Product Description
SCWPM.P860b - B4072bDate: 1953 - Grade: Unc - No signature
Description: Colour: Brown and orange.
Front: Chinese text; truck carrying bales.
Back: Chinese, Mongolian, Tibetan and Uyghur text; guilloche patterns; national emblem of the PRC.
No security thread. - Watermark: None.
Printer: (Unknown). - Size: 90 x 43 mm.
Material: Paper.
General information: 1953 - 1962 Post Devaluation Issues
In 1954, the government formally recognized a large number of ethnic minority groups in the Peoples Republic of China. These notes have the name of the PBC and the denomination in three of these languages: Mongolian, Tibetan, and Uyghur.
The national emblem of the Peoples Republic of China now appears on the back of all notes.
It may also appear as a watermark.
The emblem depicts the Tiananmen Gate to the Forbidden City, with fve stars above; the largest star represents the Communist Party of China, while the four smaller stars represent the four social classes as defned in Maoism. Sheaves of wheat and rice encircle the emblem, representing agricultural workers, and the draped cogwheel at bottom center represents industrial workers.
In March 1955, when notes in this series were frist introduced, the yuan was devalued due to hyperinflation, with 10,000 “old” yuan exchangeable for 1 “new” yuan.
All previous notes were subsequently withdrawn by May 1955.
Source: The Banknotebook.
