50 cents 1949

Common. Secondary market data (eBay auction results spanning 2010-2022) shows consistent sales of this note in UNC and near-UNC condition ranging from approximately $1.55 to $38, with typical UNC specimens realizing $3-5 and PMG-graded examples (66-67) selling for $16-32. The catalog 2016 valuation lists UNC specimens at $3. High print runs and regular availability in the secondary market confirm this is a common issue with no special scarcity premium. The wide price variance in auction results reflects grading inconsistencies and market fluctuations rather than genuine rarity.

Issued in 1949 by the Bank of Taiwan under the Republic of China, this note was produced during a critical period when the ROC government had recently relocated to Taiwan following the Chinese Civil War. The prominence of Dr. Sun Yat-sen's portrait reflects his status as the founding father of the Republic of China, while the depiction of the Bank of Taiwan building (shown in the reverse design) and the detailed map of Taiwan underscore the island's emerging role as the new administrative center. The exchange rate notation ('Ten Dollars exchangeable for One Hundred Dollars') visible in the inscriptions indicates currency denomination adjustments being implemented during this economically turbulent period.

The obverse features a three-quarter profile portrait of Dr. Sun Yat-sen within an ornate oval medallion at the center, rendered in fine line engraving with characteristic facial hair (mustache and goatee). The portrait is flanked by two red rectangular seals/stamps, representing official authorization. Elaborate decorative borders with geometric cross-hatching and ornamental cloud-like designs in the corners frame the composition on an orange-red background. The reverse displays a detailed architectural rendering of the Bank of Taiwan's Taipei headquarters — a multi-story institutional building shown in perspective with multiple windows and classical design elements — positioned above an outlined map of Taiwan island. The numeral '50' is integrated within the Taiwan map design. Both sides feature fine ornamental borders with consistent geometric and floral pattern work typical of high-security banknote engraving.

OBVERSE: '台幣壹圓' (Taiwan Dollar One Yuan) — primary denomination marking; '行號等' (Bank of Issue); Serial number 'K544509K'; '中華民國八十年印' (Printed in the Republic of China Year 80 [ROC calendar]); '每拾圓兌換一百圓' (Ten Dollars exchangeable for One Hundred Dollars — currency conversion rate); '中央銀行最新印製' (Latest printing by Central Bank). REVERSE: 'BANK OF TAIWAN' (English name of issuing institution); '50' (denomination); 'FIFTY CENTS' (English denomination); '1949' (issue year).

Intaglio (steel engraving/line engraving) printing, as evidenced by the fine line work, intricate detail, and consistent depth of impression visible throughout the design. The printer is identified as CPF (China Printing Factory) per catalog references, with Smiling & Miles catalog number T73-4. The security features include complex border patterns, fine line cross-hatching, and detailed architectural and portrait engraving characteristic of 1940s-era Chinese currency production.

Serial number format consists of one letter prefix and suffix (observed example: K544509K), which is a documented variety for this issue. The note bears no visible overprints or dated signatures that would indicate subtypes. The visual analysis confirms this as the standard 1949 Bank of Taiwan 50 Cents issue without discernible sub-varieties based on observable design elements.