5 yuan 1940
Market Prices
75 salesAbout This Note
This is a beautifully preserved 1940 Bank of China 5 Yuan note (Pick P-84) in uncirculated condition, featuring a formal portrait of Sun Yat-sen on the obverse and the Temple of Heaven on the reverse. The note exhibits the characteristic fine line engraving and ornate border work typical of American Bank Note Company production, with vibrant blue coloring and multi-colored underprinting that shows no signs of circulation wear, creasing, or fading.
Common. eBay market data shows consistent sales across all condition grades over the past decade, with UNC examples selling in the $6.50–$31 range and average prices well below $20 for most grades. The regular circulation of comparable grades and steady supply in the secondary market confirm this note is not scarce. Pick catalog 2016 values ($10 for UNC) further support common status.
Issued during the Second Sino-Japanese War, this note represents the Bank of China's continued monetary operations in the Republic of China (Year 29 of the ROC calendar, corresponding to 1940). The prominent positioning of Sun Yat-sen's portrait honored the founder of the Republic, while the Temple of Heaven depicted on the reverse symbolized traditional Chinese civilization and national continuity during a period of significant military and political upheaval.
The obverse features a formal portrait of Sun Yat-sen (中山先生, founder of the Republic of China) in profile facing left, enclosed within an ornate oval frame on the left side. The reverse showcases the Temple of Heaven (天壇), Beijing's iconic multi-tiered architectural landmark symbolizing imperial authority and celestial connection, positioned within a similar oval frame on the right. Both sides are framed by elaborate guilloche patterns, rosette ornaments in the corners, and ornamental scrollwork. The denomination appears in both Chinese numerals and English text ('FIVE YUAN'), with bilingual inscriptions reflecting the note's international scope and the Bank of China's cosmopolitan operations during this period.
Front Side: '中國銀行' (Bank of China), '五' (Five), '圓' (Yuan), '中華民國二十九年' (Republic of China Year 29 [1940]), Serial number 'F874619E'. Back Side: 'BANK OF CHINA', 'FIVE YUAN', '1940', 'AMERICAN BANK NOTE COMPANY', Serial number 'F874619E'.
Intaglio engraving (line engraving and guilloche pattern work) produced by the American Bank Note Company (ABNC), as indicated by the 'AMERICAN BANK NOTE COMPANY' imprint on the reverse. The fine line work, complex background patterns, and multi-color printing visible in the visual analysis are characteristic of premium security printing techniques of the 1940s era.
Serial number F874619E observed on this specimen. Known printing by ABNC with Smithsonian/Medlar catalog number C294-240 (as referenced in the standard catalog). No apparent overprints, signature variations, or error characteristics are visible in the visual analysis; this represents the standard variety for this Pick number.
