5000 yuan 1948

Common. Catalog values from 2016 place this note at $6 in VF condition, and recent eBay sales data shows a VF specimen selling for only $4.36 in 2015, with more recent 2024 sales in higher grades (PMG 58 EF and above) in the $19-22 range. These low market prices and consistent availability in the secondary market indicate substantial print runs and broad circulation. This denomination was issued in large quantities during 1948 as part of the hyperinflationary final year of Nationalist currency production.

Issued in 1948 (Republic of China Year 37), this note was produced during the final year of Nationalist rule before the establishment of the People's Republic in 1949. The inscription '東北九省通用洗券' (Valid in nine northeastern provinces) reflects the regional fragmentation and hyperinflationary crisis that characterized late-stage Nationalist currency circulation. The Great Wall imagery on the reverse symbolized enduring Chinese territorial integrity and national identity during a period of severe political and economic upheaval.

The obverse presents a fortified gateway or fortress tower with crenellated walls and archway, framed within an elaborate cartouche and surrounded by ornate scrollwork and traditional Chinese decorative borders in blue-gray, red, and green. A prominent red and green decorative rosette pattern occupies the center-right, flanked by red seals. The reverse features a detailed engraved landscape illustration of the Great Wall of China winding across mountainous terrain with multiple watchtowers and wall sections clearly rendered. Large ornate cartouches on the left and right contain the denomination characters '伍千圓' (Five Thousand Yuan), with '5000' prominently displayed below the landscape. The overall aesthetic employs traditional Chinese artistic conventions with symmetrical composition and refined line work throughout.

Front side: '中央銀行' (Central Bank), '國民政府' (National Government), '東北九省通用洗券' (Valid in nine northeastern provinces), '中華民國三十七年' (Republic of China Year 37), and serial number 'MU001813'. Back side: '伍千圓' (Five Thousand Yuan) and '5000' (Arabic numeral denomination).

Intaglio engraving on white paper stock, characteristic of high-security banknote production. The fine line work, detailed architectural and landscape rendering, and intricate decorative border patterns are consistent with traditional engraved plate currency production methods employed by the Central Bank of China. The sharp detail preservation visible in the VF specimen suggests excellent plate condition and controlled press parameters at time of printing.

Serial number prefix 'MU' is noted on this specimen. The Pick catalog designation P-385A indicates this is a variant within the 1948 5000 yuan series. Regional circulation restriction ('東北九省通用洗券') suggests this may represent currency specific to northeastern provinces, though this was standard practice for many Central Bank issues in the fractured late-1948 period. No other notable overprints, date variations, or signature varieties are apparent from the visual analysis.