A Superb Land Bank of China One Yuan Note

Lot 32183 in our April 2024 Hong Kong Auction presents an exquisitely designed note, a magnificent Land Bank of China 1 Yuan of 1931. At Superb Gem Uncirculated 67 EPQ, it is the single highest graded by PMG. This note displays deep, rich inks as well as immaculate corners and paper. Such a combination results in a breathtaking example that will stand out in any high end collection of paper money.

The Land Bank of China, one of the eight larger quasi-national commercial banks in the Republic of China, has always been a favorite among collectors owing to the general scarcity of their notes and their beautiful designs.

The Bank was founded in 1926 by Yu Zuo Ting with headquarters based in the French concession in Tientsin. However, business was unremarkable despite the best efforts of the senior management and in 1929 the bank was taken over by Qin Run Qing and other Shanghai businessmen. This, along with the capital being moved to Nanking, resulted in the Shanghai branch being promoted to head office and the Tientsin headquarters demoted to a branch office. The Bank survived the Sino Japanese War. and the Shanghai and Tientsin offices were nationalized in 1951 and 1952 respectively.

The note is from the famous collection of John E. Sandrock, a famous veteran collector based in San Diego.

Two specimen notes from the Land Bank of China are offered in the Peter She Collection of Chinese Banknotes (a featured collection in the April Hong Kong sale). Lot 30118 is a 1926 10 Dollars issued by the headquarters in Tientsin and lot 30119 is a 1931 One Dollar issued by the later Shanghai headquarters.

A fantastic trio indeed!

For questions relating to our April Hong Kong sale or to consign to our next Hong Kong auction in October please call +852 2117 1191 or email

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