100 Yuan Bank of Pei Hai

The Bank of Pei Hai was a Communist-controlled regional bank operating in the Shandong-Bohai border region, issuing currency in direct competition with both Nationalist Chinese and Japanese puppet bank notes still circulating in the area after the war. By 1946, the bank was functioning as a genuine monetary instrument of the Chinese Communist Party's regional administration — not a provisional wartime token, but a deliberate tool for establishing economic control ahead of the civil war's decisive phase.

Notes from this series circulated in a region where multiple currencies traded simultaneously, and exchange rates between them were politically charged. Surviving examples in any condition are harder to find than their print runs would suggest — wartime paper and rural circulation were not kind to them.