2000 Yuan Bank of Pei Hai

The Bank of Pei Hai was a Communist-controlled regional bank operating in the Shandong-Bohai base area, and its notes circulated in territory that changed hands repeatedly during the final years of the Chinese Civil War. By 1948, the People's Bank of China was already being organized, and Pei Hai notes were among the regional currencies absorbed and demonetized when the renminbi was introduced — most were exchanged and pulped, which accounts for the relative scarcity of surviving high-denomination examples.

The "M" suffix on the Pick reference typically denotes a specimen or a distinct variety; collectors should verify whether this example carries specimen perforations or overprint.