1 Chiao / 10 Fen Federal Reserve Bank of China

Features

Issuer	Reformed Government of the Republic of China (Japanese puppet states in China)
Ruling authority	Reformed Government of the Republic of China (1938-1940)
Type	Standard circulation banknotes
Years	27-29 (1938-1940)
Calendar	Chinese republican
Value	1 Jiao = 10 Cents (0.10)
Currency	Yuan
Size	100 × 56 mm
Shape	Rectangular
Demonetized	Yes
Number	N# 224638
References	P# J48 Standard Catalog of World Paper Money (5 volumes).

Obverse

Red-brown on pink underprint.
Left: seal of Reformed Government
Center: denomination in stylized seal script
right: New Summer Palace in Beijing
Red block numbers.
Red Seal Script Signatures under denomination in seal script
Denomination in numbers given in fen '10' at each bottom corner

Lettering:
(Variant P-J48a)

中國聯合準備銀行
壹角
中華民國二十七年
行政委員會印刷局印

(Variant P-J48b)
中國聯合準備銀行
壹角
中華民國二十九年
行政委員會印刷局印

Translation:
(Variant P-J48a)
Federal Reserve Bank of China
1 Chiao
27th Year of the Republic of China
Printed by the Printing Bureau of the Administrative Commission

(Variant J-48b)

Federal Reserve Bank of China
1 Chiao
29th Year of the Republic of China
Printed by the Printed Bureau of the Administrative Commission

Reverse

Red-brown on pink underprint.
Denomination given in numbers in Fen (10)
Stylized seal script with denomination in chiao in center

Lettering: 10 壹角 10

Translation: 10 1 Chiao 10

Comments

Common to this era is the amount in 10's of fen given in chiao. 1 Chiao = 10 Fen

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Date	VF	XF	AU	UNC		Frequency
Undetermined
27 (1938)	$ 5.20	$ 5.70	$ 6.80	$ 10	P#J48a	91%
29 (1940)					P#J48b	8%

Values in the table above are expressed in USD. They are based on evaluations by Numista users and sales realized on Internet platforms. They serve as an indication only; they are not intended to be relied upon for buying, selling or exchanging. Numista does not buy or sell coins or banknotes.

Frequencies show the percentage of Numista users who own each year or variety among all the users who own this banknote. Since some users own several versions, the sum may be greater than 100%.

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This index is based on the data of Numista members collections. It ranges from 0 to 100, 0 meaning a very common coin or banknote and 100 meaning a rare coin or banknote among Numista members.

Past sales

Pictures	Sale	Date	Version	Grade	Sold price
	Katz Auction 140 Lot 1806	22 Oct 2024	27 (1938) – P#J48a	UNC	Unsold
© Katz Coins Notes & Supplies Corp.
	Katz Auction 56 Lot 312	12 Mar 2022	27 (1938) – P#J48a	UNC	USD 10.24 (EUR 9.00) (+ buyer's premium)
© Katz Coins Notes & Supplies Corp.
	Katz Auction 102 Lot 324	28 Nov 2023	27 (1938) – P#J48a	AU	USD 6.83 (EUR 6.00) (+ buyer's premium)
© Katz Coins Notes & Supplies Corp.
	Katz Auction 140 Lot 1805	22 Oct 2024	27 (1938) – P#J48a	XF	Unsold
© Katz Coins Notes & Supplies Corp.
	Katz Auction 99 Lot 3032	31 Oct 2023	27 (1938) – P#J48a	XF	Unsold
© Katz Coins Notes & Supplies Corp.
	Katz Auction 59 Lot 427	23 Apr 2022	27 (1938) – P#J48a	XF	USD 5.69 (EUR 5.00) (+ buyer's premium)
© Katz Coins Notes & Supplies Corp.
	Katz Auction 59 Lot 428	23 Apr 2022	27 (1938) – P#J48a	XF	USD 6.83 (EUR 6.00) (+ buyer's premium)
© Katz Coins Notes & Supplies Corp.
	Katz Auction 137 Lot 1547	11 Sep 2024	27 (1938) – P#J48a	VF	Unsold
© Katz Coins Notes & Supplies Corp.
	Katz Auction 64 Lot 917	17 Aug 2022	27 (1938) – P#J48a	VF	USD 7.97 (EUR 7.00) (+ buyer's premium)
© Katz Coins Notes & Supplies Corp.
	Katz Auction 121 Lot 649	18 Apr 2024	Undetermined	UNC	Unsold
© Katz Coins Notes & Supplies Corp.