100 gold yuan 1948
Market Prices
9 salesAbout This Note
This is an uncirculated 1948 Central Bank of China 100 Gold Yuan note (Pick 407), displaying exceptional preservation with no visible wear, creases, or damage. The obverse features a distinguished portrait in profile on the right side with military collar detail, complemented by an ornate central medallion with traditional Chinese motifs and decorative engraved borders in blue and multicolor. The reverse displays a classical columned building in blue, along with bilingual English and Chinese inscriptions identifying the denomination and issuing authority, exemplifying the refined security printing standards of the late Chinese Republican period.
Common. eBay market data shows consistent sales in the $4-$15 range even for premium grades (PMG 64 at $40.99 represents an outlier), with numerous transactions across VF, AUNC, and UNC grades from 2012-2022. The 2016 catalog value for UNC is only $15, and supply appears stable across various condition grades. This note represents standard circulation-era issuance from 1948 with no indicators of limited print runs, government recalls, or exceptional scarcity.
Issued in 1948 by the Central Bank of China during the final year of the Chinese Civil War, this denomination represents the hyperinflation-era currency of the Nationalist government. The bilingual design (English and Chinese) and classical architectural imagery on the reverse reflect the Central Bank's attempt to project international legitimacy and financial stability during a period of severe economic crisis. The military-uniformed portrait on the obverse likely depicts a key government figure of the Nationalist regime, while the ornate engraved style echoes traditional security printing standards intended to combat widespread counterfeiting.
The obverse features a right-facing male portrait in profile, shown wearing military dress uniform with distinctive collar detail, positioned at the right portion of the note. The central design element is a large ornamental medallion showcasing traditional Chinese floral and decorative patterns characteristic of Republican-era banknote design. Intricate engraved border work frames the note in all corners with elaborate flourishes. The reverse depicts a classical government building with columned portico and pediment, rendered in the neoclassical architectural style favored by Chinese Republican institutions to convey institutional authority. Red seal impressions (traditional Chinese characters) and bilingual inscriptions in English and Traditional Chinese characters complete the design. The color scheme of dark blue on multicolor underprint (noted in catalog data) creates visual hierarchy and security.
Front (Obverse): '中央銀行' (Central Bank), '中印製造' (Made in China), and serial number 'GU634132'. Back (Reverse): 'THE CENTRAL BANK OF CHINA', '100' (denomination numeral), 'ONE HUNDRED YUAN' (denomination in words), 'GENERAL MANAGER' and 'GOVERNOR' (signature lines), and '1948' (issue year).
Intaglio engraving, as evidenced by the fine line work, intricate decorative patterns, and multiple layers of detailed engraved elements visible throughout both sides. The catalog attribution to printer CPF (China Printing and Finishing) confirms professional security printing standards. The elaborate border patterns, decorative cartouches, and finely-detailed portraiture are hallmarks of high-quality intaglio production. Multiple decorative security printing elements suggest advanced anti-counterfeiting measures including complex engraved patterns and fine line work throughout.
Serial number observed: GU634132 (red impression). This note matches the standard Pick 407 (S/M #C302-44) regular issue variety. The 1948 date and CPF printer attribution are consistent with the cataloged variety. No overprints, date variations, or signature varieties are evident in the observed specimen. The bilingual English/Chinese format is standard for this Pick number.
