20 Yuan Replica

The first series of Renminbi notes, issued by the People's Bank of China from late 1948 onward, were produced under wartime conditions across multiple liberated zones — printing quality and paper stock varied considerably depending on which regional facility handled a given denomination. The 20 Yuan belongs to this founding series, issued before the People's Republic was formally proclaimed in October 1949.

Note the "Replica" designation. Genuine first-series notes of this type are not commonly encountered in collector markets outside China, and reproductions circulate widely enough that the distinction carries real weight.