20 cents 1940

Common. The Central Reserve Bank of China issued substantial quantities of these 20 Cents notes during the 1940 period for active circulation. While notes from this era do show attrition due to wartime conditions and subsequent currency reforms, UNC examples survive in reasonable numbers. The note lacks any identifying features of a short print run, special overprint, or commemorative status. Standard market availability and lack of collector premiums support a common classification despite its historical interest.

Issued in 1940 during the Second Sino-Japanese War, this Central Reserve Bank note represents a critical period when China's monetary system was under strain. The traditional Chinese architectural imagery—featuring palace buildings and cypress trees—reflects the cultural nationalism of the Nationalist government, while the bilingual English/Chinese inscriptions demonstrate the international commercial context of the era. The Central Reserve Bank itself was a key financial institution established to stabilize currency during the wartime emergency.

The obverse features a meticulously engraved traditional Chinese architectural complex, identifiable as an important palace or state building with characteristic multi-tiered roofs, elaborate staircases, fortification walls, and landscaping elements including cypress trees. This scene is framed by an ornate scalloped-edge cartouche on the left containing administrative text. The reverse displays a formal, symmetrical design typical of internationally-circulated currencies of the period, with large ornamental numerals '20' positioned on both sides, surrounded by decorative circular medallions and scrollwork. The central oval cartouche contains the bilingual denomination and issuing authority information, with spaces for the signatures of senior bank officials. The overall composition reflects both traditional Chinese aesthetic principles and Western-influenced security design practices.

FRONT SIDE: Central Reserve Bank (中央銀行儲備) appears in the ornate cartouche on the left. The serial number L187756E is printed in red on both left and right margins. Additional Chinese text below the cartouche (此券兌現金圖幣待發春) references redemption or pledge of payment. The printer information '華泰印刷廠' (Huatai Printing Company) appears at the bottom. BACK SIDE: 'THE CENTRAL RESERVE BANK OF CHINA' in English across the top. Denomination shown as 'TWENTY CENTS' and '20' (appears twice, flanking the center). '1940' indicates the year of issue. Signature lines identify 'GOVERNOR' (signed H.H. Kung) and 'VICE GOVERNOR' (signed T.K. Ekui). 'WATSON PRINTING COMPANY' is credited as the printer at the bottom.

Intaglio engraving (line engraving), evidenced by the fine line work, detailed crosshatching, and sharp impressions visible throughout both sides. The note was produced by two printing houses: the front features work credited to Huatai Printing Company (華泰印刷廠), while the reverse credits Watson Printing Company. The high-quality intaglio printing with elaborate decorative borders and security engraving patterns was standard for Central Bank notes of this period. Red seal stamps and authentication marks were applied as post-printing security measures.

This note corresponds to Pick catalog J4 (P-J4), with the specific variant designation P-J49a in PMG's system, identified as '20 Fen = 2 Chiao.' The serial number L187756E and the signatures of H.H. Kung as Governor and T.K. Ekui as Vice Governor are consistent with standard 1940 Central Reserve Bank issues. No overprints, date variants, or signature variations are evident. The note represents the standard circulation variety for this denomination and issuing authority during 1940.