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| 背面描述 | Dark olive-green note with an elaborate symmetrical guilloche underprint composed of fine engine-turned lathe work filling the entire field. The numeral 2 appears in each of the four corners within ornate scroll cartouches, and a bold central panel bears the English inscription TWO CENTS with NATIONAL CURRENCY below in smaller lettering. The overall design relies entirely on geometric security printing with no pictorial vignette. |
| 背面铭文 | TWO CENTS NATIONAL CURRENCY 2 |
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The Peiping Municipal Bank was a short-lived local institution operating under the renamed city — Beijing had been formally redesignated Peiping ("Northern Peace") in 1928 by the Nationalist government, a deliberate demotion from its status as a capital. By 1937, Japanese forces seized the city following the Marco Polo Bridge Incident in July, effectively ending any legitimate municipal authority. Notes issued that year occupy an ambiguous moment: printed under one political order, circulated under another.
The 2-cent denomination is fractional small change, almost certainly printed to address a severe shortage of coin in local commerce — a persistent problem across northern China throughout the 1930s.