Counterfeit Detection: China 1948 50 Yuan

There is a robust market for Chinese notes of the First Series of the Renminbi. The notes began to be issued in late 1948, months before the founding of the People's Republic of China. Among these early notes was a 50 Yuan note that featured a donkey and coal mine on the front of the note.

Genuine China 1948 50 Yuan Click images to enlarge

Identified by the collecting community today with a catalog number of Pick# 805a, there are only 333 issued examples of this note in the PMG Population Report (as of December 2024), with a median grade of PMG 40 Extremely Fine. Examples around that grade and higher can sell for several thousand dollars, with an additional numismatic premium for notes that have earned PMG's EPQ designation. Its relatively scare numbers along with its value to the collecting community make this note an attractive target for counterfeiters.

Counterfeit China 1948 50 Yuan Click images to enlarge

PMG recently identified a counterfeit of this note. Under magnification, subtle differences can be seen in the counterfeit. For example, on the front of the note, a genuine example has what looks like a 中 (a Chinese character pronounced "zhong"). It is circled in red in the image below, and is absent on the counterfeit.

Close-ups of the front of the genuine (left) and counterfeit Chinese note Click images to enlarge.

An inspection of the top-left corner of the front of the note reveals additional problems. The block number on the counterfeit begins with IV, which is unexpected on genuine examples of this catalog number. In the background, one of the repeating geometric patterns that looks like a gear (or a star with a small circle in the middle) does not match the corresponding design on the genuine note. And the ink in these patterns appears much too bright, and it uncharacteristically extends almost completely through the guilloche elements at the top and left of the note.

Close-ups of the front of the genuine (left) and counterfeit Chinese note Click images to enlarge.

A closer look at a third area of the front of the note also reveals trouble. The donkey's front hoof has shading on the genuine note but is hollow on the counterfeit. The guilloche pattern on the counterfeit is simpler (with slightly fewer lines) and the windows on the buildings in the distance are more scattershot.

Close-ups of the front of the genuine (left) and counterfeit Chinese note Click images to enlarge.

The differences in the design can also be seen on the back of the note. Note that on the right side of the note, the beading above the '50' begins with two beads that have a complete circle in their centers. Nuances like this make notes more difficult to counterfeit.

Close-ups of the back of the genuine (left) and counterfeit Chinese note Click images to enlarge.

Building a paper money collection that includes notes worth hundreds or thousands of dollars can be a rewarding endeavor, but it is important to know the collection is genuine. Remember that PMG backs its determinations of authenticity and grade with the PMG Guarantee.

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