5 yuan 1941

Common. While eBay historical sales data shows UNC examples commanding $45-63 in 2013-2014, more recent sales demonstrate a general softening in market value with a 2022 VF example selling for only $10.50. The 2016 catalog value of $12 for UNC specimens, combined with consistent circulation of this note on the market, indicates it was produced in substantial quantities. The note is not rare or scarce in any condition grade.

Issued during 1941 by the Central Bank of the Republic of China, this note reflects a period of significant political and economic upheaval as China faced Japanese invasion and internal conflict. The prominent portrait of Sun Yat-sen (孫中山), founding father of the Republic of China, served to reinforce nationalist sentiment and governmental legitimacy during wartime. The bilingual design (Chinese and English) reflects the Central Bank's international commercial orientation and China's engagement with Western allies during the Second World War era.

The obverse features a formal portrait of Sun Yat-sen (孫中山), first president and founding father of the Republic of China, positioned in an oval frame at the lower right in forward-facing orientation. The central left contains an ornate cartouche with the Chinese denomination '五圓' (Five Yuan) surrounded by red rectangular security seals/chops on either side. The entire design is framed by elaborate quatrefoil motifs in all four corners and complex geometric patterns throughout the background, rendered in green, pink/beige, red, and tan inks. The reverse presents a more austere design dominated by green and white, with fan or shell-like ornamental patterns adorning all corners and borders, English and Chinese text identifying the issuer and denomination, signature lines for officials, and the year 1941 displayed prominently.

FRONT: 中央銀行 (Central Bank) | 五圓 (Five Yuan) | 中華民國十三年 (Year 13 of the Republic of China) | K709019 (Serial Number). BACK: THE CENTRAL BANK OF CHINA | FIVE YUAN | GENERAL MANAGER | 1941 | CHUNGHWA BOOK CO. LTD. (Printer) | 5 (Denomination numeral).

Intaglio (line engraving) printing, characteristic of security banknote production of the era. The fine line engraving visible throughout, complex geometric background patterns, sharp portrait rendering, and intricate border designs are hallmarks of intaglio security printing. Printed by Chunghwa Book Company Limited (中華書局), as identified on the reverse.

The catalog notes the existence of two serial number varieties for this Pick number (P-234a designation). The observed specimen displays serial number K709019 in red alphanumeric format on the front. The printer identification 'CHUNGHWA BOOK CO. LTD.' is consistent with the cataloged CHB printer designation. No overprints or significant date variations are evident in this example.