200 Yuan Bank of Pei Hai

The Bank of Pei Hai was a Communist Party-controlled regional bank operating in the Shandong-Bohai base area, and its notes were essentially instruments of wartime economic administration rather than orthodox banking. By 1945, the bank was issuing high denominations to cope with inflation driven by Japanese military scrip flooding the occupied zones — a deliberate destabilization tactic that forced base-area authorities to continually push their own ceiling values upward.

Pei Hai notes were accepted under a degree of political compulsion within liberated territory, and post-1949 redemption was uneven. Survivors in any grade are genuinely uncommon.