1000 Yuan

By early 1949, the Nationalist government's currency was in freefall. The Gold Yuan — introduced in August 1948 as a supposedly stabilizing reform — had already collapsed, and denominations that would have seemed absurd a year earlier were now routine. This 1,000 Yuan note from Chung Hwa Book Co. in Shanghai belongs to the final, desperate phase of Central Bank of China issuance, when the press ran continuously and purchasing power evaporated faster than notes could be distributed.

Chung Hwa was one of several Shanghai printers the Central Bank leaned on as the PLA advanced. The Communist takeover of Shanghai came in May 1949, effectively ending this series mid-circulation.