1 Yuan

The Bank of Taiwan occupied a peculiar constitutional position in the 1950s: it functioned as the de facto central bank of the Republic of China government-in-exile on Taiwan, issuing currency under its own name rather than any national banking authority. This note belongs to the early post-retreat period, when the Nationalist government was still operating under the fiction that mainland recovery was imminent — a political posture that shaped monetary policy for years.

The Taiwan Bank Note Printing Works had only recently developed sufficient domestic capacity to produce this series in-house, reducing dependence on foreign printers that had supplied earlier ROC currency.