10.000 Yuan

By mid-1948, the hyperinflationary collapse of the mainland Chinese economy was pulling Taiwan's currency down with it. The Bank of Taiwan had been issuing notes pegged to the Nationalist Chinese yuan, and as that currency disintegrated, denominations climbed rapidly — this 10,000 yuan note reflects exactly that upward spiral. The First Printing Factory of Taiwan handled production locally, one of the few instances where the island's own facilities were producing high-denomination emergency paper rather than relying on Shanghai or foreign printers.

The series was effectively obsolete within months. The New Taiwan Dollar, introduced in June 1949 at a conversion rate of 40,000 old yuan to 1 NTD, wiped out whatever purchasing power remained.