20 cents 1926
Market Prices
About This Note
This is a VF-grade 20 cents note from the Provincial Bank of Chihli issued in 1926, featuring a distinctive bilingual design (Chinese/English) with a traditional Chinese pagoda vignette on the obverse and an American eagle on the reverse. The note displays typical circulation wear consistent with its age, including creases, foxing, and faded colors, yet retains good structural integrity with visible ornate engraving details that showcase the American Bank Note Company's craftsmanship.
Uncommon. While the catalog data shows eBay prices for this Pick number ranging from $70 to $848.99 USD depending on condition, the VF-grade example here is priced at approximately $274.95 USD, indicating moderate collector demand. This note is from the early Republican era with limited surviving examples in higher grades, and provincial bank issues from warlord-era Chihli are generally less common than central bank emissions. However, the note is not rare enough to command premium prices; surviving examples do appear in the market with some regularity.
The Provincial Bank of Chihli operated during China's warlord era (1912-1928), when regional authorities issued their own currency. This 1926 note predates the Chinese unification and reflects the period's fragmented monetary system. The bilingual English/Chinese text and American Bank Note Company printing reflect China's relationship with Western financial institutions during the Republican period, while the traditional pagoda imagery symbolizes Chinese cultural identity during a period of modernization and political transition.
The obverse features a multi-tiered traditional Chinese pagoda or temple building with upturned eaves as the central vignette, rendered in green with red accents against a cream background, flanked by ornate corner medallions with scrollwork and geometric patterns. The reverse displays a heraldic American eagle with spread wings centered beneath the denomination text 'ONE,' with symmetrical corner ornamental medallions and decorative borders. Both sides incorporate fine-line engraved patterns throughout, characteristic of security printing. The overall composition reflects late Qing/early Republican era aesthetic influences blended with Western institutional banking design conventions.
FRONT SIDE: 直隷省銀行 (Zhili Provincial Bank), 壹圓 (One Dollar/Yuan), 天津 (Tianjin), Serial number 1904406. BACK SIDE: PROVINCIAL BANK OF CHIHLI, PROMISED TO PAY TO THE HOLDER AT THIS OFFICE HERE, ONE, TIENTSIN, LOCAL CURRENCY, DECEMBER 1ST, 1920, AMERICAN BANK NOTE COMPANY, Serial number 190406. [Note: The catalog indicates this is a 20 cents denomination, though inscriptions reference 'One' and 'One Dollar'; this represents a 20-cent unit within the issuer's currency system.]
Intaglio (engraved) printing, executed by the American Bank Note Company (ABNC), as indicated on the reverse. The intricate fine-line engraving visible throughout both sides, the complexity of the border designs, and the precision of the vignettes (pagoda and eagle) are all characteristic of ABNC's high-security engraving standards. The dual-language design required careful plate preparation to accommodate both Traditional Chinese characters and English text.
This note corresponds to Pick S1286 (20 cents, 1926, Provincial Bank of Chihli). The catalog reference specifically notes that S1285 and S1286 examples exist with additional rectangular overprints, classified as Military - Chihli Provincial issues S3803 and S3804. The observed serial numbers (1904406 obverse, 190406 reverse) may indicate the specific printing batch. The December 1st, 1920 date on the reverse likely reflects the original authorization date rather than the 1926 issue date, consistent with some provincial bank practice of retaining earlier datelines on plates. No signatures or additional overprints are visible on this example, indicating it is the standard regular issue variety without military overprint modifications.
