10 Yuan Bank of Pei Hai

The Bank of Pei Hai was a Communist Party financial institution operating in the Bohai region of Shandong, established in 1938 to fund guerrilla operations and administer territory behind Japanese lines. By 1944, the bank was producing notes under extremely difficult conditions — hand-operated presses, irregular paper supplies, and constant threat of Japanese sweep operations meant print quality varied dramatically even within a single denomination series.

Counterfeiting was a genuine operational problem in this theatre. The Japanese military deliberately flooded Communist-held areas with forged Pei Hai notes as an economic warfare tactic, and some forgeries from this period are nearly indistinguishable from genuine issues without careful examination of paper texture and ink chemistry.