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Reformed Government of China
Huaxing Bank cupronickel Coin
10 Cents
ROC Era 29
中華民國維新政府
華興銀行白銅幣
拾分
民國二十九年
Item number: A486
Year: AD 1940
Material: Cupronickel
Size: 18.9 x 18.9 x 1.4 mm
Weight: 3.0 g
Provenance:
1. Noonans 2022
2.D. L. F. Sealy Collection
This is a currency issued in AD 1940 by the Huaxing Bank under the Reformed Government of the Republic of China. On the obverse side, there is the floral character “壽” (Longevity), resembling a treasure bowl, with the words “拾” (Ten) and “分” (Cents) in regular script on either side, indicating the denomination. The edge is surrounded by a circular pattern.
On the reverse side, the centre features the character “華” (Hua) in seal script, flanked by a pair of wings. Above it are the characters “中華民國” (Republic of China), and below is the year “二十九年” (Year 29). There is a five-pointed star on each side.
In the 26th year (AD 1937), after Japan occupied Nanjing, they established a puppet regime called the “Reformed Government of the Republic of China” in the 27th year (AD 1938). The leader was Liang Hongzhi, then Premier of the Executive Yuan, who governed Jiangsu, Zhejiang, Anhui, and the special municipalities of Nanjing and Shanghai. The purpose of the “Reformed Government” was to “control China with Chinese” and to “divide China.”
In the 29th year (AD 1940),Liang founded the Huaxing Commercial Bank in Shanghai, primarily to provide foreign exchange services needed by the Japanese military for foreign trade, and issued banknotes and metal subsidiary coins known as “Huaxing notes,” disrupting China’s financial system. This coin was born out of that context.
In March of the 29th year (March, AD 1940),Wang Jingwei of the Chongqing Government sought cooperation with Japan, taking over the “Reformed Government of the Republic of China,” the “Provisional Government of the Republic of China,” and the “Mengjiang United Autonomous Government,” and established a government in Nanjing, known as the “National Government.”
In the 31st year (AD 1942), Wang established the “Central Reserve Bank,” and the currency issued by the former “Huaxing Bank” was replaced by the currency of Wang’s “Central Reserve Bank.”
On 15 August, in the 34th year (AD 1945), Japan surrendered.
Wang Jingwei’s “National Government” announced its dissolution the following day. After the victory in the War of Resistance Against Japan, all resources were taken over by the Chongqing Government.
Liang Hongzhi, one of the founders of the Reformed Government and the Huaxing Bank, was executed for treason in the 35th year (AD 1946).