The Imperial Bank of China was the predecessor to the Commercial Bank of China and was the first bank in China to be based on Western practices, . This is part of the first series of the bank, and is scarce in problem-free condition, as seen here. Notes were issued for several of the bank's branches (each of which has a unique Pick number, making this a fascinating although difficult series to specialize in) with this one coming from the Shanghai branch. Printed in London by the firm of Barclay & Fry, notes from this bank were the first Chinese banknotes to be printed overseas. Only the second example from this bank that we have handled.