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10000 Yuan

发行方 Bank of Taiwan
年份 1948
类型 Standard circulation banknote
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正面铭文 行銀灣台 幣台 壹 萬 圓 印年七十三國民華中 廠製印央中
(Translation: Bank of Taiwan Taiwanese currency Ten Thousand Yuan Printed in the 37th year of the Republic of China Central Printing and Engraving)
背面描述 Central oval vignette illustrating the naval Battle of Liaoluo Bay (1633), rendered in intaglio with a scene of sailing vessels engaged in combat on the water against a coastal backdrop. The vignette is surrounded by elaborate guilloche lacework in violet-purple, with the denomination value "10,000" repeated in all four corners and along the upper and lower borders.
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The Bank of Taiwan's 1948 high-denomination issues emerged directly from hyperinflation on the Chinese mainland bleeding into Taiwan's monetary system. The Central Printing Factory — operating under Nationalist government authority — was producing notes in denominations that would have been unthinkable just years earlier, as the gold yuan and its predecessors collapsed in rapid succession. A 10,000 Yuan note in 1948 was not a prestige instrument; it was a symptom.

Taiwan would replace this currency with the New Taiwan Dollar in June 1949, pegged at 40,000 of the old yuan to one new dollar — which gives some sense of where purchasing power had gone.

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