250 Yuan Maojgungs Liutungkyan

The Shaanxi-Gansu-Ningxia Border Area — the Communist-controlled zone centered on Yan'an — operated its own parallel financial system throughout the Sino-Japanese War, issuing currency through regional cooperatives and trade bodies rather than a single central bank. The Trade Company notes of 1945 were part of that patchwork, designed to facilitate commerce within border region markets while keeping Nationalist-issued fabi and later gold yuan certificates out of circulation in Communist-held territory.

Pick S3640 is among the less-documented issues from this period. Border area printing facilities were rudimentary, and paper quality and impression consistency varied considerably across the 1945 issues — something to examine closely on any example.