200 Yuan Bank of Pei Hai

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背面描述	Brown letterpress print on a cream ground. A large central lozenge-shaped guilloche vignette carries the bold numeral 200, surrounded by dense scrollwork and floral arabesques. The inscription BANK OF BAI HAI runs along the top border, with the denomination numeral 200 repeated in each corner. The regional name SHAN DUNG is centred at the lower border, with the date 1945 immediately below it.
背面铭文	BANK OF BAI HAI 200 SHAN DUNG 1945
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备注	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.

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