1 000 000 Yuan Tung Pei Bank of China, Specimen

The Tung Pei Bank of China was the regional bank of the Northeast People's Government, operating across Manchuria during the final phase of the civil war. By 1949, the Communist administration was consolidating currency across liberated zones, and high-denomination notes like this one were a direct response to the hyperinflationary environment inherited from Nationalist-era monetary collapse — the circulating base had been so thoroughly debased that million-yuan face values were functionally routine.

The P#S-NL designation indicates this remains unattributed in the standard Pick catalogue. Specimen status here almost certainly reflects production for archival or approval purposes rather than any actual release into circulation, which the political transition that year made largely moot.