1 Yuan

The Shanse Provincial Bank — more commonly romanized as the Shanxi Provincial Bank — operated under the financial umbrella of Yan Xishan, the warlord-governor who controlled Shanxi province for nearly three decades. This note dates from a period when Yan was consolidating economic control over the region, issuing provincial currency partly to reduce dependence on central government finance and to fund his own military apparatus.

Printing by the Bureau of Engraving and Printing in Peiping gives this note a quality well above most provincial issues of the period. The suffix "M" in the Pick reference denotes a specimen.