1000 Yuan 6th issue

The sixth issue of the first renminbi series, this 1000 Yuan note belongs to a denomination group that was already becoming structurally awkward by the time of printing — rampant inflation inherited from the Nationalist period had forced the People's Bank to issue notes at increasingly large face values almost immediately after the PRC's founding in 1949. The first series ultimately required fifteen denominations to function, a direct consequence of that inflationary damage.

The series was entirely withdrawn and replaced by the second renminbi in 1955 at a conversion rate of 10,000 old yuan to 1 new yuan, effectively rendering every first-series note obsolete overnight.