5 yuan 1937

Common. The eBay sales data shows this note trading regularly across all condition grades, with UNC examples selling in the $3-13 range historically and PMG 64 examples typically bringing $10-30. The consistent trading activity over more than a decade of sales records, combined with the 2016 catalogue value of only $10 for UNC, indicates this is a readily available note in the collector market. No evidence of restricted print runs, recall, or supply constraints exists. The relatively modest prices achieved even for higher grades reflect the note's common status.

This note was issued during a critical period in Chinese history—1937 marked both the establishment of the second Chinese Republic under the Nationalist government and the beginning of the Second Sino-Japanese War. The architectural imagery on the reverse, depicting the modern Art Deco building complex, represents the aspirations of Republican China to modernize and develop its urban centers, particularly Shanghai, which was a major financial hub. The bilingual English/Chinese text reflects China's engagement with Western commerce and the international banking system during this tumultuous pre-war period.

The obverse features a three-quarter profile portrait of Sun Yat-sen (the founding father of the Republic of China) positioned at the left, rendered in fine engraved detail with careful shading. The center dominates with an ornate circular rosette medallion in green, pink, and yellow with Chinese characters at its center, surrounded by intricate decorative border work in purple/violet. Stylized lion or dragon head corner ornaments frame the design. The reverse presents the Shanghai skyline featuring modern multi-story buildings in Art Deco style arranged around a central plaza with palm trees, representing urban development and national progress. A large circular ornamental frame anchors the left side of the reverse. The overall color palette uses purple/violet frames with cream/beige background, creating an elegant and formally authoritative appearance typical of high-value currency of the era.

Front side: '中國國銀行' (Bank of China), '圓伍' (Five Yuan), '中華民國十二年' (Year 12 of the Republic of China), 'DS910900' (serial number). Back side: 'BANK OF CHINA', 'FIVE YUAN', 'NATIONAL CURRENCY', 'DS910900' (serial number in red), 'GENERAL MANAGER', 'MANAGER', '1937', 'THOMAS DE LA RUE & COMPANY LIMITED, LONDON' (printer identification).

Intaglio engraving (line engraving) combined with multicolor lithographic printing, executed by Thomas De La Rue & Company Limited of London, one of the world's premier security printers. The fine line work visible in the portrait shading, ornamental borders, and architectural details is characteristic of intaglio work, while the multicolor rendering of the rosette medallion and building complex reflects lithographic capabilities. This combination provided both security and aesthetic sophistication appropriate for national currency.

Pick catalog P-80 references note this as a regular issue from 1937. The catalog data indicates printer identification as TDLR (Thomas De La Rue & Company) with S/M number C294-221. The visual specimen displays serial number DS910900. The visual analysis confirms the violet-on-multicolor design with skyscraper imagery on the reverse as described in catalog references. No overprints, date varieties, or signature variations are evident from the observed specimen. This appears to be a standard example of the P-80 type without notable variants.