10 yuan 1938

Common. The Federal Reserve Bank of China issued substantial quantities of currency during its operational period (1933-1945), and the 10 Yuan denomination was a standard circulating value. No evidence of restricted print runs, recalls, or short-lived issuance exists for Pick J63. While early Republican Chinese currency has collector interest, individual notes in AU condition from standard issues remain readily available in the collector market at modest valuations, typically in the $15-40 USD range depending on serial number appeal and eye-appeal.

Issued in 1938 (Year 17 of the Republic of China, or 1928 in Western calendar), this note was produced during the Second Sino-Japanese War when the Federal Reserve Bank of China operated as a consortium bank providing financial stability to the Chinese government. The imagery—featuring the symbolic dragon, the Great Wall fortification, and a classical pagoda—reflects nationalist imagery celebrating Chinese cultural heritage during a period of national crisis. The choice of traditional architectural and natural landmarks on the back (the ornate pagoda) underscores the government's appeal to Chinese cultural continuity amid wartime turmoil.

The obverse features a complex patriotic composition: a dragon in flight dominates the upper center, symbolizing imperial authority and good fortune in Chinese tradition, positioned above a mountainous landscape that includes fortified structures and the Great Wall of China, representing national strength and historical continuity. The right side displays a portrait of a bearded Chinese statesman in traditional formal dress within an ornate oval frame; this is likely a portrait of a Republic-era governmental figure, though not definitively identified from the visual analysis. The reverse showcases an elaborate multi-tiered pagoda—characteristic of classical Chinese Buddhist or Confucian architecture—set within landscaped gardens with water features, all contained within an ornate rectangular frame with decorative corner flourishes. The entire note is framed by intricate floral and geometric border patterns rendered in blue-grey and cream tones.

FRONT: '中國聯合準備銀行' (Central Reserve Bank of China); '拾圓' (Ten Yuan) in cloud cartouche; '中華民國十七年' (Year 17 of the Republic of China); Serial number and red seal impressions. BACK: '中國聯合準備銀行' (Central Reserve Bank of China); '拾圓' (Ten Yuan) in scalloped cartouches on left and right; 'TENYUAN' (English denomination); Numeral '10' in multiple locations.

The note employs intaglio (engraved) printing, evidenced by the fine line details visible in the border patterns, the subtle shading in the landscape vignettes, and the crisp rendering of the pagoda and architectural elements. The red seal impressions and serial numbers appear to have been applied through overprinting, likely using a separate red-ink application. The overall printing quality and security-conscious design elements (intricate borders, fine-line engraving, complex vignettes) are consistent with the work of advanced international security printers of the period; the Federal Reserve Bank of China engaged specialist printers for high-security currency production.

The specific variety is determined by the serial number prefix and red seal characteristics. The observed note bears serial number 533240 with red seal impressions. Pick J63 encompasses the 1938 Federal Reserve Bank of China 10 Yuan issue; varieties exist based on seal variations and serial number prefixes. Without comparison to cataloged seal varieties, the exact sub-variety designation cannot be confirmed, but the presence of red-ink serial numbers and stamps is consistent with standard-issue 1938 Federal Reserve Bank 10 Yuan notes. No obvious printing anomalies, overprints, or error characteristics are apparent from the visual analysis.