200 Yuan Bank of Pei Hai

The Bank of Pei Hai was a Communist-controlled regional bank operating in the Shandong-Bohai border region, and its notes circulated in territory that changed hands repeatedly during the civil war against the Nationalists. By 1947, the Communists were consolidating their financial administration across liberated zones, and Pei Hai notes served as a functional currency in areas where Nationalist fabi had been actively discredited or demonetized by local military authority.

Surviving examples frequently show heavy use — these notes circulated hard in rural wartime economies with little chance of early retirement. Condition attrition is significant across the entire Pei Hai series.