20 cents 1937

Common. The eBay price tracking data shows consistent sales across multiple grades over many years (2012-2026) with UNC examples typically selling between $9-$25, well below the $100+ threshold that would indicate rarity. A single anomalous sale at $90.71 in 2015 appears to be an outlier; the more typical UNC pricing pattern from 2016 onward clusters around $15-$25. The 2016 catalog value of $25 for UNC aligns with recent market performance. The note's status as a regular issue from a major issuing bank during a relatively high-production period indicates substantial print runs. The abundance of comparable examples in circulation supports a common classification even in UNC condition.

Issued during the Second Sino-Japanese War period under the Republic of China, this note reflects the Farmers Bank of China's role in the country's financial system during a period of significant territorial conflict and economic strain. The prominent agricultural imagery on the obverse—showing irrigation systems and field workers—underscores the bank's focus on supporting rural economy and agricultural development, a critical economic sector during the Republican era. The bilingual English-Chinese design reflects China's engagement with Western financial standards and international commerce during this tumultuous yet modernizing period.

The obverse features an intricate agricultural landscape composition serving as the primary design element, depicting a rural irrigation system with water channels, cultivated fields, trees, and multiple human figures engaged in farming activities—symbolizing the bank's agricultural mission. A large ornate circular emblem containing Chinese characters is positioned prominently on the left side. Decorative quatrefoil and scrollwork patterns frame all corners in the Art Deco/Art Nouveau style popular during the 1930s. The reverse presents a more formal, geometric design with a large ornate cartouche containing the numeral '20' on the left side, a circular decorative emblem in the upper right, and an intricate lattice or mesh pattern filling the center area. The English text 'THE FARMERS BANK OF CHINA' and 'TWENTY CENTS' clearly identify denomination and issuer. Red serial numbers appear on both sides for tracking and security purposes.

FRONT: '中國農民銀行' (Bank of Chinese Farmers / The Farmers Bank of China); '壹角' (One Jiao or one-tenth yuan); '中華民國' (Republic of China); '金圓光拾萬圓整付角成' (redemption/currency value text); '中華民國年間' (Republic of China period); Serial number 'FM109759'. BACK: 'THE FARMERS BANK OF CHINA' (English issuer identification); '20' (denomination numeral); 'TWENTY CENTS' (denomination in English); 'CENTS' (currency unit designation); Serial number 'FM109759' (matching front).

Intaglio engraving (recess printing), evident from the sharp, crisp line work, fine detail in decorative borders, and the characteristic raised texture visible in high-quality security printing. The complexity of the scrollwork, geometric patterns, and fine line ornamentation typical of 1930s Chinese banknotes indicates professional security printer work. Based on catalog records for Farmers Bank of China notes from this era, this was likely printed by a foreign security printer such as the American Bank Note Company or similar international firm contracted to produce high-security currency.

Serial number FM109759 is observed on both obverse and reverse, indicating standard production matching. No signature varieties are apparent from the visual analysis. No overprints, chops, or special markings indicating commemorative or special issue status are visible. This appears to be a standard variety of the 1937 regular issue. Collectors may note variations in red serial number ink intensity or slight printing registration variations typical of the era, but no major cataloged varieties for Pick 462 have been specifically identified in standard references.