The bainitic transformation in a Ag-45 at% Cd alloy at 433 K has been examined by means of optical microscopy, high resolution analytical electron microscopy and electron diffraction. As a result, the following were clarified: Crystal structure and morphology of the bainitic product (α
B) in an early stage of growth were an internally faulted (orthorhombic) N9R type long period stacking order structure and a plate shape with parallel straight interfaces, respectively. They were very similar to those of (monoclinic) M9R or M18R type martensite plates in other noble metal base β phase alloys. However, they were different from an internally twinned 2H type stacking order structure and a spear shape, respectively, of the normal martensites produced in the sub-zero cooled Ag–Cd alloy, and moreover no ordered structure was recognized in the N9R α
B plates even in the very early stage of growth. The α
B plates approached the equilibrium α phase with the progress of growth, changing the faulted N9R to a non-faulted fcc structure and the straight interfaces to the swollen ones. Composition of the (α
B plates was almost the same as that of the equilibrium α phase from the very early stage of growth (more than 30 nm width). From these observations, it was concluded that diffusion of Cd atoms first occurred in the β
2 matrix, approaching the composition of the equilibrium α phase, and then martensitic transformation occurred due to a rise of
Ms in the regions reduced in Cd content. This conclusion was consistent with the formation of 9R α
B plates which were different from the normal 2H martensites in the Ag–Cd alloy.
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