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1.000.000 Yuan
| Issuer | Bank of Taiwan |
|---|---|
| Year | 1948 |
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| Value | Log in to see details |
| Currency | Yuan (1948-1949) |
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| Obverse description | Log in to see details |
|---|---|
| Obverse lettering | 台灣銀行本票 台幣壹佰萬圓整 憑票即付 中華民國卅七年五月廿八日 台灣銀行經副州 |
| Reverse description | The reverse is unprinted, presenting a plain cream-coloured paper surface with no design, text, or security features, consistent with the emergency-issue character of this high-denomination note. |
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| Comments |
By mid-1948, hyperinflation on the mainland had rendered the official Nationalist currency nearly worthless, and Taiwan's branch banking system was caught in the undertow. The Bank of Taiwan had been operating under a separate note-issuing arrangement since the island's retrocession in 1945, and denominations escalated rapidly as the mainland crisis deepened — a one-million yuan note in this series was not an aberration but a logical endpoint of a collapsing monetary order.
Taiwan broke cleanly from this system in June 1949, when the New Taiwan Dollar was introduced at a rate of 40,000 old yuan to one new dollar — effectively annihilating the face value of notes like this one overnight.