Peoples Bank of China 中國人民銀行: issued and proposed currency issues of 1953-1975
Section Two
Section Two
This section focuses on the remaining issues, of 1960 to 1975.
1960 Third Series Issue (1962)
From the 1960s, Chinese banknotes were printed using the dry offset/Orloff multicolour banknote printing press invented by Li Genxu, a senior banknote-printing engineer.
Series 3 was issued in seven denominations and 13 designs were prepared. It was issued from April 15 1962. These notes were used concurrently with most Series Two issues. It was the first series of renminbi notes to be printed entirely in China. There were five designers: Luo Gongliuand, Zhou Lingzhao, Hou Yimin, Chen Ruoju and Deng Shu (b1929, wife of Hou Yimin). The designs were intended to reflect the success of socialist construction.
Series 3 was issued in seven denominations and 13 designs were prepared. It was issued from April 15 1962. These notes were used concurrently with most Series Two issues. It was the first series of renminbi notes to be printed entirely in China. There were five designers: Luo Gongliuand, Zhou Lingzhao, Hou Yimin, Chen Ruoju and Deng Shu (b1929, wife of Hou Yimin). The designs were intended to reflect the success of socialist construction.
1 Jiao of 1960 (1962)
Issued April 20th 1962. Withdrawn November 20th 1971. Banknote Printing and Minting Corporation.
For unknown reasons, this note was quickly replaced, from 1966, by the '1962' 1 Jiao (SCWPM 877), though both continued to circulate together until 1971. Brown-red. (front) procession of workers at centre. (back) national coat of arms at centre, texts in Chinese, Uyghur, Tibetan and Mongolian. Watermark; stars. Type 1 (Krause SCWPM P 873): full red serial number with roman numeral prefix. Shown right. |
1 Yuan of 1960 (1969)
Issued October 20th 1969. Withdrawn March 1st 1996. Banknote Printing and Minting Corporation.
Unlike the 2 Yuan for this series, this note is not recorded by Smith & Matravers in their 1970 catalogue. Now that the issue dates are known, the reason is simply that the 2 yuan was issued over 5 years before this note (in 1964), which only came in months before publication and during the height of the Cultural Revolution. Information regarding new currency issues would have been virtually unavailable from 1966 until most likely 1976. Red-brown and multicolour. (front) a 'happy' woman farm labourer driving a tractor (see below). (back) pastoral scene of flock of sheep and shepherd, national coat of arms at right, amount and texts. Watermark. The tractor driver depicted is Liang Jun, (shown right) officially at least China's first female tractor driver. She has "devoted her whole life to farm machinery, thus becoming an icon of agricultural modernization in New China". She led the first team of women tractor drivers and set out across China to cultivate wilderness areas. In November 1959, a ribbon-cutting ceremony was held in Harbin to celebrate the first batch of DFH tractors produced by Luoyang Tractor Plant, the first tractor plant in China. The elderly Liang Jun who lives in Harbin, was interviewed in 2009 as part of 60th anniversary celebrations for the Peoples Republic. Type 1 (Krause SCWPM P 874a): full red serial number with a roman numeral prefix of 3 numbers. Watermark: a large star with 4 small stars. Type 2 (Krause SCWPM P 874b): full red serial number with a roman numeral prefix of 3 numbers. Watermark: stars and ancient pu 'pants' style coins. Type 3 (Krause SCWPM P 874c): full red serial number with roman numeral prefix of 2 numbers. Example shown upper right, and is also the type displayed with Liang Jun. |
2 Yuan of 1960 (1964)
Issued April 15th 1964. Withdrawn March 1st 1991. Banknote Printing and Minting Corporation.
Green, black and multicolour. (front) a lathe worker (back) an oil refinery, with national coat of arms at right, amount and texts. Watermark. Type 1 (Krause SCWPM P 875a): full red serial number with a roman numeral prefix of 2 or 3 numbers. Watermark: a large star with 4 small stars. Type 2 (Krause SCWPM P 875b): full red serial number with a roman numeral prefix of 2 or 3 numbers. Watermark: stars and ancient pu 'pants' style coins. |
5 Yuan of 1960 (1969)
Issued October 20th 1969. Withdrawn February 4th 1992. Banknote Printing and Minting Corporation.
Unlike the 2 Yuan for this series, this note is not recorded by Smith & Matravers in their 1970 catalogue. Now that the issue dates are known, the reason is simply that the 2 yuan was issued over 5 years before this note (in 1964), which only came in months before publication and during the height of the Cultural Revolution. Information regarding new currency issues would have been unavailable from 1966 until most likely 1976. Brown, black and multicolour. (front) Steel foundry worker at centre. (back) an open coal mine scene with rail, national coat of arms at right, amount and texts. Watermark. Type 1 (Krause SCWPM P 876a): full red serial number with a roman numeral prefix of 3 numbers. Watermark: a large star with 4 small stars, as per the national crest and flag. Type 2 (Krause SCWPM P 876b): full red serial number with a roman numeral prefix of 2 numbers. Watermark: a large star with 4 small stars, as per the national crest and flag. |
1962, 1965 Third Series Issue (1964-)
1 Jiao of 1962 (1966)
Issued January 10th 1966. Withdrawn December 15th 1967. Banknote Printing and Minting Corporation.
