The 'Duress' Notes of Hongkong.

 

When the Japanese conquered the British Crown Colony of Hongkong on Christmas, 1941, they were never forced to issue their own occupation currency since the British had made them an inadvertent present. Taken almost completely by surprise, the British government there had just had printed a huge issue of fractional (1-, 5- and 10-cents) and dollar notes. In addition, the private bank serving as the government bank there - The Hong Kong & Shanghai Banking Corporation - had recently brought in a large shipment of higher-denomination notes dated 1 April 1941 . Some denominations had just begun to be placed in circulation, some were still in storage.

The Japanese confiscated all of the notes in bank and government vaults and released them into circulation - without, of course, any authority from the banks or British. By request of the Colonial Office, the Free China Radio in Chungking repeatedly announced that these "stolen" notes would not be honoured after the war and on the basis of this, they usually circulated throughout Hongkong and south China for about 2/3 face. But the holders were lucky; after the war the government did honour them and all continued to circulate as ordinary notes.

 

 

Collectors have named them "duress notes" but only in some cases can we definitely state that they were among the confiscated notes. In general, they were:

All the Government of Hongkong 1-, 5-, 10-cent undated notes without the portrait of George VI (1940-1), plus the $1 blue with his portrait.

Hongkong & Shanghai Banking Corporation: $5 dated 1 April 1941 ; $10 with the same date (one of 1948 shown above); $50 of 1.1.1934 with serial nos. B350001 - B550,000; $100 of 1.7.1937 with serial nos. B485001 to B650000 plus all those dated 1.4.1941; $500 of 1.7.1930 with serial nos. C126001 to C300000 plus those of 1.4.1941 carrying a new design.

Mercantile Bank of India : $5, $10, $50 all dated 29 November 1941 .

The Chartered Bank of India , Australia & China were also issuing notes in Hongkong $5 through $500 with issues of 1939 and 1940.

Wayne Jacobs is a numismatic expert. Currently secretary and editor of the "Mid-Island Coin Club Numismatic Journal"of Nanaimo, Vancouver Island , British Columbia, he is the award winning author of numerous articles. The MICC journal are hosted here: MICC webpages Copyright 2006 Wayne Jacobs. This article may be reprinted freely for non commercial purpose only if the resource box is left intact, linking back to us.