20 cents 1948
Market Prices
22 salesAbout This Note
This is a striking 20 cents banknote from the Central Bank of China, issued in 1946 and presented in uncirculated condition with vivid red/coral coloring and exceptional clarity. The note features dual portrait medallions on the obverse and a detailed maritime scene with traditional Chinese junk on the reverse, showcasing fine line engraving typical of Thomas De La Rue's security printing. This denomination represents an interesting transitional period in Chinese currency during the post-war era, combining classical Chinese design elements with Western printing techniques.
Common. Despite the historical interest of this post-war issue, eBay market data shows consistent sales activity over many years with UNC examples selling for $9-17, and graded PMG specimens in 64-66 range reaching $20-83. The catalog 2016 valuation of $9 for UNC examples and the large volume of historical transaction records indicate this is a widely available note with regular collector demand but no scarcity premium. Print runs during this period were substantial, and survival rates remain high.
Issued in 1946 by the Central Bank of China during the immediate post-World War II period, this note reflects the financial stabilization efforts of the Republic of China (ROC) government. The maritime imagery featuring a traditional Chinese sailing junk on the reverse symbolizes China's commercial heritage and maritime traditions, while the dual portraits on the obverse represent key figures in the Republic's leadership during this transitional post-war reconstruction period.
The obverse features an elegant dual-portrait design in red ink against a cream background, with two male profiles in ornamental oval medallions—the left portrait shows a man facing leftward, while the right portrait depicts a man in military attire with insignia facing rightward. Both portraits are framed within elaborate scalloped rectangular borders with decorative geometric patterns and traditional Chinese design elements. The reverse presents a detailed maritime landscape engraving of a Chinese junk under sail on calm waters with mountainous coastline in the background, framed by ornamental borders. Circular denomination badges displaying '20' appear in the four corners, with bilingual text (English and transliterated Chinese) identifying the issuer, denomination, officials' signatures, and printer information. The note's entire design demonstrates the high-quality security printing standards characteristic of Thomas De La Rue's work during this period.
FRONT SIDE: Central Bank (中央銀行); One Hundred Yuan (百圓); Serial number 5P800779. BACK SIDE: THE CENTRAL BANK OF CHINA; TWENTY CENTS; Denomination value 20; Year of issue 1946; GENERAL MANAGER (with signature Nng tseang); GOVERNOR (with signature Tsuyetsi); Printer attribution: THOMAS DE LA RUE & COMPANY, LIMITED, LONDON; Reference/serial number P55000894.
Intaglio (line engraving) printing executed by Thomas De La Rue & Company, Limited of London. The fine line engraving patterns, intricate geometric background designs, and detailed maritime scene demonstrate the classical security printing techniques employed by this renowned British security printer. The sharp registration, fine detail preservation, and consistent coloration across both sides indicate professional offset or rotogravure application of the intaglio base design.
This specific note corresponds to Pick catalog P-396 (S/M #C302-11 per RealBanknotes reference), with the 1946 date visible on the reverse. Serial number prefix '5P' and the specific signature varieties (Nng tseang as General Manager and Tsuyetsi as Governor) help identify the exact printing variant. The note shows characteristics consistent with regular issue production from the 1946 currency release, with no noted overprints or emergency markings. The Thomas De La Rue printer attribution (TDLR) and English/Chinese bilingual inscription set further distinguish this from other Central Bank of China denominations of the era.
