1 yuan 1954

common. The eBay price history shows consistent sales in the $6-$32 range over more than a decade, with most UNC examples selling between $12-$29. The 2024 PMG 66 sale at $32 represents the high end of market activity. The large number of completed sales (15+ transactions tracked) indicates steady collector demand but consistent availability. Catalog values from 2008 show UNC at only $5, reflecting its status as a common issue despite its regional restriction.

Issued during the early years of the Republic of China's presence in Taiwan, this note represents a unique monetary system created specifically for the Matsu islands (Lienchiang County), which were administered separately from mainland Taiwan due to their strategic coastal location near mainland China. The classical architecture depicted on the reverse symbolizes the institutional stability of the Bank of Taiwan during this period of political consolidation. The restriction to Matsu use indicates this was part of a controlled currency system for the isolated island community during the Cold War era.

The obverse features a formal portrait of a dignified male subject wearing formal attire with a distinctive mustache, set within an oval frame at the upper center. Below is a large decorative circular emblem with a heart-shaped design containing Chinese characters and floral motifs, flanked by red security seals positioned symmetrically. The note is framed by an ornate border of geometric patterns and scrollwork characteristic of mid-20th century Chinese currency design. The reverse displays a prominent photographic image of a classical, multi-story Bank of Taiwan building with prominent columns, courtyard, and architectural details that convey institutional authority. Decorative heart-shaped emblems and scrollwork frames appear at top and bottom of the reverse, with 'BANK OF TAIWAN' and denomination information in English.

FRONT: '臺灣銀行' (Bank of Taiwan) | '限馬祖地區通用' (For use restricted to Matsu area) | '臺' (Taiwan) | '圓' (Yuan) | '中華民國三十四年' (Year 34 of the Republic of China, equivalent to 1945, though issued in 1954) | Serial number: A2221719C. BACK: 'BANK OF TAIWAN' (English designation) | 'ONE YUAN' (English denomination) | '1954' (Issue year) | '祖馬' (Matsu, positioned left and right).

Intaglio (engraved) printing for the decorative borders, geometric patterns, and text elements, combined with photogravure technology for the architectural image on the reverse. The fine line engraving visible throughout the borders and the crisp reproduction of the building photograph indicate a high-quality security printing process typical of Bank of Taiwan notes from this period. The printer is not specifically identified in available catalog data.

This note is from the Matsu-restricted series (indicated by '限馬祖地區通用' overprint), which is the primary identifying feature of this specific issue. Serial number prefix 'A' is visible on the example. The note bears the date designation '中華民國三十四年' (ROC Year 34), which nominally corresponds to 1945 but was printed in 1954. Varieties may exist in serial number prefixes and seal colors, though detailed variety information for Pick R120 is limited in standard references.