100 000 Yuan

By early 1949, hyperinflation had so thoroughly destroyed the Gold Yuan — introduced only months before as a supposedly stabilizing reform currency — that denominations escalated into the hundreds of thousands almost immediately. This note was part of that terminal phase, when the Central Bank of China was printing high-denomination paper faster than the Nationalist government was losing territory to the PLA.

The Central Printing Factory had by this point been operating under extraordinary pressure, and print quality across the series is inconsistent. Notes from this denomination are not rare; they were issued in enormous volume and hoarded almost upon receipt, since spending them required acting within hours before values dropped further.