10 Yuan Bank of Pei Hai

The Bank of Pei Hai was a Communist Party-controlled regional bank operating in the Shandong-Bohai base area, and its notes circulated in direct competition with both Nationalist currency and Japanese puppet-state scrip during the final years of the Second Sino-Japanese War. This particular 1945 issue came at a pivotal moment — the base areas were expanding rapidly as Japanese control fragmented, and the party needed a credible local currency to stabilize commerce and extract resources for the military effort.

Printing conditions in guerrilla-held territory were rudimentary. Registration inconsistencies and ink variation are common across the series, and these are production characteristics, not damage.