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| 背面描述 | Vignette of the Bank of Taiwan building within a circular frame at upper centre, set against a finely engraved guilloche background. The English inscription BANK OF TAIWAN appears above, with ONE YUAN below the central numeral cartouche. Characters 祖 and 馬 appear at lower left and right respectively. |
| 背面铭文 | BANK OF TAIWAN ONE YUAN 1954 祖 馬 |
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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.