100 Yuan Farmer's Bank of Northwest China

The Farmer's Bank of Northwest China was established in 1937 under the Shaanxi-Gansu-Ningxia Border Region government — the Communist-controlled territory administered from Yan'an. It operated as the primary currency authority for that region throughout the war years, issuing notes that circulated in direct competition with Nationalist Fabi and Japanese military scrip. The 1943 series came at a period of intense economic blockade, when the Nationalists had cut off financial transfers to the Border Region, forcing the bank to expand its own note circulation aggressively to fund wartime administration and agricultural procurement.

Pick S3298E is part of a broader 1943 emission that spanned multiple denominations. The "S" prefix in the Pick catalog places it among specialized regional issues — a classification that historically undersold how extensively these notes actually circulated within their home territory.