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Can I still exchange the Customs Gold Unit (CGU) notes, Legal Tender notes, Gold Yuan notes, and Silver Dollar notes that the Central Bank issued in Mainland China?
Currency reform measures promulgated on August 20, 1948, abolished the Customs Gold Unit (CGU) and the Legal Tender notes, issuing Gold Yuan notes in their place. The exchange rate between CGU and the Legal Tender note was 1 to 20, while three million in Legal Tender note were equivalent to one Gold Yuan. After November 20, 1948, CGU and Legal Tender notes that had not been exchanged were no longer accepted. On July 2, 1949, another round of currency reform was announced. In accordance with the “Regulations Governing the Issuance of the Silver Dollar and the Silver Dollar Exchange Certificate”, one Silver Dollar was officially worth 500 million Gold Yuan. All Gold Yuan notes that had not been exchanged by September 1 of the same year were deemed worthless. Currently, the Legal Tender notes, Customs Gold Unit, and Gold Yuan notes are all officially abolished. In accordance with the “Regulations Governing the Relations between the People of the Taiwan Area and the People of the Mainland China Area”, the issue of Silver Dollar notes will not be dealt with prior to national unification.
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