20 gold yuan 1948

Common. The eBay price tracking data strongly supports this assessment—specimens in Fair condition consistently sell for $2–$11, with even better grades (AUNC) achieving only $12–$33. The 2016 catalog value for Fair examples is approximately $1–$5. The high volume of sales transactions and the relatively modest pricing across multiple condition grades indicate a substantial extant population of this note. While historically significant, this particular issue was not uncommon as a final emission of the Central Bank of China before 1949.

This note was issued during the final years of the Chinese Nationalist government (Republic of China) under the Central Bank of China, just months before the Communist takeover in 1949. The classical building depicted on the reverse symbolizes the legitimacy and institutional permanence the Nationalist government sought to project during a period of severe economic and political turmoil. The use of both English and Chinese inscriptions reflects China's international engagement and the technical printing capabilities of the period, even as hyperinflation was rendering such currency increasingly worthless.

The obverse features a male portrait in right profile, rendered in the stippled engraving technique characteristic of high-security currency design of the era. The portrait is positioned at right and framed within an ornate cloud-shaped cartouche with elaborate floral and scroll patterns, a design element common in traditional Chinese aesthetics adapted for modern currency. The reverse showcases a multi-story classical institutional building with columns and symmetrical architectural details—consistent with Nationalist-era depictions of the Central Bank of China's headquarters—surrounded by decorative corner cartouches containing large '20' denominations. The entire design employs an intricate engraved border with floral and geometric ornamental patterns in all corners, with denomination text presented billingually in English and Chinese within ornate cartouches.

Front side: '中央銀行' (Central Bank), '貳拾圓' (Twenty Yuan), Serial number BX235503. Back side: 'THE CENTRAL BANK OF CHINA' (English header), 'TWENTY YUAN' (English and Chinese denomination), '20' (numeral in corner cartouches), '1948' (year of issue). Additional signature lines and official seal/chop marks present on both sides.

Steel engraving (intaglio printing) on colored underprint. The printer is identified as CPF (China Printing Factory) per the catalog reference. The stippled portrait rendering, fine line work in the border patterns, and dimensional quality of the ornamental cartouches are characteristic of deep intaglio engraving, considered the highest security printing method of the period. The multicolored underprint (pink, mauve, and green base colors) was applied separately before engraved elements were printed in black and other colors.

Serial number BX235503 observed on this specimen. The note corresponds to S/M reference C302-31 and Pick P-401. No major varieties have been documented for this issue type (regular issue vs. overprint); however, the note features printer attribution to CPF. Specimens may vary in color saturation and printing characteristics depending on printing runs and paper batches used during 1948 production. The condition grade of F (Fair) places this example in the lower-value range compared to AUNC or UNC specimens.