25 Yuan

The Hulunbuir Commercial Bank was a regional issuer operating in what is now Inner Mongolia, a zone of genuine political instability in 1919 — the year the note was issued falls squarely in the warlord period, when central banking authority from Beijing was largely theoretical in frontier territories. Local institutions like this one filled the vacuum, but their notes were accepted only within tightly bounded commercial circuits, often tied to specific trade routes or merchant communities.

The 25 yuan denomination is an awkward one by any standard, suggesting the series was calibrated to local transaction sizes rather than national conventions. Notes from this issuer across all denominations are rare in any grade; the bank's operational lifespan was short and its circulation area narrow.