5 Fen Chinese Soviet Republic Bank of Hunan-Kwangsi Province

The Hunan-Kwangsi Soviet (湘赣苏区) was one of the more isolated base areas of the Chinese Communist movement, operating under constant Nationalist encirclement pressure from 1931 onward. By 1934, the region was in terminal military retreat — the Long March had not yet begun, but the base area economy was already collapsing under blockade conditions. Notes of this provincial soviet bank circulated in a shrinking geography, accepted by coercion as much as by confidence.

Survival rate is extremely low. Most soviet-era paper currency from the Jiangxi period was deliberately destroyed after Nationalist forces overran the base areas, and what wasn't destroyed simply decomposed — the paper quality in many provincial soviet issues was poor even at time of printing.