1 Yuan Bank of Pei Hai

The Bank of Pei Hai (北海銀行) was a Communist Party–controlled regional bank operating in the Shandong-Jiangsu border base areas during the Second Sino-Japanese War. Its notes circulated in liberated zones as a direct instrument of CCP economic policy — suppressing Japanese military scrip and Nationalist currency in contested territory. The bank was established in 1938 in Shandong Province and remained active through Liberation.

S-prefix Pick numbers indicate non-government or regional issues, but this note carried genuine authority within its circulation area. Wartime paper quality varied considerably across the series, and condition survivors are unevenly distributed depending on which base area the notes originally served.