Abstract: During the Total Anti-Japanese War, there were a lot of rumors of the legal tender, which not only aggravated the inflation and the credit crisis, but also frequently triggered the market panic, negatively influencing the economic system of the Anti-Japanese War. The rumors mainly included the devaluation of the legal tender, the stabilization of foreign exchange and the issuance of currency notes, large banknotes, new coins, etc. From the perspective of disseminating subjects, the reasons for the long-term spread of the rumors contains the rumor offensive of Japanese, the speculators' promotion and the backwardness of civil knowledge on the legal tender. As far as the disseminating objects were concerned, the spread of rumors was closely related to the importance of legal tender in wartime and the uncertainty under the background of inflation. The National Government had realized the harm of the rumors of legal tender and taken some prevention and control measures, which were passive actions without apparent success. Because of the devaluation of the legal tender and the rise of prices, the boundary between rumors and facts was unclear and changeable in the face of irreversible inflation, and people tended to believe the rumors, which gradually derogated the value and credit of the legal tender and shook the foundation of the National Government to a certain extent.