historical fortress—rendered in fine detail, with large denomination numerals '10' enclosed in ornamental frames at all four corners. The overall color scheme of blue-green on the obverse and predominantly blue on the reverse creates a cohesive, sophisticated aesthetic typical of high-quality banknote engraving.
FRONT: Chinese (Traditional): '中央銀行儲備中' (Central Reserve Bank of China), '拾圓' (Ten Yuan), '中華民國建國紀念十年' (Republic of China Memorial - Ten Years); Serial Number: E662943E. BACK: English: 'THE CENTRAL RESERVE BANK OF CHINA', 'TEN YUAN', '10' (denomination in corners), 'GOVERNOR', 'VICE-GOVERNOR'; Year: '1940'.
Intaglio engraving (line engraving and steel plate printing), evidenced by the fine line work, intricate background patterns, precise details in portraiture and architectural rendering, and the sharp definition visible throughout the design. The note exhibits the hallmarks of professional security printing typical of 1940s Central Bank currency production, with multiple colors applied through separate press passes.
Based on catalog data, PMG recognizes at least two variants for the base P-J12 Pick number: P-J12s2 (Black Signature) and P-J12s5 (Blue Signature). The observed note should be classified within one of these signature varieties. The serial number E662943E and the presence of red seals visible in the images should be noted for variety documentation. Further examination of signature colors and placement would be necessary to definitively assign this specimen to P-J12s2 or P-J12s5.
