20 Fen (Hua Hsing Bank)

The 20 Fen coin was issued in 1940 by the Hua Hsing Commercial Bank, a financial institution established by the collaborationist Reformed Government of the Republic of China in occupied Shanghai. These tokens were introduced during a period of complex monetary flux, intended to replace the diverse array of regional currencies and stabilize the local economy under Japanese-aligned administration. The coinage reflected a calculated attempt by the occupying authorities to exert economic control through a centralized banking entity.

The design of the coin follows the aesthetic patterns of the era, emphasizing institutional legitimacy through formal iconography and clear denomination markers. Given the precarious political nature of the puppet government, the currency was often viewed with skepticism by the local population and merchants, leading to its limited long-term acceptance compared to national currencies. Its existence remains a significant numismatic marker of the economic policies imposed during the Second Sino-Japanese War.