2nd April Spink China
sale features the rarest type of the note from the first series
The first series renminbi was
issued from 1st December 1948 by the newly established
People's Bank of China. It consisted of 12 denominations and
62 different types of note.
As the communists continued to
liberate much of China, by the late 1940's the Nationalist
Government's war effort became more and more laboured. The
Gold Yuan certificates already in circulation underwent severe
inflation to the extent that a very high denomination of five
million had to be issued. Within the liberated areas, each had a
different circulating currency with varying exchange rates.
This brought great economic hardships on the populace so something
had to be done to bring some stability to the currency. The
renminbi was issued to unify these local currencies and to simplify
This note, the famous 'Running
Horse' 10,000 yuan, is the rarest type note of the series. Issued
on 17th May 1951 and withdrawn on 1st April
1955 it only circulated for four years. Being essentially an
emergency issue the paper and printing quality were poor and this,
combined with the high denomination, account for the extremely low
survival rate and current rarity.
In fact, it is estimated that only
around 100 notes survived, with around 70 serial numbers recorded.
There are fewer than 5 notes in good, extremely fine or above
condition. From this, we estimate that no more than 100 full sets
of this historically vital set of banknotes can be completed.
Although our note has been graded
'very good', it is whole and largely free from damage and is thus
an attractive example. Since this note is certainly absent
from most collections, it is likely to be fiercely contested
amongst collectors who need it to complete their sets of first
It is estimated HK$ 550,000 -
For more information please
Kelvin Cheung +852 3952 3000 or firstname.lastname@example.org
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