A 1936 China 5 Yuan note identified as P-217a from the Pick catalog that is circulated (as opposed to uncirculated) would have a few key differences in terms of condition and value compared to an uncirculated note.
### Key Points about the Circulated 1936 China 5 Yuan Note (P-217a):
1. **Circulated Condition:**
   - **Wear and Tear:** Being circulated, the note will show signs of wear, such as creases, folds, rounded corners, or possible minor tears.
   - **Color Fading:** The ink and colors may have faded over time due to handling and exposure to light.
   - **Paper Quality:** The note's paper might feel softer and more pliable due to frequent handling, which can also lead to a more fragile state.
2. **Design Features:**
   - **Obverse and Reverse:** The design elements, which may include intricate patterns, national symbols, or portraits, will still be present but could be less sharp or detailed due to circulation wear.
   - **Security Features:** The note’s original security features like watermarks or intricate patterns might be less visible but still identifiable.
3. **Rarity and Historical Significance:**
   - **Pre-WWII Era:** Despite being circulated, this note is still a valuable historical artifact from the pre-World War II era, providing insight into China's economic history.
   - **Market Interest:** The note’s appeal largely depends on its condition, historical context, and rarity. Even in circulated condition, it could still be quite valuable to collectors, especially if it’s part of a larger lot.
4. **Valuation:**
   - **Decreased Value:** Compared to an uncirculated note, the value of a circulated note will be lower due to the imperfections. However, the exact value will depend on the degree of wear and the overall demand in the market.
   - **Market Conditions:** The note’s value can fluctuate based on the current market for historical Chinese banknotes. It's advisable to have the note appraised or to compare it to similar items sold in auctions.
If this note is part of a lot, its value might be considered alongside other notes or items, which could affect the overall appraisal of the collection.