5 cents 1939
Market Prices
51 salesAbout This Note
This is an exceptional example of China's 1939 5 Cents note (Pick 225a) in uncirculated condition, issued by the Central Bank of China. The note displays pristine condition with no visible wear, featuring striking green and red coloring with crisp ornamental borders and a red serial number C2777993S prominently displayed across the top. The reverse showcases a beautifully rendered traditional Chinese pagoda landscape, making this a desirable piece of Chinese numismatic history from the Second Sino-Japanese War period.
Common. Despite being from 1939 and over 80 years old, this note remains common in the market. eBay sales data shows consistent pricing in the $10-30 range for PMG-graded examples (66-67), with ungraded UNC examples selling for $3-5 as recently as 2018. The catalog value (2016) lists UNC at only $5. The relatively large number of sales transactions across multiple grades and years indicates robust supply. This issue was produced in sufficient quantities to remain readily available to modern collectors.
This 5 Cents note was issued during 1939, a critical year in Chinese history when the Central Bank of China was managing currency during the ongoing Second Sino-Japanese War and the broader Japanese invasion of China. The reverse depicts a traditional multi-tiered pagoda surrounded by pine trees, symbolizing Chinese cultural heritage and stability during a period of national crisis. The note's English-language inscription 'THE CENTRAL BANK OF CHINA' reflects the international recognition and credibility the Central Bank sought to maintain during wartime economic pressures.
The front features a symmetrical design centered on a circular emblem containing Chinese characters (the Central Bank seal), flanked by dual 'FIVE CENTS' denominations. Ornamental corner elements with decorative scrollwork appear in all four corners, framed by a green ornamental border. The back showcases a landscape vignette dominated by a traditional Chinese pagoda tower with multiple tiers and characteristic architectural details, set within a natural landscape of pine trees and foliage. Circular medallions with decorative patterns occupy the corners. The entire design is rendered primarily in green with subtle gray/beige shading, creating depth in the landscape scene. This design emphasizes both the Central Bank's authority (through the official seal) and Chinese cultural continuity (through the pagoda landscape).
Front side: 'THE CENTRAL BANK OF CHINA' (English), 'FIVE CENTS' (English denomination in two locations), Serial number 'C2777993S'. Printer attribution: 'UNION PUBLISHERS & PRINTERS, FED. INC. U.S.A.' Back side: '中央銀行' (Central Bank in Chinese), '五分' (Five cents in Chinese), '中華民國' (Republic of China). All inscriptions appear in bilingual format reflecting the note's intended circulation and international context.
Intaglio letterpress printing, a standard security printing method for banknotes of this era. The note was printed by Union Publishers & Printers, Federal Inc. in the U.S.A., as indicated on the obverse. The crisp detail visible in the ornamental borders, corner medallions, and landscape vignette are characteristic of quality intaglio work. The red serial number was applied separately, likely through a secondary letterpress operation.
This example is cataloged as Pick-225a, indicating it is the first documented variety of the 1939 5 Cents issue. The serial number C2777993S with the 'S' suffix is consistent with known examples. No overprints, date variations, or signature varieties are apparent in this specimen. The standard obverse design with the Central Bank seal and the pagoda reverse landscape are consistent with the primary variety for this Pick number.
