10 Fen (Hua Hsing Bank)

The 10 Fen coin was issued in 1940 by the Hua Hsing Commercial Bank, an institution established in Shanghai by the Japanese-backed Reformed Government of the Republic of China. This currency was introduced as part of a broader economic effort to stabilize local markets and replace the various regional currencies circulating in occupied territories. Its creation served as a political instrument designed to project the authority of the puppet administration during a period of intense geopolitical friction.

The coin features a minimalist design consistent with the austerity measures of wartime economies, often utilizing copper-nickel or nickel alloys. The imagery reflects the nationalistic symbols favored by the administration of the time, though the lack of a widely credited designer is typical of the rapid, functional production cycles of the era. The coinage was generally met with suspicion by the public and struggled to displace the established currencies in use by the Chinese population, remaining a niche item for historical study today.