100 000 Yuan Bank of Pei Hai

The Bank of Pei Hai was a Communist Party-controlled regional bank operating in the Shandong-Bohai area, issuing currency under the Bohai Administrative Office during the civil war years. Its notes circulated in liberated zones well before the People's Bank of China was established in December 1948, making this series part of the transitional monetary infrastructure that preceded the renminbi.

The "P" suffix on the Pick reference designates a proof — not a circulated specimen but a printing trial, almost certainly never released into general use. Proofs from this issuer are rare in Western collections, having largely remained in Chinese institutional holdings.