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Auction: CSS48 - CSS48 - The Numismatic Collectors' Series sale - conducted behind closed doors
Lot: 1543

People's Republic of China: Military Token Issue, a partial set of 3 notes, 5 jiao, 1 yuan and 5 yuan, 1965, 5 jiao: brown and yellow, steam locomotive at centre, block serial number ,

1 yuan: green and red-orange, two vehicles at left, serial number AF 866300,

5 yuan: deep red and yellow, Zhen Nan Guan at right, serial number AA 767542,
(Pick unlisted), graded PCGS Gold Shield 45 Details (Minor Repair), 58 Details (Spot Removed) and 35 respectively. Extremely rare, especially the 5 jiao and 5 yuan. The military token issue was issued by the People's Bank of China on 25th Apirl 1965 during the Vietnam War. At the time renminbi notes and coins were not allowed to be taken out of the People's Republic but military personnel from the People's Liberation Army stationed in North Vietnam needed money in order to purchase daily necessities. To overcome this problem the People's Bank of China issued military token for use within PLA bases only. The use of these tokens finally ended when the People's Liberation Army completely withdrew from North Vietnam in July 1970 and virtually all tokens were redeemed at People's Bank branches in Guangxi, Guangdon and Yunnan. The redemmed notes were finally destroyed in 1980. Due to their very limited area and time of circulation in PLA bases over five years and the extremely high redemption rate in 1970 very few have survived. The rarest denominations are the 5 jiao and 5 yuan and it is very likely that the 5 yuan offered in this set is the highest grade extant. Extremely rare and important (3)

Estimate
HK$200,000 to HK$260,000