The New York Sale
Auction 35 7 January 2015
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BANKNOTES, CHINA People's Republic. Complete Set of National Economic Construction Government Bond Official Specimen Books, 1954-1958. A collection of 53 Specimens of the bonds housed in five official presentation books, one book for each year, and in each year there are five to six different denominations. The majority of the notes are uniface proof specimens. All have red SPECIMEN overstamps and seals of either the Central People's Government or Treasury Department of The People's Republic of China (Pick -). All five books have been handled with special care, and all notes are in gem condition. Very rare original documents. (53)
The National Economic Construction Government Bonds played a very important role in the history of the People's Republic. After WWII and the later civil war the Chinese domestic economy was totally ruined by 1949, when the People's Republic was founded. It took China five years to recover the damages caused by the wars and enhance the national income and living standards. By 1953, the domestic economy was almost back to the levels before the wars (1927-1937, the golden ten years of the Republic of China). However, the new government soon found that the unfinished modernisation stopped the country from further progress. In order to organize enough funds for modernisation, the central government issued these bonds from 1954. The bonds formed the first monetary reform of the People's Republic from 1955 to 1956. By 1958, the last date of these bonds, China had finished the process of modernisation. However, after this "easy" success, the leaders became over confident. Chairman Mao started the "Great Leap Forward" the same year, and followed this with the Cultural Revolution, dragging the poor country back into chaos for another 20 years. These bonds witnessed the "better" early days of People's Republic, and would be very valuable historical researching materials for any collector who has passion in the modern Chinese history
Estimate: $ 3,000.
The National Economic Construction Government Bonds played a very important role in the history of the People's Republic. After WWII and the later civil war the Chinese domestic economy was totally ruined by 1949, when the People's Republic was founded. It took China five years to recover the damages caused by the wars and enhance the national income and living standards. By 1953, the domestic economy was almost back to the levels before the wars (1927-1937, the golden ten years of the Republic of China). However, the new government soon found that the unfinished modernisation stopped the country from further progress. In order to organize enough funds for modernisation, the central government issued these bonds from 1954. The bonds formed the first monetary reform of the People's Republic from 1955 to 1956. By 1958, the last date of these bonds, China had finished the process of modernisation. However, after this "easy" success, the leaders became over confident. Chairman Mao started the "Great Leap Forward" the same year, and followed this with the Cultural Revolution, dragging the poor country back into chaos for another 20 years. These bonds witnessed the "better" early days of People's Republic, and would be very valuable historical researching materials for any collector who has passion in the modern Chinese history
Estimate: $ 3,000.