200 Yuan

This note belongs to the First Series Renminbi (第一套人民币), issued by the People's Bank of China beginning in December 1948 — before the Communist government had fully consolidated control of the mainland. Production was necessarily decentralized, with different denominations printed at separate facilities across liberated zones, resulting in measurable variation in ink quality, paper stock, and register precision across surviving examples of the same denomination.

First Series notes were officially withdrawn from circulation in 1955, when the Second Series Renminbi replaced them at a conversion rate of 10,000 old yuan to 1 new yuan — a ratio that illustrates the inflationary damage the currency had absorbed during the civil war period.