500 000 gold yuan 1949

Common. eBay market data shows consistent sales activity across multiple condition grades from 2013-2024, with prices ranging from $11.83 to $283.88 depending on grade. Even PMG-graded examples in higher grades (PMG 64) sell for under $300, and ungraded AU examples have sold for $50-55. Catalogue values (2016) cap out at $20 for UNC, confirming this is a readily available note. Large print runs during 1949 and ongoing collector interest indicate no scarcity premium.

Issued by the Central Bank of China in 1949, this banknote represents the final desperate monetary efforts of the Nationalist government as hyperinflation devastated the Chinese economy during the civil war. The prominent Central Bank building depicted on the reverse symbolized institutional authority at a time when the currency itself was rapidly losing value. By December 1949, the Nationalist government retreated to Taiwan, making 1949 notes from mainland China historically significant as the closing chapter of Republican currency circulation.

The obverse features a right-facing male portrait in military uniform with a prominent mustache, set within an ornate decorative cartouche. The reverse showcases a classical institutional building with multiple stories, prominent columns, formal gates, and symmetrical architectural details—representing the Central Bank of China itself. Both sides are framed by elaborate scrollwork and floral border patterns characteristic of high-security banknote engraving. Red rectangular seals with Chinese characters (chops) and repeating serial numbers appear on the obverse. The denomination is displayed in large numerals within ornate cartouches at all four corners of the reverse, emphasizing the note's face value during a period of extreme inflation.

Front side: '中央銀行' (Central Bank), '五百萬圓' (Five Hundred Thousand Yuan), Serial number 'ZC 857206' (printed twice in red). Back side: 'THE CENTRAL BANK OF CHINA', '500000' (denomination numerals in four corners), 'FIVE HUNDRED THOUSAND GOLD YUAN', '1949' (year), 'GENERAL MANAGER', 'GOVERNOR'. The bilingual design reflects the Republic's international engagement and desire to project institutional legitimacy despite economic crisis.

Intaglio engraving (line engraving/copperplate printing), as evidenced by the fine, intricate line work visible throughout the borders, cartouches, architectural details, and portrait. The printer is identified as CPF (Chinese Printing and Finishing Company) per the reference data. Red serial numbers were applied via secondary printing. The multilayered decorative patterns and precise engraved details are consistent with premium security printing standards of the era.

This specific example is identified as Schwan/Mittelstaedt catalog C302-72a variant. Serial number prefix 'ZC' is noted; variations in serial number prefixes exist for this denomination and year. The note matches standard specifications: lilac-brown on multicolor underprint (obverse), lilac back, CPF printing. No overprints or special markings are visible on this specimen. Collectors should note that 1949 Gold Yuan denominations exist with various serial prefixes and minor design variations, though the core design remained consistent through late-year printings.