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1975 People’s Republic of China 2 Yuan Proof Note Graded by PMG

01 Feb 2019  Fri

A beautiful unlisted 1975 People’s Republic of China 2 Yuan proof note, created in 1975 was recently authenticated and graded 62 Uncirculated by PMG. However, the design was not approved and was not officially issued. It was printed on high-quality bank note-grade paper featuring a pattern of stars as the watermark. Most other proof notes were generally printed on thin India Paper in those days. High-quality intaglio printing was used to create both the obverse as well as reverse designs.

The printer’s annotations, measurement and mounting marks can be seen in the selvage area. Beijing Chengxuan Auction Company had sold an ungraded example depicting a similar design for RMB 1.68 million in 2010.

The central vignettes of the proposed 1975 2 Yuan design are similar to the vignettes on the 1960 series notes, whereas the border design elements look similar to the 1980 series notes.

The great socialist hero and activist Wang Jinxi at a construction site of the Daqing Oil Field is featured on the note. Born in 1923 to a poor peasant family in Yumen County, he worked in Daqing Oil Field dedicatedly and became a role model for the people in 1960.

Mao Zedong and China’s Central Party Committee had planned to develop the Daqing Oil Field in 1960. Even though Wang Jinxi was hurt and tired, he along with his famous No. 1205 Drilling Team worked in inhumane conditions of -20 and -30 C to strike oil. Daqing became China’s first world-class oil field in the next three years.

Wang Jinxi had also prevented a well blowout by jumping into the mud pool and mixing mud with his own body as there was no mud-mixing equipment. He became the national labour model in 1967 and was elected to the Ninth Central Committee of the Communist Party in 1968. He died in 1970 due to prolonged illness. An 8 Fen postage stamp featuring Wang Jinxi was issued on 25th December 1972 by China. The “Ironman Spirit” of China is symbolised by Wang Jinxi’s image on the note.

Image Courtesy: Paper Money Guarantee

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