50000 custom gold units 1948
Market Prices
22 salesAbout This Note
This 1948 Central Bank of China 50,000 customs gold units note (Pick P-361) presents an attractive example of late-period Republic of China currency in Very Fine condition. The note features a distinctive portrait of Sun Yat-sen in an ornate oval frame on the obverse, with the Bank's headquarters building depicted on the reverse—a classical European-style structure with prominent clock tower. The paper shows natural aging consistent with its 1948 origin, with slight yellowing and foxing, while maintaining structural integrity and clear impressions of the intricate engraved design.
Common. eBay auction data shows consistent sales at moderate prices across multiple grades, with VF examples selling between $2.99 and $19.50 over an extended period, and the 2016 catalog valuation for VF condition at only $3.50. The wide availability of sales records and the consistent pricing across years indicates substantial surviving quantities of this issue. No evidence of limited print runs or recall status.
This note was issued during the final year of the Republic of China's mainland governance, as hyperinflation devastated the currency during the Chinese Civil War. The denomination in 'customs gold units' rather than standard yuan reflects the government's attempt to stabilize value through precious metal backing during this economically turbulent period. The Central Bank building depicted on the reverse symbolized institutional continuity even as the political situation deteriorated, with this currency becoming obsolete within months following the Communist victory in 1949.
The obverse showcases a formal portrait of Sun Yat-sen (founder of the Republic of China), rendered in three-quarter view within an ornate oval frame with fine engraved detail work. Red rectangular seals with Chinese characters flank the portrait. A decorative floral medallion at the bottom center contains stylized characters. The reverse features the Central Bank of China's headquarters—a multi-story classical building with a prominent clock tower, columned facade, and arched windows rendered in meticulous architectural engraving. Large denomination numerals appear in ornate scrollwork cartouches in corners and center. Both sides are framed by intricate geometric and floral border patterns executed in fine line work.
Front Side: '中央銀行' (Central Bank), '民國七十三年印製' (Printed in year 73 of the Republic [1948]), Serial number 'WL 598125' in red ink. Back Side: 'THE CENTRAL BANK OF CHINA' (English), '5000' and 'FIVE THOUSAND CUSTOMS GOLD UNITS' (English denomination), 'GENERAL MANAGER' and 'ASST GENERAL MANAGER' (signature line titles), with two authorized signatures below.
Intaglio engraving (line engraving) on security paper, characteristic of Central Bank of China currency production during this period. The note exhibits fine hatching, detailed portrait engraving, intricate border patterns, and precision in architectural rendering typical of high-security banknote production. Security features include the fine-line engraved design, red ink serial numbering, and the complexity of the decorative borders intended to prevent counterfeiting.
This example displays the large serial number variety (WL 598125 visible in red ink at top right and bottom left). REALBANKNOTES.COM catalog notes two paper varieties exist for this issue. The printer information appears as five Chinese characters on the reverse but requires direct examination to definitively identify the specific printing facility. Minor variations may exist in signature types and specific dates of manufacture within the 1948 issue year.
