China: Currency banknote issued by Ma Chung-ying in Gansu and Xinjiang c. 1933.

Worthless or virtually worthless currency notes were issued by Ma Chung-ying, the Ma Warlord Clique and virtually all warlord groups in Republican China (1911-1949) and then forced into circulation at the point of a bayonet. This was one of the ills symptomatic of the Warlord Era.

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Pictures From History

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Chinese Warlords