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| 背面描述 | Blue-green letterpress print composed entirely of intricate guilloche lacework with repetitive microtext underprint reading 'BOXAI INXANG' across the field. The numeral '1' is set at centre within a geometric guilloche rosette, with the romanised bank name 'BOXAI INXANG' arched across the top and the regional designation 'GIAO DUNG' together with the year '1944' inscribed across the lower centre. |
| 背面铭文 | BOXAI INXANG 1 GIAO DUNG 1944 |
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The Bank of Pei Hai was the regional bank of the Shandong-Jiangsu Border Region, one of several Communist-controlled base areas operating their own currency systems during the Second Sino-Japanese War. These notes circulated in direct competition with both Japanese military scrip and Nationalist fabi, functioning as much as political instruments as monetary ones — acceptance was enforced through local party structures rather than market confidence.
The S-prefix in the Pick reference places this firmly in the specialized territory of Chinese local and provincial issues. Surviving examples from 1944 base-area printings are frequently found with uneven ink distribution, a consequence of improvised wartime production facilities operating well outside normal commercial printing conditions.