1 Yuan

The Bank of Taiwan operated as a quasi-central bank for the island following the KMT retreat from the mainland in 1949, issuing its own currency distinct from the New Taiwan Dollar administered by the Central Bank. This 1 Yuan note belongs to a series produced during a period of strict monetary controls imposed under martial law, when the Taiwan Provincial Government maintained tight oversight of circulation volumes to prevent a repeat of the hyperinflationary collapse that had devastated the mainland currency just years earlier.

Pick R120 — the "R" prefix in the catalog denotes regional issue status, a classification that still generates occasional debate among specialists regarding the note's precise institutional authority.