A surprisingly complicated issue, not all versions of which are covered in the SCWPM. For unknown reasons, this version was quickly replaced, from 1967, by the following examples in succession, from (SCWPM 877c). The new issues are virtually identical except for the coloration of the back design. Brown-multicolour. Engraved front vignette. (front) a procession of agricultural labourers: "a combination of education and production labour" (the Peoples Bank description). (back) national coat of arms at right, texts in Chinese, Uyghur, Tibetan and Mongolian. Type 1 (Krause SCWPM P 877a): full red serial number with roman numeral prefix. No watermark. Shown right. Type 2 (Krause SCWPM P 877b): full red serial number with roman numeral prefix. As above but with watermark: stars. This is the rarest version. |
As above but with altered back colouration:
Issued December 15th 1967. Withdrawn February 4th 1992. Banknote Printing and Minting Corporation. Virtually identical to (SCWPM 877 a,b) except for the coloration of the back design. Brown-multicolour. (front) a procession of agricultural labourers: "a combination of education and production labour" (the Peoples Bank description). (back) national coat of arms at right, texts in Chinese, Uyghur, Tibetan and Mongolian. Type 3 (Krause SCWPM P 877e): full red serial number with roman numeral prefix of 3 numerals. Engraved front vignette. Watermark: stars. Type 4 (Krause SCWPM P 877f): full red serial number with roman numeral prefix of 2 numerals. Lithographed front. No watermark. Shown right. |
2 Jiao of 1962 (1964)
Issued April 15th 1964. Withdrawn February 4th 1992. Banknote Printing and Minting Corporation.
Green-multicolour. (front) Yangtze River Bridge, Wuhan. The site of the original Yellow Crane Tower was cleared away in order to construct the bridge (back) national coat of arms, amount and texts, with peony flowers. Texts in Chinese, Uyghur, Tibetan and Mongolian. Type 1 (Krause SCWPM P 878a): full red serial number with roman numeral prefix of 3 numerals. Engraved front. Type 2 (Krause SCWPM P 878b): full red serial number with roman numeral prefix of 3 numerals. Lithographed front. Shown right. Type 3 (Krause SCWPM P 878c): full red serial number with roman numeral prefix of 2 numerals. As above. Type 4 (Krause SCWPM P 878x). With a red back - a post production chemical alteration. Accidental or deliberate? |
10 Yuan of 1965 (1966)
Issued January 10th 1966. Withdrawn March 1st 1996. Banknote Printing and Minting Corporation.
Black and multicolour. (front) A varied group of National Assembly (National Peoples Congress) representatives exiting the Great Hall of the People at Tiananmen, Beijing - visible in the background. (back) Tiananmen or Gate of Heavenly Peace; 1st entrance gate to the Forbidden City and scene of Mao's proclamation of the Peoples Republic in 1949. Interestingly the Gate does not show the immense portrait of Mao that had been (and continues) to hang there, since at least 1951. Watermark: Tiananmen with sunbursts (designed by Zheng Xinchen). Type 1 (Krause SCWPM P 879a): full red serial number with a roman numeral prefix of 3 numbers. Type 2 (Krause SCWPM P 879b): full red serial number with a roman numeral prefix of 2 numbers. Right: an early trial design of the front of the 10 Yuan. The most noticeable difference is the colour, however it is the images of the National Assembly representatives which have been subjected to the most alteration. See below right. |
Right: A close up comparison of the issued note (top) and the earlier design show some interesting differences. The soldier on the right has been completely redesigned, with a new uniform and cap. The number of medals has been drastically reduced across the four front figures. For some reason even the shape of the flap of the folder(?) held by the left hand figure has been altered. |
20 Yuan of '1966'
Right: An attractive unused hand rendered pencil and ink design for a 20 Yuan of 1966, depicting farmers amid a wheat field, apparently examining the crop. The back landscape scene incorporates imagery of agriculture, energy and transportation.
The 20 Yuan denomination was last used in 1949 and was not brought back until 1999. |
100 Yuan of '1966'
Right: an hand rendered design for a 100 Yuan note depicting a mixed group of workers before the flag, and the Great Hall of the People at Tiananmen Square, Beijing. Any engraved test renderings of this design are unknown.
Clearly designed as part of this series, for unknown though no doubt political reasons the 100 denomination was not adopted and did not re-appear until 1988 (Fourth Series, of '1980'). |
1972-1973 - a lost Fourth series
5 Jiao of 1972 (1974)
Issued January 5th 1974. Withdrawn March 1st 1991. Banknote Printing and Minting Corporation.
The only issued note of this period. Possibly should not be regarded as part of Series 3? Purple, Blue-multicolour. (front) female workers in a textile factory. (back) national coat of arms, amount and texts with cotton plant flowers. Texts in Chinese, Uyghur, Tibetan and Mongolian. Type 1 (Krause SCWPM P 880a): full red serial number with roman numeral prefix of 3 numerals. Partly Engraved front. Watermark: stars. Type 2 (Krause SCWPM P 880b): full red serial number with roman numeral prefix of 3 numerals. Lithographed front. Watermark. Type 3 (Krause SCWPM P 880c): full red serial number with roman numeral prefix of 3 numerals. As above but without a watermark. |
Below: Artist's Renditions for an unissued series of 1972-1973
1975 - a Fourth/Fifth Series Issue that never was
Right and below: designs for a new 2 Yuan issue of Series 4/5, of 1975. Probably one of several new designs which never made it past the development stage, leaving the 5 Jiao of 1972 as either the final issued note of Series 3 or the only note of a Series 4.
The abandonment of this phase of the series most likely came about as a result of the political changes which began after the death of Chairman Mao in 1976. |