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| 正面描述 | Central vignette of a large flock of sheep grazing across an open plain with mountains receding into the background, executed in fine intaglio line work. The bank name 中國人民銀行 runs along the upper margin, the denomination 伍圓 appears within a decorative cartouche at centre, and the date inscription 中華民國三十七年 is placed at the lower margin; corner panels each carry the characters 伍 and 圓. Red control stamps and a serial number are applied in letterpress overlay. |
|---|---|
| 正面铭文 | 中國人民銀行 伍圓 中華民國三十七年 (Translation: People's Bank of China / Five Yuan / Year 37 of the Chinese Republic) |
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This is among the earliest issues of the People's Bank of China, established on 1 December 1948 — just weeks before this and other inaugural series notes entered circulation. The bank was founded by merging three communist-controlled regional banks: the Huabei Bank, the Beihai Bank, and the Xibei Nongmin Bank. Unifying the currency across liberated territories was as much a political act as an economic one, with Nationalist-issued fabi and gold yuan notes still circulating in areas yet to fall.
Print quality across the early PBC issues was inconsistent; production was distributed across multiple facilities operating under wartime conditions.