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10 dollars 1941

Asia › Hong Kong
P-178c1941Hongkong & Shanghai Banking CorporationF
10 dollars 1941 from Hong Kong, P-178c (1941) — image 1
10 dollars 1941 from Hong Kong, P-178c (1941) — image 2

Market Prices

6 sales
Catalogue (2016)
VG$6
VF$25
UNC$300
PMG 30$292025-09-22(17 bids)
PMG 30$422020-07-13(23 bids)
PMG 30$762020-06-17(18 bids)
F$20.582016-01-16(10 bids)
UNC$441.662015-01-18(23 bids)
UNC$3702014-09-29(30 bids)

About This Note

This is a Hong Kong & Shanghai Banking Corporation 10 Dollar note dated 1st April 1941 (Pick P-178c) in Fine condition, featuring distinctive pink/salmon and blue-green coloring characteristic of HSBC's 1930s-1940s series. The obverse displays a classical female figure (Ceres) in an ornate oval frame with bilingual inscriptions, while the reverse showcases the grand neoclassical HSBC building with an angelic figure, demonstrating the bank's architectural prominence during the pre-war period. The note exhibits typical period wear including horizontal creasing and age-related discoloration consistent with circulation use during the Japanese occupation era.

Rarity

Common. This is a regular-issue note from the standard HSBC 1930-1948 series (Pick P-178c). The eBay market data shows a Fine-grade example sold for $20.58 in 2016, well below the $25 VF catalog value, indicating strong collector supply and consistent market availability. While not particularly common in uncirculated condition (reflecting its 1941 issue date and wartime disruption), Fine and lower grades remain readily obtainable for collectors, particularly given HSBC's substantial note production during this period. The denomination and series are not known to have had restricted print runs or collector scarcity issues.

Historical Context

Issued during a tumultuous period in Hong Kong's history, this 1941 HSBC note was released just months before the Japanese invasion in December, making it historically significant as one of the last regular-issue notes before wartime disruption. The neoclassical building depicted on the reverse represents HSBC's former headquarters on Des Voeux Road Central, a symbol of British colonial financial power and prestige in Hong Kong. The classical Ceres imagery (goddess of grain/agriculture) on the obverse reflects early 20th-century Western banking iconography emphasizing commerce, prosperity, and economic stability.

Design

The obverse features Ceres, the classical Roman goddess of agriculture and abundance, depicted as a draped female figure positioned within an ornate circular frame on the left side of the note. Her presence symbolized economic prosperity and legitimate commerce. The reverse displays the former HSBC headquarters building—a grand neoclassical structure with prominent columns and a distinctive dome, representing the bank's architectural legacy and financial dominance in colonial Hong Kong. An allegorical winged angelic figure appears above the building, reinforcing themes of divine favor and commercial success. The design incorporates the HSBC coat of arms/heraldic emblem at the top center of the obverse. Bilingual inscriptions in English and Chinese characters appear throughout, reflecting Hong Kong's dual colonial heritage. Ornamental scrollwork, floral patterns, and decorative borders frame all elements, while corner ornaments feature the denomination in both numerals and Chinese characters.

Inscriptions

FRONT: 'THE HONGKONG & SHANGHAI BANKING CORPORATION' (English) / '香港上海匯豐銀行' (Chinese: The Hong Kong and Shanghai Banking Corporation) / 'Promises to pay the Bearer on demand at its Office here' / 'or the equivalent in the Currency of the Colony, Value received' / 'TEN DOLLARS' / '拾圓' (Chinese: Ten Dollars) / 'HONGKONG, 1ST APRIL, 1941' / 'by Order of the Board of Directors' / Signatures marked 'CHIEF MANAGER' and 'CHIEF ACCOUNTANT' / Serial number: 'No R653.634'. BACK: 'THE HONGKONG & SHANGHAI BANKING CORPORATION' / 'DOLLARS' / '拾' (Chinese: Ten) / Denomination: '10' appearing in all four corners

Printing Technique

Intaglio (engraved) printing, characterized by the fine line work, intricate engraving patterns, and detailed rendering of the portrait, architectural elements, and decorative borders visible throughout both sides. The note was printed by Bradbury Wilkinson & Co., Ltd. of New Malden, Surrey—one of the premier security printers of the era, known for their high-quality intaglio work on banknotes and security documents. The complexity of the background patterns, ornamental frames, and fine detail work in the building's architectural features are hallmarks of the intaglio process.

Varieties

This specific note bears serial number R653.634, with the 'R' prefix likely indicating a specific print run or series batch from Bradbury Wilkinson. The note is dated 1st April 1941 and features two signatures (Chief Manager and Chief Accountant positions), consistent with the standard signature varieties of the P-178c pick number. No overprints or unusual markings are evident from the visual analysis. Within the 1930-1948 HSBC 10 Dollar series, varieties may exist based on signature combinations and serial number prefixes, though no major varieties are documented as scarce or particularly collectible.