50 Yuan

The Bank of Taiwan was not a central bank in the conventional sense — it operated as Taiwan's de facto currency authority after 1945 when the island was returned to the Republic of China, and again after 1949 when the Nationalist government retreated from the mainland. This 1951 series was issued under conditions of acute monetary fragility; the hyperinflation that had devastated the old Taiwan dollar was still recent memory, and the New Taiwan Dollar had only been introduced in 1949 at a rate of 40,000 old dollars to one new.

The First Printing Factory, operating domestically on the island, handled production — a logistical necessity given the complete severance from mainland printing facilities.