40 copper coins 1923

Common. While early Republic of China banknotes can appear scarce in high grades, this denomination and issue type shows consistent market availability, with multiple F-grade examples listed on eBay in the $85–$160 price range, and 2016 catalog values placing VF at only $23 and UNC at $65. The presence of multiple recent sales at similar or lower price points, combined with the note's status as a regular issue (not a commemorative or emergency note), indicates adequate supply relative to collector demand. The purple archival stamps visible on this example suggest it has institutional provenance (likely from a museum or collection dispersal), which is common for notes of this age.

The Market Stabilization Currency Bureau (市場穩定幣局) issued this note during the Republic of China's Tenth Year (民國十年, 1921 in the lunar calendar), a period of significant monetary instability and regional fragmentation following the fall of the Qing Dynasty. The dual-language design (Chinese and English) and Western-style vignettes of architectural landmarks reflect the modernization efforts and international commercial orientation of early Republican China, while the classical dragon motifs on the reverse maintain symbolic continuity with imperial tradition. The denomination in 'copper coins' (銭) reflects the transitional monetary system of the era, before standardization around silver yuan.

This banknote exemplifies early Republican-era Chinese currency design, combining Western engraving techniques with traditional Chinese iconography. The obverse features a central ornate shield-bearing frame containing the denomination in Chinese characters (四拾銭), flanked by two significant architectural vignettes: the left depicts a multi-story administrative or institutional building complex situated on a hillside, while the right shows a circular, multi-tiered pagoda or temple structure—likely representing Beijing landmarks significant to the issuing authority. The reverse presents two dragons in classical style flanking a large circular denomination cartouche displaying both '40' in Arabic numerals and 'FORTY COPPER COINS' in English, reflecting the international commercial context. All four corners feature identical diamond-shaped geometric ornamental patterns typical of high-security banknote design of the period. A decorative curved cartouche at the top center houses additional inscriptions. The color palette (tan, beige, brown, and green on the front; greenish-gray on the reverse) and fine engraving with complex crosshatching throughout indicate sophisticated security printing.

FRONT: '民國十年帝郵政府' (Republic of China Tenth Year Government Finance Department) / '四拾銭' (Forty copper coins) / '京水' (Beijing Water) / '月五十二國民' (Fifth month twenty-two citizens/people) / Serial number: 0164304 (appears twice in red). BACK: '40' and 'FORTY COPPER COINS' (denomination in Arabic and English) / '民國皮市十部政財' (Republic of China Finance Department) / '請' (Please/request) with additional Chinese characters in corner ornaments.

Intaglio engraving (deep-relief printing), evidenced by the fine line work, complex background crosshatching patterns, and the dimensional quality of the design elements visible in the visual analysis. The intricate dragon designs, ornamental corner patterns, and detailed architectural vignettes are characteristic of security printing methods used for Chinese Republican-era currency. This note was likely produced by a specialized government security printer, possibly the Shanghai or Beijing mint facilities that produced early Republic of China banknotes, though specific printer attribution would require additional archival research or catalog documentation beyond the provided Pick reference.

The observed serial number is 0164304 (printed twice in red ink on the front). Without access to comprehensive variety catalogs for this specific Pick number, no major recognized varieties (such as signature variations, different plate states, or overprints) can be definitively identified from the visual analysis alone. The presence of purple institutional stamps appears to be post-production archival marking rather than an intentional variety. Collectors should note the red serial number color and exact denomination wording (四拾銭) as potential points of variety distinction, though these would require comparison with other examples of Pick-615 to establish significance.