1000 Yuan Bank of Pei Hai

The Bank of Pei Hai (北海銀行) was the Communist Party's financial institution for the Bohai region, established in 1938 during the anti-Japanese resistance period. By 1948, the bank was actively consolidating its currency ahead of the founding of the People's Bank of China in December of that year, which absorbed Pei Hai notes and set exchange rates to retire them from circulation. This 1000 Yuan denomination belongs to the inflationary high-value issues of that final operational year.

The S-prefix in the Pick reference flags it as a regional or provisional issue — a classification that understates how institutionally serious the Pei Hai Bank actually was within Communist-controlled territory.