100 Yuan

The Bank of Taiwan's 1947 issues were a direct response to the catastrophic hyperinflation gripping mainland China — Taiwan's currency was deliberately kept separate from the Chinese yuan to shield the island's economy from the worst of it. That separation would prove prescient. When the Nationalist government collapsed on the mainland two years later, Taiwan's monetary infrastructure remained intact enough to absorb the flood of refugees and capital that followed.

Printed domestically at the First Printing Factory rather than sent abroad to established security printers, the quality reflects wartime resource constraints that hadn't yet eased in 1947.