1 Yuan blue

The Bank of Taiwan operated as a de facto central bank for the Republic of China government after its retreat to the island in 1949, issuing its own currency series distinct from the mainland notes. This 1954 1 Yuan blue belongs to an early stabilization-era series issued under strict controls following the catastrophic hyperinflation that had destroyed the Old Taiwan Dollar — the New Taiwan Dollar, introduced in 1949 at a rate of 40,000 to one, was the foundation these notes were built on.

Printed domestically at the Taiwan Bank Printing Works, the series avoided the foreign printing relationships common among postwar Asian issuers.