50 0000 custom gold units 1948

Common. While this note shows strong collector demand with UNC examples selling consistently between $60-$330 USD on the secondary market, the wide range and frequency of eBay sales listings indicate adequate supply in circulation among dealers and collectors. The catalogue value of $110 UNC (2016) combined with active but non-scarce market availability supports a common classification. This was a regular-issue production note from the Central Bank of China, not a short-lived or limited-print variety.

Issued in 1948 (Republic of China Year 37) by the Central Bank of China during the final years of the Nationalist government before the Communist takeover, this note reflects the hyperinflationary period following World War II. The reference to 'Customs Gold Units' (關金) indicates the currency was nominally backed by gold equivalent to customs revenue, an attempt to stabilize the collapsing Chinese currency. The bilingual English-Chinese design and professional iconography—featuring Sun Yat-sen's portrait and the Central Bank building—underscore the Nationalist regime's institutional authority during this turbulent transitional period.

The obverse features a centered portrait of Sun Yat-sen (the founder of the Republic of China), rendered in an ornate oval cartouche with fine line engraving. His distinctive mustache and formal attire are characteristic of early Republican iconography. The note employs traditional Chinese decorative border patterns in dark blue-black on a cream/beige background, with red serial number stamps positioned at top and bottom center and red official seals in the lower corners—a security and authentication feature common to Chinese banknotes of this era. The reverse showcases the Central Bank of China's institutional building, a multi-story structure with a prominent clock tower, rendered in detailed black and white line engraving. Large denomination numerals (50000) appear in all four corners in a rectangular format typical of this issue.

OBVERSE: 中央銀行 (Central Bank) | 五萬 (Fifty Thousand) | 關金五萬圓 (Fifty Thousand Customs Gold Units Yuan) | 中華民國三十七年印 (Printed in Republic of China Year 37) | CZ124667 (Serial Number). REVERSE: THE CENTRAL BANK OF CHINA | FIFTY THOUSAND CUSTOMS GOLD UNITS | 50000 (Denomination numerals in all four corners) | Huo kiang - GENERAL MANAGER | Liang Yen - ASST. GENERAL MANAGER

Intaglio (line engraved) printing on the primary design elements, combined with offset printing for the background tints (cream and blue underprints). The fine line engraving is evident in the portrait, building illustration, and ornamental borders. Red security stamps and seals were applied separately, likely through a combination of offset or direct printing techniques. The printer information indicates a Chinese security printer using traditional 5-character Chinese identification marks.

Serial number CZ124667 observed on this specimen. The note exhibits signatures of Huo kiang (General Manager) and Liang Yen (Assistant General Manager) on the reverse, which are typical for this issue. Collectors should note that signature varieties exist within this Pick number depending on the printing period, and serial number prefixes may vary by printing run. The bilingual design (English/Chinese) is standard for this issue and not a variety indicator.