100 gold yuan 1948

Common. The eBay market data shows multiple UNC examples selling in the $25-$62 range over the past decade, with lower grades (F, EF) trading for under $10. The 2016 catalog value for UNC is listed at only $25. While this is a historically significant late-period Gold Yuan issue, the denomination and printing quantity make it readily available to collectors. The consistent availability of UNC examples and moderate price points indicate this is a regularly traded note with no scarcity premium.

The Gold Yuan was introduced by the Central Bank of China in 1948 as an emergency currency reform attempt during the final years of the Chinese Civil War, when hyperinflation had rendered previous currency issues virtually worthless. The military officer portrayed likely represents a Nationalist-era leader, while the pagoda landscape on the reverse symbolizes traditional Chinese cultural and architectural heritage that the Central Bank sought to emphasize during this tumultuous period. This 1948 issue represents one of the final regular currency releases by the Central Bank before its operations ceased following the Communist victory in 1949.

The obverse features a centered portrait of a Nationalist-era military officer in uniform with cap, shown in left profile, framed by ornate green and teal decorative borders incorporating floral scrollwork and geometric medallions. Large denomination cartouches reading '壹佰圓' (One Hundred Yuan) appear on left and right sides with red square seals containing Chinese characters below them. The reverse depicts a classical Chinese landscape scene featuring a multi-tiered pagoda tower in the center background surrounded by forested terrain and water, with a wooden bridge or railing in the foreground. Large ornate '100' cartouches flank the landscape on both sides. The entire design is bordered by fine decorative scrollwork and corner medallions matching the obverse color scheme.

FRONT: 中央銀行 (Central Bank) - issuing authority; 壹佰圓 (One Hundred Yuan) - denomination in Chinese numerals; Z-6 - series designation; 782779 - serial number in red overprint. BACK: THE CENTRAL BANK OF CHINA - English name of issuer; ONE HUNDRED YUAN and 100 - denomination in both English text and numerals; 1948 - issue year; GOVERNOR and GENERAL MANAGER - signature titles; Ung Liang - signature of General Manager (romanized Chinese); CHUNG HWA BOOK CO. LTD. - printer identification at bottom.

Steel engraving with multiple overprint layers. The fine line work visible throughout the border patterns, landscape details, and portraiture is characteristic of high-quality intaglio engraving. Red overprints were applied for serial numbers and denomination markers. The note was produced by Chung Hwa Book Co. Ltd., the identified printer, using traditional engraving and letterpress techniques common to Chinese currency production of this era.

Series Z-6 designation with serial number 782779. The visual analysis indicates this note carries the Z-6 series overprint designation. Varieties of the 1948 100 Gold Yuan note can be distinguished by series letters (a common feature of Chinese currency of this period), signature variants (Ung Liang signature observed as General Manager), and serial number prefixes. The red overprint style and positioning are consistent with standard 1948 production. No evidence of rare varieties or printing errors is apparent from the visual examination.