5 dollars 1948

Common. The eBay price tracking data indicates consistent market activity across multiple condition grades, with Fine condition examples historically selling for $157.50-$175 (catalog value), and numerous lower-grade and mid-grade examples trading regularly between $200-$600 over a 12-year period. This Pick number (P-54b) was part of a substantial circulation issue, and examples in all grades remain readily available in the collector market. The note is not from a short-lived issuer, was not recalled, and no production restrictions are known.

Issued in February 1948, this note represents the Chartered Bank of India, Australia & China's post-war currency operations in Hong Kong, a period of economic recovery following Japanese occupation during WWII. The obverse features Britannia—the allegorical personification of the British Empire—reinforcing the colonial banking authority's connection to imperial Britain and the Royal Charter granted in 1853. The reverse depicts a traditional Chinese junk, symbolizing Hong Kong's role as a maritime trading hub and acknowledging the significant Chinese merchant class within the colonial economy.

The obverse features a classical portrait of Britannia in profile, depicted wearing a Corinthian helmet and facing left—a standard iconographic representation of British imperial authority used on colonial currency. The portrait is positioned at the left side with ornate decorative frames and flourishes throughout. A heraldic coat of arms with shield, supporters, and crown is positioned in the upper center, representing the bank's chartered authority. The denomination '5' appears as a large red 50mm underprint in the center, a distinctive security feature. The reverse showcases an engraved maritime vignette of a multi-sailed Chinese junk on water with mountainous coastline in the background—a romantically rendered image celebrating Hong Kong's historic role as a trading port. Decorative corner frames with ornamental elements and circular seals enhance both sides. A red circular stamp dated February 1948 appears on the obverse.

FRONT: 'THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA' (bank name and jurisdictional authority); 'FIVE DOLLARS' (denomination in large red overprint); 'HONGKONG' (place of issue); 'S/F 1846207' (serial number); 'Promises to pay the Bearer on Demand Office here' (bearer clause); 'HONGKONG 1st February 1948' (specific issue date); 'ROYAL CHARTER 1853' (reference to bank's founding charter); Chinese text '中國香港新度印金山' (relating to Hong Kong). BACK: 'FIVE DOLLARS' (denomination); 'THE CHARTERED BANK OF INDIA, AUSTRALIA & CHINA' (issuer); 'S/F 1846207' (matching serial number); 'WATERLOW & SONS LIMITED, LONDON' (printer identification); '五圓' (Chinese: Five Dollars).

Engraved intaglio printing executed by Waterlow & Sons Limited, London—one of the world's premier security banknote printers of the era. The intricate fine line work, detailed portraiture of Britannia, complex decorative borders, and the finely engraved maritime vignette are all characteristic of high-security intaglio production. The red denomination overprint was applied separately, as evidenced by its distinct appearance. The presence of Chinese characters alongside English text required careful multi-stage printing to accommodate both languages.

This example exhibits the variant designated P-54b (as opposed to P-54a), which corresponds to the 1941-1956 issue period of this design. The serial number prefix 'S/F' and the specific issue date of 1st February 1948 are consistent with mid-series production. Two printed signatures are noted per the catalog reference. The red overprint denomination and heraldic emblem design are standard for this variety. No exceptional serial numbers or unusual overprints are evident from the visual analysis.