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| 正面描述 | Purple on pink underprint. Central denomination vignette in an elaborate scrollwork cartouche, with the value 貳百圓 (200 Yuan) set within an ornate rectangular frame flanked by two circular medallions bearing the value 貳百. The bank name 北海銀行 appears at the top, with serial number panels at upper left and right, and red seal impressions at lower centre. The date inscription 中華民國三十四年印 (Printed in the 34th year of the Republic of China) appears at the foot, with 山東 (Shantung) inscribed at left and right margins. |
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| 正面铭文 | 北海銀行 貳百圓 山東 貳百 中華民國三十四年印 |
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The Bank of Pei Hai (北海银行) was the currency authority of the Bohai Border Region, one of the Communist-administered base areas in Shandong during the war against Japan. Notes from this period were issued primarily to finance military operations and sustain the guerrilla economy — they circulated in territory that changed hands frequently and were explicitly not accepted in Nationalist or Japanese-controlled zones.
By 1945, the Pei Hai Bank was printing in large denominations to keep pace with wartime inflation. The S-prefix in the Pick reference places this firmly in the specialized Chinese regional issues, a category where survival rates are low and provenance is rarely clean.