10 Yuan Bank of Pei Hai

The Bank of Pei Hai was a Communist-controlled regional bank operating in the Shandong-Bohai border region during the latter stages of the Second Sino-Japanese War. Its notes circulated as the de facto currency in areas under the control of the Eighth Route Army, functioning as a political instrument as much as a monetary one — discrediting rival Nationalist and puppet currency while funding military operations.

By 1945, the bank was producing notes across several regional branches with varying printing resources, which accounts for the considerable variation in paper stock and ink quality found across the S3582 series. Attribution of specific branch output remains contested among specialists.