200 Yuan Bank of Shansi, Chahar, & Hopei

The Bank of Shansi, Chahar & Hopei was a Communist-controlled regional bank operating in the Jin-Cha-Ji Border Region — one of several such institutions the CCP established to fund guerrilla operations and displace Nationalist currency in liberated areas. By 1946, the civil war with the KMT had resumed in earnest following the collapse of coalition talks, and high-denomination emissions like this 200 Yuan note were a direct response to the inflation grinding through both sides of the conflict.

Regional border bank notes from this period were often printed under improvised conditions, and paper quality varies considerably within the same series. Survivors in collectible grade are genuinely uncommon.