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The Republic of China - Redeemable Notes Bearing the Portrait of Li Hongzhang (1912)


 

Nanjing Interim Government on January 1, 1912 (the first year of the Republic of China), the Bank of Great Qing was restructured into Bank of China under the approval of Dr. Sun Yat-Sen, the Interim President, on the report of "Restructuring of Bank of Great Qing into the Central Bank" submitted by the former Association of the Commercial Shareholders of Bank of Great Qing.

On January 24, 1912, Dr. Sun Yat-Sen approved the proposal submitted by the Association of the Commercial Shareholders of Bank of Great Qing.

On January 28, 1912, the shareholders of Bank of Great Qing held a meeting to announce the government approval on establishment of Bank of China.

On February 5, 1912, Bank of China started operation at the former site of Bank of Great Qing (No.3, Hankou Road, Shanghai).

On February 14, 1912, Nanjing branch was set up in Jewelry Gallery in downtown Nanjing as required by the Government.

On August 1, 1912, head office of Bank of China was set up at Xijiaomin Lane in Beijing, the former site of Bank of Great Qing.

After its establishment, Bank of China as the central bank began to issue banknotes. Before the new banknotes were printed, the Li Hongzhang redeemable notes in one yuan, five yuan and ten yuan issued by Bank of Great Qing had been used for temporary circulation with additional characters of "The 1st year of the Republic of China", "Redeemable Notes of Bank of China", place name and signature printed on the notes. Originally, the one-yuan note was circulated universally without place names until stabilizing measures were taken for the imbalanced market caused by profit-seeking transfer of large amount of the note to Shanghai and Hankou for encashment.

One-yuan, five-yuan and ten-yuan redeemable notes bearing the portrait of Li Hongzhang issued in 1912 were the earliest currency issued by Bank of China.

One-Yuan Redeemable Notes Bearing the Portrait of Li Hongzhang (1912, without place name)

Designation Denomination Place Name Design Color Motif Note Size Printed by Year
Redeemable Notes bearing the portrait of Li Hongzhang One yuan "China" on the left, and "Bank" on the right The portrait of Li Hongzhang printed on the left of front side and the scene of train and village on the right; the landscape of river and trees on the back Red and black 82×154 American Bank Note Company "The 1st year of the Republic of China" printed on the front and "1st OCTOBER 1909" on the back

Five-Yuan Redeemable Notes Bearing the Portrait of Li Hongzhang (1912, Beijing)

Designation Denomination Place Name Design Color Motif Note Size Printed by Year
Redeemable Notes bearing the portrait of Li Hongzhang Five yuan Beijing The portrait of Li Hongzhang printed on the left of front side and the scene of octagonal pavilion with double-hipped roof on the right; the scene of Longevity Hill in Summer Palace of Beijing printed on the back Blue and black 94×176 American Bank Note Company "The 1st year of the Republic of China" printed on front and "1st OCTOBER 1909" on the back

Ten-Yuan Redeemable Notes Bearing the Portrait of Li Hongzhang (1912, Hankou)

 

Designation Denomination Place Name Design Color Motif Note Size Printed by Year
Redeemable Notes bearing the portrait of Li Hongzhang Ten yuan Hankou The portrait of Li Hongzhang printed on the left of front side and the scene of quadrangle tablet pavilion on the right; the scene of Wengcheng at Zhengyang Gate of Beijing printed on the back Purple and black 100×169 American Bank Note Company "The 1st year of the Republic of China" printed on the front and "1st OCTOBER 1909" on the back

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