20 gold yuan 1948

Common. While this is a historically significant note from the late Republic of China period, eBay market data shows consistent sales activity with UNC examples selling for $25-51.99 in recent years, indicating adequate availability in the collector market. The print run was substantial, and these notes, while increasingly scarce in top condition due to age and handling, are not considered rare or exceptionally scarce. The denomination and issuer are well-represented in collections.

Issued by the Central Bank of China in 1948, this note reflects the final years of the Republic of China's currency system before the communist takeover. The portrait on the obverse depicts a figure of historical significance to the Chinese state, while the reverse features a traditional Chinese architectural gateway, symbolizing the nation's cultural heritage and institutional strength. The note was produced during a period of significant economic and political upheaval in China, making surviving uncirculated examples particularly noteworthy historical artifacts.

The obverse features a formal portrait of a distinguished elderly gentleman with a flowing white beard, centered on the note and rendered in high-quality intaglio engraving. The portrait is framed by ornate decorative cartouches in red and black containing Chinese characters indicating the denomination (Twenty Yuan) and issuing authority (Central Bank). Red serial numbers appear on both left and right sides. The reverse depicts a multi-tiered traditional Chinese fortress or temple gateway with classical architectural detailing, set within a mountainous landscape. The gateway structure shows traditional Chinese imperial design with multiple roof tiers and fortified walls. Ornamental corner designs and decorative cartouches displaying the numeral '20' frame the composition. The note incorporates signature lines for the General Manager and Governor, indicating the high-security, official nature of this denomination.

Front side: 中央銀行 (Central Bank), 貳拾圓 (Twenty Yuan), 中華民國 (Republic of China), BC647959 (Serial number). Back side: THE CENTRAL BANK OF CHINA, TWENTY YUAN, 20 (denomination in numerals), 1945 (year of original design/issue date), GENERAL MANAGER, GOVERNOR, AMERICAN BANK NOTE COMPANY (printer/engraver).

Intaglio engraving (line engraving/copperplate engraving), executed by the American Bank Note Company as indicated on the reverse. The fine line engraving patterns visible throughout both sides, the intricate cross-hatching in background areas, and the detailed architectural rendering are characteristic of high-security currency production of this era. Multiple printing passes would have been required to achieve the complex color registration (green/teal, red, and black) visible on the note.

Serial number BC647959 observed on this example. Varieties of this Pick number may be distinguished by signature combinations (General Manager and Governor), printer's marks, and serial number prefixes. The visual analysis confirms this is the 1945-dated design variant with 'THE CENTRAL BANK OF CHINA' English text on reverse and 'AMERICAN BANK NOTE COMPANY' imprint. No evidence of overprints or special varieties is visible on the examined specimen.