50 000 Cash Bank of Pei Hai

The Pei Hai Bank was the currency-issuing arm of the Shandong-Jiangsu base area under Communist Party control during the Second Sino-Japanese War. Its notes circulated in guerrilla-held territory where Nationalist currency, Japanese military yen, and Federal Reserve Bank notes issued by the Wang Jingwei puppet regime were all simultaneously in use — monetary competition backed, in varying degrees, by force.

The 50,000 cash denomination signals severe wartime inflation in the base areas. The "Cash Bank of Pei Hai" rendering is the romanization used on the note itself, reflecting the bank's own transliteration conventions rather than any standardized system.